I believe that even more, if we assume that not all people can acquire formal education and everyone in turn, they will always receive life lessons. Life is the only school where you will never be able to drop out or be thrown out even though you have failed all subjects. It is the only school where you will learn lessons daily and still be able to scratch you. Life is the only university that will never give you degrees because it knows that today you can be perfect in one thing and tomorrow you can be the apprentice himself, the rookie. Life is the only one that tests you before and these tests give you the lessons. What do we really learn in schools that can help us get ahead? Knowledge is an abstract value that we can seldom apply! A physical formula, the analysis of a poem, the analysis of microbes, are very valuable but very specific knowledge that we don't use all of them, not even on a daily basis. If formal education were more important than the education of life, all those people who have not been able to go to school would be below those who did, and we know that this is not the case. We can see a large number of successful, talented people who did not complete their studies, but life taught them to use all the tools and skills they had to succeed. Because at the end of the day it is not that you have the tools but that you know how to use them! And life teaches you how to do it every day.
I think normal education is fine as it teaches you the basics. What it doesn't teach however is the real world.
We normally learn from mistakes and try and avoid making them over and over again. Very few things from my school days I use today. I am sure I have used some of them in the past but very few.
We learn new things everyday and some lessons are harder than others. life is tough and to survive you need to educate yourself in certain things. I wish I knew what I know now when I left school as it would have made things a lot easier and freed me up to learn more.
I think you need them both.
I know the educational programs are not perfect and you have to learn a lot of things you won't use in life, but there's also a great amount that you can use, if you know how.
I've seen many people getting a university diploma and having absolutely no idea about anything. Others don't have education and doing much more better.
To answer your question, I value school of life.
"The School Of Life" Even more valuable than formal education.
Formal education only teaches us about what we don't know yet, and usually focuses on "money" - "income" - "skill to produce something", and everything to survive in this world.
However, it turns out life isn't that easy. There are times when we will not be able to solve the problems that come, and there are times when we actually have to fight hard even though our formal education is high.