School is what you make out of it. By no means do you need to go to school to cook for a living. I was lucky enough to find a job in a restaurant and work my way into the kitchen when I was 15. When I was 19 I decided to go to the CIA. Yes, I spend a lot of money to go there. I worked 2 jobs (1 full time, 1 part time) cooking in the area throughout my entire program. I became a teaching assistant in between the AOS and BPS program. To be honest, this path worked very well for me. I have an excellent job with a great company. Without the education, I wouldn't be where I am at today.
But, school is what YOU make of it. I went to school with some people who are going to be very succesful one day and I also went to school with a ton of losers and D-bags who will never amount to anything. I have worked with people who went to school and were cocky because of it, they are still not doing well. I have also worked with people who never went to school and think they are a lot better then they are. Everything is what YOU make out of your personal situation. Is a bachelors degree important to you? Do you plan on doing anything other then cooking?
I worked outside of school the entire time I was in school, graduated top 5 in my class, and got a great job. Was I the best cook in my class? Maybe, probably not. No matter which direction you choose, be humble, listen, work hard, work a lot, take in as much as you can, and be humble.
Lucky Peach, awesome magazine, they don't recommend school. Yet, I know a lot of guys I went to school with working for David Chang. Also, go to Sam Bar and see if they will hire you with no school or experience. School can be used as a good gateway into the industry, you don't magically graduate as a chef.
Any education, Harvard vs Michigan, CIA vs community college, whatever it is, however much it cost, its what you make of it. Unless its "NAIT in Edmonton" then you can run circles around any student from the CIA. (sorry, but its funny that a school is no good because you and your friends THINK you were better then a few students from another school)
Sorry for my awful grammar and rants. All I am trying to say is that everyone has an opinion, usually based off of one or 2 situations they were in. Work hard and take in everything (good and bad) no matter what you choose to do. Good luck, if you have any questions feel free to PM me.
-Chuck