Scotty B -
I feel you in more ways than one. I was in your shoes about a week ago and lived through the most difficult decision of my life. I decided to turn down my offer to NYU. Interested in what it feels like on the other side of that decision?
At first, the conversation was financial. It is a heck of a lot of money. I don't know what $300,000 really looks like. As far as I am concerned its all Monopoly money. But honestly, like everyone else has said here, It cannot be about the money. At least in this business. Invariably in our lives, whether now or 20 years from now, our dreams will have price tags associated with them. Most often, we have to bet the farm to attain these dreams. And like Bandar said, you have to believe in yourself to achieve success as a filmmaker... well you have to believe in yourself as a restaurant waiter too I guess. Whatever, you are thinking right now, turn the conversation away from the money, because most likely it is a symptom of something deeper.
Since film became the profession I wanted to pursue my focus has been on film school. I read all the right books. I read this forum religiously. I contacted current students. I immersed myself in my applications and then worried about them for the next six months. I was full speed ahead. It was only until about mid June when my financial aid package came that it became real. The money forced me to stop and take stock of the last 8 months. Since I had mailed that application a lot of things changed. For one, I spent 6 weeks living out of a bus (former traveling puppet show) traveling through Mexico and Central America. I also started to get some more hands on experience with my craft, and explored my creative potential.
Ultimately, for me, it came down to a revealed desire to spend a few years outside of a graduate school environment to test some things on my own. I wanted to see where this path would take me before I made the commitment. But that is just me. You are not going to get any solid advice on here that will allow you to make a decision. Because in film, there is no "right" way to make it. Christopher Zalla, a guy that just won Sundance with his film Sangre de mi Sangre, spent 9 years on a commercial salmon fishing boat off the arctic sea before attending Columbia. Richard Kelly made Donnie Darko immediately after his undergraduate time at USC. Heck, you might find inspiration pushing a hot dog cart in San Francisco. It has to come from inside of you. Internally you will have to answer if film school is the next step for you. You are the one that has to live with this decision and go to sleep with it at night.
As for me, I decided to step away from film school for the time being. I am moving to Austin where I will be working a part-time production job that pays like a full time job. I am planning on shooting my first short film in October and will be taking a short fiction writing workshop at UT as well as some acting classes. Having just graduated from College, in the wake of this enormous decision that I lost a week of sleep on, it now only feels like a breath of fresh air. But like I said earlier, everyone has their own path.
Best of Luck to You.