Is going to a Fashion/Art Institute impractical?

I'm considering applying to FIT of New York or some other fashion or art institute in a big city. I love the big city feel and am really in to fashion and would maybe want to be a buyer. However, I noticed most these schools(including FIT) tend to be very expensive. A lot of people including my mom and stepdad are saying they are impractical and a "waste of time" and are refusing to pay if I do choose to go. That would leave it all on my dad, stepmom and me. Do you think that is true and that these schools are "impractical" and "extravagant" as they put it?