This report examines the relationship between student loan debt and the manner in which that debt is described. It focuses on three forms of description: (1) monthly payments, (2) total debt, and (3) income after graduation. The authors used the term elasticity to describe the relationship between consumers' college choices and the retention decision when student debt is considered. A small number of survey respondents showed a greater impact on the college choice decision if the debt was described in terms of monthly payments. The authors emphasize that this was a pilot study of a few individuals and suggest that an appropriate larger sample would provide improved external validity. (Contains 4 charts.)