This is tricky situation. One that can get hate from all sides. We’ll try to look at it from a couple perspectives to see if we can come to a reasonable conclusion.
What are your goals?
Are you looking to build a foundation? Are you looking to have a basic tool set to use as an actor for the rest of your career? Do you want to meet like minded artists around your age that can potentially lead to great collaborative projects?
If you answered yes to any of these questions, then attending a reputable Acting school (Not just BFA) is worth it. Acting schools provide something that 99% of actors don’t have and that’s any sort of solid structure. You can expect yourself to be devoting and allocating time of your day to do a series of exercise to build your skill set.
Now it is certainly possible to acquire all of these great tools and knowledge without going to school. But you have to be very disciplined, smart and proactive with your career. Our major concern with acting schools is that sometimes they don’t necessarily teach you the proper or all the tools you need to succeed in the real world.
Acting schools teach you to focus on building character when really it should be more focused on driving the story. After all you are telling a visual story when you are acting, not just “pretending to be someone else”.
You don’t know where or who to go to once you graduate. You can be stuck and lost in limbo hoping to find an agent or manager that will get you auditions. But then you don’t know who’s good or bad or specifically right for you.
This is all of which you have to learn on your own but it is actually a blessing because you learn it the cold hearted, no nonsense way. With it will come a lot of failure. If you can make sure to be able to learn from it, you will grow the most.
Bottom line is you can acquire all the knowledge outside of an acting program but if you do decide to go to school, focus on the business side too along with the artistic side.