I attended the Makeup Designory in California, and I really enjoyed the program. I think it depends a lot on what sort of learner you are. For me, having someone there to show me the basics and help me troubleshoot was awesome--I still go in and ask the teachers for their opinions when I come up against an effect that I'm struggling with. I also made some really great friends there who I can talk shop with and exchange work with (they refer people to me when they're booked, and I do the same for them). The school career center connected me with my first major job, but also I was proactive--stopping in the career center to talk to the staff, showing up to classes on time and working hard, and being prepared for a freelance career (I was freelance in another career before I went into makeup).
I think that makeup effects are a hard industry to break into whether or not you go to school. For me, the networking and basic schooling was worth it, but I watched a lot of my classmates wash out of the industry after we finished school. Don't expect your degree to mean you'll automatically get a job, but if you're a question asker and a dvd course won't suffice, then school may be something to consider.