I've already addressed the psychological effects of student loan debt. That's a sobering subject that can have a long-lasting impact on college students and their families. It all begins with financial aid packages that outline how much money you can expect to spend, which will be coming out soon with Regular Decision (RD) acceptances as we approach spring.
In most cases, those who have been accepted Early Action (EA) or Early Decision (ED) have already received their packages, and the reality of loan debt, if any, has made its initial impact. Those effects can be so negative in some cases that any hope of enrolling is snuffed out -- a very significant disappointment.