Loans are a neccessary evil in today's world. Although they are legal theivery by the banks. There are couple rules one must follow religiously if they use loans.
1. Never ever miss a payment.
2. An extra loan payment is more important than cable... or any other entertainment.
3. No extra loan payment is too large.
4. Have a plan to pay off the loan before you get one and stick to it.
I have used these rules to pay off more than 60k in debt over the past 6 years. Today I am completely debt free with over 30k in the bank. Now with that said I am about to borrow $64k for flight school and to complete my degree. Based on my plan I will have all but $10k paid off by September of next year and debt free by 2008. That's based on a CFI salary, making an average RJ FO salary, and some money I plan on making on the side doing small computer network & web design jobs. This is not even roughing it and living on bread and water. It can be done with a little preperation.