Tuition has been going up drastically out here since 01'ish. It's to the point now where a JC is in the same price range as a cal state.
That being said I know a few people who have come out of school 6 figures in the hole but most have a law degree by then. If you are a soph and $65k into it something is very very wrong. You need to sit down and review all your finances, loans, etc. 12% for a student loan is highway robbery.
I would try to get that sorted out right away, if you leave school $120k in the hole thats gonna take 10 years to pay back.
I'm curious, where were your parents through all this? Somewhere along the line they should have 86'd the whole idea of an adjustable rate loan.
All I can stay is stick with it and kick some ass.