We just had a debt management seminar the other day and it was definitely sobering.
Our tuition is ~25-26k a year. So the max we can take out a year (with all loans plus the Grad plus loans) is around 50-55k a year. So if we take out the max during all 4 years we'll have a final principal balance of around $210,000. (A littler higher once repayment starts actually).
So after their calculations, the total cost of the loan if you a 25-yr repayment schedule would be close to $515,000.
Now, they showed that if you could borrow $5,000 LESS each year, then that's of course $20,000 less at the end of 4 years, and after the 25yr repayment schedule you would have saved $58,000.
So, I don't think tuition should be the only or most important criteria, but it should be given some thought. Obviously don't go to a school where you don't feel comfortable at just because it's cheaper, but all other things being equal, if at one school you'll be able to "save" (take out less) $10,000 a year over another school, then in the end that could be a total savings of $100,000.
Unless you have parents that are helping or are doing a military scholarship, think of it as you're borrowing from your future income.
I think the above is probably "worst case" scenario, as I am NOT going to spend 25 years paying these loans back, plus you can start from the beginning paying some of the interest if you have a SO that's working or have some sort of extra income.
