I'm glad that student loans are available, but I also think that its best to use them as an absolute last resort.
There's a good article about the
risks of student loans here.
The author advocates a similar strategy to the one I'm pursuing: Instead of getting a graduate degree, he's to starting his own business. I also saved a lot of money in undergraduate school by attending a local university and putting up with living at home for as long as I could. There are definitely times and situations where it could be worth it to take out loans, but make sure you try all the alternatives first.