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It's a very interesting question Zaid. Most of us talk about the benefits of formal education but we never dare to talk about its drawbacks.
Anyhow, coming to the answer; the greatest drawback of formal education is that it wastes the prime time of the life of learners and their facilitators. Right from the age when a child starts to speak the weight of formal education comes on his fragile shoulders and he has to carry it until he enters in the field of practical career. It's about20 to30 years in average.
In the same way the facilitator suffers when he has to finance and manage all the requirements of a formal learner as a parent or guardian. So he reaches to the age of50 to60 years in average. It means that most part of our age is spent aiming only on the formal education.
Lack of knowledge about other fields of formal education apart from ours, retarding the development of human values and ignoring the objectives of creation of mankind are some other drawbacks of formal education among many others.
formal education can not change the mind set of a nation and also can not meet the challenges .Formal education is based on orthodox method of teaching and class based ,students can,t learn practical things
nowadays, formal education have become like a business. parents are working hard day and night for arranging money to pay the fees for the student's education. while on the other hand, the fees of the school are rising immensely so the quality of education is also deteriorating at a very high speed where the institutions are engaged just in making money for themselves.
Limited budget and possibilities are insufficient