it seems like a bad idea to take on any significant debt at all for grad school. if you don't get a substantial scholarship or assistantship, is it really a good idea to pay for an MLS out of pocket? odds are you're not going to be making all kinds of money as a librarian, and i know i for one will be paying undergrad student loans until well after i'm dead. i definitely would not attend grad school if i had to take on further debt, even though it is the american way.