I did ace for part of my degree and then as a masters two years ago. I took out a government student loan. Was it worth it? I'm not sure. I can give you some pros and cons.
Pros-
you get to do lots of workshopping and get feed back on your work.
If you work better to a deadline then it's great as you have to write for assignments, workshopping and of course your final piece and poetics/professional development log.
Support from fellow writers.
Great for networking.
Cons-
You have to read published work critically. You don't always get to choose your genre. I struggle massively with poetry. But still had to do it.
A masters doesn't teach you the craft of writing, the actual bones of structure, plot, character development, mainly how to critically reflect and edit your work. The assumption is that you can already write or have a natural talent.
Some people struggle with constructively critiquing other people's work, especially face to face. It can be hard to tear their work to bits and at the end they may have one solid idea from hours of work.
It's a lot of money with no guarantee of selling anything. CW degree's are seen as a bit of a vanity degree if you haven't or agent being published. A lot of older people were on my course making the most of their retirement etc. Some were great writers, sine barely write anything.
If you think you want to write then just write. Short stories are perfect for honing your craft and anthologies are a great place to start for reading. Then write. Edit hard and rewrite. There are forums on line, or join a workshop locally to get feed back and offer feed back on others work. Submit to journals. Start a Twitter account just for networking. Add the cabinet of heed, Jelly fish review etc and submit to them. Read books on the craft. Check the bbc writers room every week for opportunities. Get writers magazine for competitions and opportunities. The list is endless and each publication will improve your confidence.
BUT
Don't get over confident. My first ever story was published by the first journal I submitted it to. I was elated. But my next was rejected 32 times and is still unpublished. I've had lots success since then but it's equally tainted by mass rejection.
If you want to write novels then just do it. Work out your plot and story line, character arcs etc. Then write and edit your first three chapters. Write a synopsis. Then find writers that are similar to your style and genre. Find out who their agents are, submit to the agents with an explanation of why they would want to read your work, 3 chapters and a synopsis. Then keep writing. It is why god then somebody will pick it up eventually.