I'm close to 15K deep in debt from undergrad. I've made payments on and off over the years when I've been able to afford it, but ended up at square one because of interest. No more debt for me. Can't have it.
Over the years I've watched friends struggle with garnished wages, overdrawn bank accounts, and daily harassment from debt collectors. I don't mean to sound dogmatic. Other artists' decisions are none of my business. I've just made the personal decision that I won't go back to school until I manage to get a full ride (or close to it), even if it takes more than one round of apps, or opting for a solid state school instead of an Ivy.
I'm going to go wherever tuition is free. I want to be a practicing artist after school (I see teaching down the line, say 10 years or so) and want to make the best work possible. Debt, for me, will only hinder that. I want the $200 a month (that would go towards a loan payment) to be put towards materials, applying to shows or paying my rent so I have somewhere to live. Applying for professorial positions is incredibly competitive; I'd rather focus on making great work and being able to travel more- a large part of my practice and motivation-rather than worry about a loan payment. My parents make a decent amount of money; I'm 25 years old though and totally on my own. They are not picking up the bill at a university. Therefore, those schools that take family income into consideration would make me pay full price for such an education...no thanks. I wouldn't dare ask my parents for such an exorbitant amount when I know I'll be offered much better packages (for me, personally) at other schools.
Technotronic, have you heard Teresita Fernández's "On Amnesia, Broken Pottery, and the Inside of a Form"? Give it a listen if not...She talks about living in cheap place after graduating so you can actually make work instead of stressing about money. That's my philosophy on loans as well. You can listen to it here: http://www.brainpickings.org/2014/12/29/teresita-fernandez-commencement-address/
Brainpickings also just totally rocks and I adore everything Maria Popova writes.
Thank you for starting this thread, I'd love to hear others' opinions...
