I'm also in a similar situation. Although, I did receive money from 2/5 programs I was accepted to, but funding is minimal, not exceeding 10k from either program. I've really given this a lot of thought, and I think you have to strike a balance between your current situation as well as future financial prospects. For instance, I have $0 owed in undergraduate debt, so I'm more inclined to take on 70K in the form of graduate debt. To me this is just an investment in my future; one that I'm more than willing to make. Also, consider the general rule of thumb when it comes to school debt, which is to not borrow (depending on savings, other factors etc.) more than your annual earning potential.
Personally, I plan to pay with federal loans. I have absolutely no intention of taking on private loans and I would urge anyone else reading this to steer clear of private loans as well - those people really get you by the balls. Anyway, loans in conjunction with assistantships and the minimal financial packages that I have received, as well as the possibility of declaring state residency my second year in school (only an option if you attend a public school), makes things quite manageable. It's easy to get overwhelmed with the big price tags of a lot of these programs, but I bet if you speak with current students and/or someone from an admissions/bursar office, they'll break things down for you in a way that seems much less daunting.