The answer depends on who you ask. Students often think more about the aid they can qualify for rather than the inevitability of debt repayment. In fact, for many students the terms "aid" and "debt" seem as far removed from one another as "kid" and "adult" — but it doesn't take long for the gap to close.

Casey, in his mid-20s lamented, "Too much debt is when you have a job in the career field you studied for and can't afford your student loan payments."

Jon, at 32, just chuckled. "The Mrs. and I owe enough (in student loans) to buy a house. I believe it hit the point of being too much by the completion of our Bachelor of Arts degrees. The MBA has been a running joke. Our monthly payments could finance a beautiful sports car."

So how do you avoid taking on too much debt?

1. Choose a degree and college that is likely to pay a good return on your investment. College is fun, but it's also serious business. At the end of four years, the goal is to find a profitable job. And yes, financially speaking, you want to graduate with your Bachelor's degree in a maximum of four years. That being said you should choose a college that is best suited to providing opportunities within your chosen profession and at a cost you can afford. When you're shopping around for universities ask about career placement services. If you are thinking about majoring in biology, find out what percentage of biology majors at the university in question have found work in the field post graduation. Ask if the university helped these students to secure internships or other "real world" experience while in school. Such opportunities are a must in today's competitive job environment.

2. Don't choose a high dollar school if you have your heart set on a low dollar career. In the article, "Aboriginal Art and College Cost Bubbles" (FastWeb.com, December 2011), financial aid expert Mark Kantrowitz, loosely defined a college cost bubble as a disconnect between the cost of tuition and the market value of the degree earned. Specifically, he assured readers that "a college cost bubble does not yet exist, except perhaps when students enroll in the highest cost colleges and major in the lowest-paying fields of study. These students often borrow excessively to pay for their education, more than they can afford to repay. For them, the cost of the education exceeds its financial value. Education debt is good debt, in that it helps you get a better job, but too much of a good thing can hurt you."

A college cost bubble can also develop when students borrow the max amount allowed; then use their financial aid for purposes other than those intended, such as buying a car or taking a trip.

Sharon Berry, director of Financial Aid and Student Employment at Southern Illinois University Edwardsville suggested that "financial aid should always be limited to education-related expenses." She also explained that students do not have to accept every penny that is offered.

"A good rule of thumb is never borrow more than you can expect to earn in the first year of your career. Before accepting financial aid, really think about what your career will pay," Berry advised.

3. Be realistic. According to Kantrowitz, a student who borrows less than their expected starting salary should be able to repay their student loans in about 10 years. However, when students borrow more than this, it is likely that they will struggle to repay the debt. Note: not paying back your student loans is not an option. (Read "The Realities of Debt Repayment" for more advice) Alternate repayment plans, such as extended repayment or income-based repayment, do exist and can be helpful, but ultimately these extensions simply increase the total interest paid over the life of the loan.

4. Get someone else to pay for your education. Grants, scholarships and financial support from your family can help tremendously, but these options are not always readily available. Working to pay your way through school is sometimes frowned upon in today's society, but for many students it's the key to coming out of school with less debt or even debt-free.

Berry agreed. "Working while in college provides students with valuable work experience, which may give them an competitive edge when they go to look for work after graduation." She advised students to first look for work on campus, pointing out that most universities offer both work study options for students who qualify (work study is a federal financial aid program) and student employment options, which provide a paycheck just like off-campus jobs.

Students who are willing to work while in school may want to take the advice of Shane, a local police officer and father of three. "From my experience there are a lot of good companies who are willing to pick up the tab for schooling while you are employed by them." Certainly it never hurts to ask.

"The bottom line," said current college student Angie, "is that all debt is too much debt, but I couldn't afford school without financial aid."

The trick is to be smart, borrow wisely, reduce your need as much as possible, and seek opportunities while in school to help ensure your financial success after graduation. You may start college feeling like a kid off on a new adventure — enjoy the journey — but also understand that you will graduate into an adult world and your student debt will follow you perhaps for decades.