Credit for featured image goes to Zach Roszczewski
(Disclaimer: I did two years of schooling in a design related field, before I quit the formal education route and ventured out on my own. Hopefully this is a fair representation of both sides.)
There’s no actual way of knowing for sure whether a formal education is the right path of education for you to pursue. If you do better under constant coaching, enjoy being guided into doing certain projects, and have the money, a formal education might be one to look into. You will learn different aspects of your craft then you would have on your own. You will have a built-in network upon graduation, people to fall back on, and the benefits that being an alumni gives (one person I work with from time to time has a verifiable farm of interns working for him because he maintains an active relationship with the school he graduated from). You will quite possibly also be saddled with student loans for a degree that may get you laughed out of other collegiate circles. The flip side of not pursuing formal education, is what I’m going to go into after the jump.