thepictureisstill - Thank you for sharing Teresita Fernández's talk! Wow, she nails it. That was exactly what I needed to hear, too.
On topic, I'm torn about how much debt is worth accumulating for a top tier school. I think it would be easier to make better art without loans, but at the same time, I think part of the reason for getting an MFA is for the community and, well, connections. I personally would never take out $100k in loans, but I would take out $20-30 for the right program. At least that's what I'm thinking now. The other main reason I see for doing it is for the concentrated time in the studio, but you don't really need grad school for that.