Should a candidate be denied admission to the bar because of too much debt?

Should a candidate be denied admission to the bar because of too much debt? Yes, says a panel in New York. Full story here. I understand it when a panel concludes that an applicant has demonstrated a recurrent inability to manage his or her finances (or has been irresponsible about it), but I am not so sure that simply having too much debt justifies denial of admission. It is not clear to me whether the case here is an example of the former or the latter. The story states that the panel that denied admission stated "that his student loans were too big and his efforts to repay them too meager for him to be a lawyer."

Thanks to Legal Ethics Forum for the link to the story.