Hmmm.
Well....if you are going to go into debt I think the best thing to go into debt over is education; a lot of people go into debt buying stupid crap by maxing out credit cards, etc.
I don't think anyone can argue against taking out loans to get an advanced degree.
The only conceivable reason not to is that someone has kids and their minimum basic needs would be in jeopardy.
Barring that, I would have no problem going into debt while getting a Masters or a PhD.
Brandon