Our oldest is in his fifth year of college (he changed his major and needed the fifth year to get the classes he needed). He wants to go ahead and do grad school. He has no debt because he had a 4 yr. full-ride scholarship; he wrote a letter asking to have it extended for the fifth year and they agreed! So he'll enter grad school with no debt at all, which is good because he's an English major who wants to be a professor. He certainly won't be making the big bucks in that kind of job, but that's what he loves to do. He's not married and has no responsibilities, so this is the time to do it!
I have no affiliation with Green Linnet, except that a high percentage of my discretionary income is spent on their products...