Music School, Debt, and Career Planning

I have a 9th grade son who is interested in studying Jazz, plays alto sax and clarinet for 4-5 yrs. There was a music school fair set up at one of his recent performances and I got a chance to speak to my local university as well as reps from New School, Manhattan School of Music and others.
I am an amateur musician and my wife is a visual artist. We appreciate the value of pursuing a passion and want support our son. I am looking for (if it exists) resources on what a music school graduate can expect for their transition into professional life. Foremost is the ability to pay off 150-250k debt with a music degree. I'm sure people on this forum have answers for this question, but from a ROI perspective it doesn't make 100% sense to me.
I'm sure there are many music students who don't need to factor educational debt but I would guess that is a minorty. A few takeaways from my recent conversations I would appreciate your feedback. I am paraphrasing the admissions folks:

--nearly all music school graduates will need to teach to support their income
--on the same note, it is nearly unheard of to make a living 100% off performance income
--anyone serious about studying music should focus on NY, LA or Nashville.
--Music school students regularly play for side $$$ while in school
--the high tuition at the major music schools in NY and Boston is paying a premium to be in a large metropolitan center of music with the attendant opportunities for networking and performance

Thanks!