Frustration

I keep coming back to whether film school is worth it.  My major fears:

1.  Going into debt.  It's freaking expensive.
2.  Getting a 2nd Class education.  Is film really a master's degree?  Is what we are doing really worth studying?  Are we part of the academy or merely paying for industry training?

I can't tell if the proponents of film school are merely hacks trying to profit off our silly dreams or if the critics of film school are simply bitter.  It's honestly hard to tell.