I understand that countries other than the US have better educational opportunities...however, the OP is in the US. I have heard of people going to Full Sail (one of the most recognizable recording schools) and graduating, with that large debt, and getting absolutely nowhere with that degree. Not because they are lazy. Not because they aren't in the right places...but because that degree means absolutely nothing. It means they paid way too much for something that they really SHOULD be teaching themselves. If you have spent more than $0 on learning anything about recording, you have spent too much.
Anybody that has done it professionally will tell you that no matter how much schooling you get, the real world application is what teaches you this craft. School can't provide that because, simply, it's school. If it was real world then it wouldn't be called school. Everything you need to know has to be learned through trial and error and doing everything 1 billion times until you get it right. And, on top of that, anything you just can't grasp the concept of or just need a little nudge in the right direction can be attained on forums like this, gearslutz, and several other recording forums that exist. This forum alone can teach you everything from just starting out all the way to advanced techniques for multi-band compression, sidechaining, etc. Stuff that really makes your work take that next level.
If you can't learn how to do everything on this forum, there is something wrong with you.
Another thing about the school deal...if you take that degree to a studio, it will get you an internship - maybe. But you know what else will get you an internship? Just walking in and asking for one. You have to realize that the majority of studios anywhere don't care where you went to school, or how long...they are going to want to know what you can do. It's better to spend your money on gear and spend your time learning it on your own and actually producing a portfolio of work to show somebody. In a school, typically they let you record stuff so that you can get the hang of it. But you are limited to time constraints because there are 1,000 other people that need to use the studio too. That's no way to learn this art at all. You need to have unlimited access to the tools - in other words, your own shit. So you can either A) go to school and spend a bunch of money and have realistically a minimal amount of time actually recording and take that work plus your degree (that's basically worthless) to a studio and get an internship to start with, or B) spend a lot less money on your own equipment and have unlimited time with that equipment to record a few bands and take that to a studio and get the same damn internship. The difference is that you didn't spend nearly as much time getting there, and you spent a shit-ton less money. Plus you own the gear.
I'll take option B.
I think Jeff (JBroll) said it best. Basically he said that when you go to school, for example, for a math degree you can take that degree and the people that look at it know that you know your shit. If you have that piece of paper you know what you are talking about. But when you go somewhere and hand them a piece of paper that says you passed an audio engineering course...all that tells them is that you basically know what shit does. Not necessarily how to make it sound good...you just know how it works. The way I have put it is basically a chopped up version, but you get the point.
~006