Thanks for your detailed and lengthy input, nikolas, I appreciate your time and effort.
Well, I know getting a degree will not help me in getting jobs or making a living out of composition. The reasons I want to get a degree is to get connections. Being around musically educated people will also help me in my music composition, since most of them can offer criticism to you.
Another reason is to learn new things. For now all my compositions are mostly trial and error. If I learn in a formal way, I will get to learn composition more efficiently.
I know even after I get the degree, I will have to work hard to get connections and to get jobs. I know it won't be like "Oh I graduated, gimme a job" and up comes several projects waiting for me to collaborate with them. This I understand.
Another thing, if I do get the degree, but still can't manage to make a living out of composition, I think I could be a composition teacher, like you said in your post, if I have a BMus.
There's only one thing I'm afraid I couldn't cope with, and that's contemporary composition. But after your quote about "taking in all that bullshit for 3 years even if you don't like it", I think that problem is solved.
As for fundings, I'm thinking of getting a loan or scholarship from my country. If there's a will, there's a way. And even if I can't get any of those, there's always the option of borrowing from my richer relatives.
One last thing. I'm actually a little confused by your post, nikolas. You type in lots of exclamation marks and sound like you're trying to give warnings to me or trying to tell me that getting a degree isn't for me. Heh. Sorry for my misunderstanding.