i have read several discussions about this topic - mainly in the digital area but art is art imho. since internet is common to most of the world knowledge becomes accessible for everyone. the benefits of usually very expensive art schools are barely existant. this is coming from people who went to art school and are succesfull illustrators. while no one will say its bad - 99% of professionals will tell you that you will achieve much better results otherwhise.
basically it comes down to what you want to do. what is your goal? the only benefit from art school is that their schedules will help you create a habbit - its less likely that you will skip a days exercise since you pay money and people expect to see results but really this can also be achieved by participating online communities. make online friends - help each other etc.
if you want to earn money with art you have to put in the hrs like they say - with or without art school. when applying for a job no one cares about which school you visited. ever. if you just want to be a selling artist you either become really good or you put in the effort to make yourself interesting enough so people will acknowledge you - this can also work the way arround - instead of trying to get people looking for your art you can try to look for people you think most likely will buy your art. f.e. you have a knack for painting sailboats - so maybe join sail faires, online communities etc. that sort of things.
here is some links to good reads from "professional" ( or rather acknowledged ) artist : http://jeremycowart.com/2014/07/art-...-or-not-to-go/
this is also very well written : http://elitedaily.com/envision/want-...ut-art-school/
my personal opinion is that as long as its still possible ( it becomes harder every year - with content generating aka waste ppls time to get more.. dont really know how they make money of it but they do ) explore yourself. school will not make it easier. if you want to study art - look for the origin of the word "study" and you will have my answer XD
early 12c., "to strive toward, devote oneself to, cultivate" (translating Latin occupatur), from Old French estudiier "to study, apply oneself, show zeal for; examine" (13c., Modern French étudier), from Medieval Latin studiare, from Latin studium "study, application," originally "eagerness," from studere "to be diligent," from PIE *(s)teu- (1) "to push, stick, knock, beat" (see steep (adj.)). The notion appears to be "pressing forward, thrusting toward," hence "strive after."