I don't know if it's that bad but it certainly is a very serious consideration. You can go to the following link and play around with what you expect to borrow.
If you're going to borrow I am sure it will be because you'll want to attend an elite school, which could run you near $120,000 over three years = $1380+/mo. over 10 years or $780+ over 30. Either way, these are sizable payments and will be a part of your life for some time. Even if you land a top job, most are in markets with an extremely high cost of leaving and these loans will not be easy to pay down (don't forget a lot of those $100,000+ salaries goes to taxes).
I do not know your position, but if you're coming straight from undergrad and haven't managed a budget, debt, etc. I would be cautious. If, however, you are more experienced managin finances and are fortunate to have a lot of money saved, a trust fund, or other investment/asset that is bearing interest I wouldn't be as worried.