Tom Burnett, who wrote a good piece about American Indian colleges for the Pope Center recently, sent me this e-mail:

A young friend, who has hit the $50,000 borrowing limit, asks why “they” won’t just break loose with another $10-$15,000 to make it possible for him to finish his last 18-24 months. (I wonder who he thinks “they” are.)”What’s another $10-$15,000 when I’m in this far?” Or maybe it was, “What’s another $10-15,000 when they are in this far?”
I asked him how much his payments would be if he graduated today. 
He said, “I have no idea.”

I came home and looked online at a college finance site with a calculator: $575 per month.
Recommended income to service that, given his family size: $81,000.
Good luck getting that on day one.

Just proves the point that student borrowing is not seen by the student as a cost. Consequences and reckonings are too far off.
Most students bear few costs associated with their education, leading them to make un-economic choices.