Jen M., 32: Non-profit research and grants manager
NYU and UCLA
$13,578 of debt, one bankruptcy, $11,000 in current loans

For Jen, money woes gave way to a bumpy, prolonged college experience.

"When I was 18, I went to NYU for one semester before realizing there was no way I could pull it off," she says. "My divorced parents could not support me financially, and did not go out of their way to help me seek guidance/loans/financial aid. I got a full-time job, but that was a naïve move -- I was a non-New York resident trying to go to a $30,000+-a-year private school.

"After a lot of tears and a nervous breakdown, I accepted the fact that I would not be attending NYU. Cost of this error: $13,578. This debt followed me until 2001, the year I filed for bankruptcy. I would not have been able to transfer to any other school without my NYU transcripts ... and NYU was not going to release my transcripts (four lousy letter grades) without me settling my debt."

Jen ultimately returned to school, starting with three years of community college night courses. In 2006, she graduated from UCLA, paid for with a combination of grants, scholarships, a 28- to 35-hour work week and Perkins and Stafford loans. The $1,000 Perkins loan will be paid off at the end of the month, but she'll be making payments on the $10,000 Stafford loan until 2021 (ouch). So was it worth it?

"Yes, yes, yes," she says. "And I plan on returning to graduate school and racking up thousands of dollars more of debt. I love school so incredibly much, it makes the debt worth it. For years, I beat myself up about the NYU decision. However, I have since forgiven myself, and I am glad I went the route I did."