I agree with reading, analyzing styles, and doing. Wasting money on literature courses is dumb to some extent.
Although reasonably well-read and wanting to write the "great novel" of our times, I was given the book The Western Canon by a friend. Yeah, I know Harold Bloom may not be particularly loved by some, but through reading the book I gained enormous respect for his views.
The chapters of this book start with Chaucer and work their way through the iconic authors of Western literature and with each Bloom discusses why the works form part of the canon of great literature. His analysis is structured around his theory of imagination: why characters live in a reader's mind, how an author's expression creates an imaginary world, the historical significance of writings (ie zeitgeist), etc.
It took me three years to read this book as I read dozens of the works he was discussing along the way, and in all it gave me in my opinion, an infinitely richer understanding and appreciation of literature beyond what I could possibly have gained from any undergrad course.