When you take out loans to pay for an expensive lifestyle in college you forget that the money you borrow isn't yours. Just because you plan on becoming a wealthy doctor that doesn't mean you can take out thousands of dollars in student loans to live a Beverly Hills lifestyle. What happens if you don't get into medical school or law school or whatever program you've applied for? What happens when that dream job isn't waiting for you after graduation? With no money and no options how can you possibly expect yourself to pay back all the money you squandered?
There are college graduates out there that have $900/month student loan payments and make less than $2,000 each month. How can anyone live like that? Better yet, WHY would anyone want to live like that? College is only four years. Don't throw away the rest of your life to pretend to be rich. Why take out thousands of dollars in unnecessary student loans with the hope that you'll be wealthy after college? Is that a gamble you're willing to make?