If you don't study, there's no point in going to school.
Literal
Study-if-not school [to-へ] go-even useless is.
A compound conditional: the ~なければ clause ('if [you] don't') sets up the premise, and the ~ても ('even if') clause grants the hypothetical of attendance before denying its value. むだ ('useless, pointless') is the predicate. The logic is: without the studying, even the going fails to accomplish anything.