What Is The Essence Of Going To Bible School?

It's not mandatory, but in bible college, or at least a good one, you'll gain epistemological tools, and the necessary methodology to understand your own existence, the Scriptures, God, your society, and basically everything on a deeper level. This is to me, the true reason for a Bible College, not to be told what to believe, but to be given the tools to figure out what is really being said, from Scripture and from others who claim the Scriptures say things.

What are your goals? Most people go to college to boost their potential for better jobs. Or in Bible school, toward ordination or credentials in religious work.

If you are considering Bible college for richer understanding of your faith, then it's up to you. Only you know how vigilant you will be in studying scriptures on your own. There are so many free resources these days, one could easily get the same information on their own. But if you want the friendships, the conversation and debate, learning to express your convictions, shared prayer, shared worship, discovering niches you hadn't thought of... and the aspect of college being like a personal trainer holding you accountable.

It can be like a gift. A rewarding experience that will inspire the rest of your life. Taking time out for a long retreat (with work) before life gets difficult in ways you'd never predict.

What is a Bible school? Is it the same as a seminary?

I highly doubt it's really the same as a university seminary - I've never seen those used as synonyms. I'm in full-time seminary myself (during the Autumn 2015 and Spring 2016 semesters I'm only taking Hebrew, part time) and in the same building we have a "Folkhögskola" (one year) which is probably like Bible schools, that one has theory/familiarity with the Bible or making music. However You don't qualify for entering uni by taking a Bible school first. In the Folkhögskola over here, there are only rather young students.
I doubt any Bible schools teach Hebrew in a serious manner so the students are missing a lot that is sort of hidden in the Bible:

Blue Wren said:

What is a Bible school? Is it the same as a seminary?

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Tackar, Unix.

You can teach us Hebrew!

I highly doubt it's really the same as a university seminary

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A university seminary agrees to comply with regional accreditation standards. They will require a standard range of liberal arts courses, sometimes math and science or "contemporary science" (no lab). They agree not to teach dogma in their religious courses, but to address religion as history, philosophy, languages, anthropology, archaeology. That could be why some students complain that seminary is too secular-- because the school has agreed to present information without bias.

This enables students of the school to get federal financial aid (US), so ultimately the school survives.

Bible schools tend to be incubated out of conviction and enthusiasm for a doctrine or way of life. They are independent, so can teach what they want. But with less guarantee of financial support, the schools are often dependent on alumni (with strong opinions), and students paying a lot for non-accredited degrees.

Some non-denominational churches consider hiring Bible school graduates for pastors, youth directors, music directors and Christian Ed directors. But most denominations require regionally-accredited seminary.