Students / parents should seriously consider career path and the effect on lifestyle resulting form loans. High income with predictable path is quite different and far more manageable than low income, unstable path.
S is a finance major with good career prospects. Is taking the max student loan so will graduate with 27k debt (we’ve paid the interest so it’s not ballooning). Should be able to pay off in under 5 yrs (probably three based on income).
D is a performing artist. Is seeking a BFA in theater. Very talented, blah blah blah. We won’t allow her to have any debt (which will impact her school choice, but I don’t think her career as it’s basically all about talent). Unless she is one of the very rare performers who get great gigs and steady work right away, her income will be low and unstable for quite some time. Saddling her with debt would make it really tough to get by and actually affect her choices, likely limiting her opportunities.
Every situation is different.