i think going to school is important because it allows you to make connections and build your network. some schools offer them through internships while others, you really have to find them yourself. BUT, while in school you are offered a lot of financial aid which allows you to work rather cheaply to start, thus allowing you to get a portfolio and build more connections and gain experiences. i think that for graphic design/multimedia we have different college experiences and thought about college then traditional artists do.
i agree with everyone that if you want to do graphic/corporate design you really need to have at least a BFA. i know painters that didn't go to art school and they are doing quite well without schooling. the world is based on what connections you build, you have to just throw your shit everywhere you can until something bites. with or without school if your stuff is amazing and original, and given to the right people, you'll do fine.
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