I don't know the specifics of your situation, but this is my advice-
First, start by focusing on your current situation. You may be able to control the amount of debt you accrue NOW. (I know this isn't what you asked, but just covering all the bases.)
You're in your first year of grad- if you can borrow less for next year, do it. I never took out loans to cover living expenses, and always tried to keep my loan amount as far under the maximum as possible.
To that end, are you working? Can you work more? Can you temp/wait tables this summer? Look into assistantships at school, or work-study jobs. Get a church job. Ask your landlord to lower your rent (sometimes they will). Audition for your local professional chorus. Only do as much as you can handle against your course load.
Additionally, if you're on scholarship, appeal your award. Explain your financial situation with as many specific numbers as possible. Talk about your debt level, your fears, and how more scholarship now will really make a huge difference for your future. Emphasize how much you've learned, how much you value the program, etc. If you can get behind it, give them a specific amount you would need to be able to continue.
Also, get your teacher, coach, and any ensemble conductors/directors to write you letters of appeal (profs work too).
Hopefully some of that will help bring the total down a bit.
Then- out of school-
Are you looking at 80K with interest, or without? School loans (once consolidated) can be payed off however you like (with interest), as long as the companies know your situation- while I don't recommend it, they'll take as little as $25 a month, if that's what you can afford. Talk to them about the best option for you. You'll never have another loan at such low interest, so take advantage. Consolidate as soon as you can to lock in the low rates, and focus on your credit card debt. (Do that now, too, if you can. I love the 0% balance tranfers- make sure you DON'T USE THE CARD FOR ANYTHING ELSE, and pay it off before the rate goes up)
For work, teaching is great. If you start building a studio now, you'll be well on your way to an income when you're done with school. I have friends who make great livings on 15-20 students a week, and audition and perform all the time. Most take 2 years or so to build up there studios. You can bolster that with church jobs and choral gigs, if you go in for that. Or music direct for schools and such. I find this a better approach than working 9-5- keeps more of the day free, and is directly applicable to what I'm doing. I also have a few friends who are on faculty at small universities- definitely an option, and often with health benefits.
I haven't done the temp thing, but I know others who have, and have seen many posts on the forum. My impression is, it's better if you're already on the performance track, rather than just starting out. I personally don't do so well with 9-5. I'm sure someone else can shed more light.
As to whether or not to take a break to make money- only you and your people can say when you're ready for the auditions. If you are, don't wait. If you aren't, work, audition locally, get some experience, and build some savings. Just be careful not to lose sight of where you're going. Lots has been said recently about not taking too much time off- you don't want to get too far out of the game.
Overall, don't freak. The money will work itself out. Set goals and work to achieve them. If you can live with having a debt and paying it off gradually over many years, you'll be just fine, and might even have a career in the meantime. If you "make it", you'll be able to pay off the loans within a couple years of your big break!
Hope this helps
TJ