I have friends who went to school for art and game design, which is pretty similar to music in the general outcome after graduating. Anyone who has made it says that they learned some useful things in school, but it isn't anything they couldn't learn on their own with a little self discipline. The portfolio is what matters most in the creative fields and you can have a great one even without an education. How many people do you think graduate from some of these schools while having very little skill? A lot.
If you want to go the schooling route, make sure you don't leave without a solid network of contacts. That is 99% of the reason to go to school for something like music, in my opinion. If you're going to be $100,000 deep, you'd better have some people who can hook you up with a job to pay off the debt. You might be better off studying business or marketing and doing music on the side. Being a creative professional is often just a much about selling yourself as it is being good at your craft.