<p>The stress of high debt is very evident in the past economic cycle. If you have 80K of debt, you are forced to take a job immediately to being paying it down. This is a very large monthly commitment. You don’t want debt driving your life and career choices. </p>
<p>Many people do take out large loans and are still paying them 10-20 years later. The large debt prevents them from saving for homes. the large debt lowers your credit rating. </p>
<p>Going to grad school is also no guarantee of a obtaining a salary after graduation that you can pay down the debt and still afford a life. I hate to tell you how many of my colleagues regret the debt they took on for their education. Cal is great but not that great!</p>