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I agree with this 100%! Myself personally, I can learn stuff by myself better than with the instruction of some one (in MOST cases). When I went to school, I spent $800 on books for one semester, and my lectures were powerpoint presentations of EXACT pages of the book I just spent $125 on..
The social atmosphere of my school, was, okay, I guess. Lots of rich "mommy and daddy paid for everything" kids. Which bothers me, because if they flunked out, they wouldn't have anything to worry about it. When moving into the dorm I was in, I saw people show up with their ONE kid, and have a truck, with a fair-sized trailer full of their crap! IT astounded me.
Why should I even bother showing up when I can just stay in my dorm and read the book myself (CCNA 1&2), and learn it all myself? That's why it was a waste of money in my eyes. Not to mention that majority of the stuff I "learned" in the semester I was there, I learned 5+ years ago. And guess what? I did it by myself.
Same thing goes for Photoshop/Illustrator. I've had people tell me they thought I went to school for that kind of stuff, and think I'm a 3rd year advertisement student, when I merely just use it on my own time and learned it myself.
I couldn't imagine paying that much for school, unless it was something I REALLY wanted, and would be worth it/guarantee me a solid job at the end.
I would argue that this really depends on your major. A lot of the IT and graphic design people I know didn't need school. Like you said, there is no reason you can't learn that on your own. There is no way, not even with the sheer amount of material I read (and I read ALOT) that I could have learned half of what I know with out school. Not to mention gain the actual research and clinical experience that I needed to land the job I am at now. To be honest, it doesn't matter how much you impress someone for an interview if you can't even get in the door because on that little thing we call a resume it stops at "High School Diploma".
But like I said, it really depends on the major/field you are in.