The other day, a New York Times article and a throwaway joke in a Simpsons rerun both caught my attention. In the cartoon, the criminal, Snake, found himself with a newfound pile of riches. “Hah hah,” he chortled. “Goodbye, student loan payments!”

Snake is not alone. The Aug. 23 article in the Times noted about two-thirds of college students take out loans, and on average, they accrue about $20,000 in debt. That may not sound like a lot of money (although on second thought, maybe it does), but what can be especially surprising to newly minted college graduates is how quickly the amount owed can grow. A woman in Wisconsin deferred payment on about $23,000 in student loans when some health problems demanded her attention, and the resulting fees and penalties nearly tripled the amount she owed when she finally defaulted three years later. (I encourage you to read this Times article; the statistics and anecdotal evidence presented are sobering.)

Defaulting and having to rebuild your credit is only one way student loans can alter the trajectory of your life. A good buddy of mine gained admission to one of the top law schools in the country and emerged three years later with a degree and over $100,000 in debt. He accepted a job at a large law firm in New York City, figuring he could work hard and erase the debt in a few years. That is, indeed, what happened, but he can testify that all of the horror stories you hear about how NYC law firms work their junior associates into the ground are true. When they say 70-hour work weeks, they’re not kidding.

And once, my buddy missed his own birthday party – held at a beach house in Martha’s Vineyard – because at the last minute, his boss decided to make him stay in the city and review documents for a case that was several months off. My friend is now totally burned out, can’t stand the legal profession and is wondering what happened to his 20s.

I guess this column might be a buzzkill, especially at this time of year, when everyone is excited to be back on the campus. University life can – and should – be a lot of fun, both intellectually and socially. But don’t forget the fewer loans you take out, the less impact they will have on your post-collegiate life.

Jeremy Sullivan is a Ph.D. candidate studying American history. He can be reached at sullivandbk@gmail.com