There are many other less expensive academic art programs ranging from community colleges through the land grant institutions and private colleges to enterprises as elite as RISD. None, some, many, or all may provide good cost benefit return to a particular person.
As someone trained in an academic studio environment - four years at graduate level for architecture - I strongly disagree with the author's suggestion that an online community can provide the equivalent to a shared studio. Talking to other makers is not a replacement from working alongside them 60 - 80 hours a week.
None of this is to suggest that higher education in the US is not grossly exploitive of young people, or that any art school has value for every individual or that an artist cannot further their education on their own.