Are there any negative consequences to restricting the release of my directory information?

Yes, and you need to determine the appropriate balance between your desire to restrict your information and the need for people to be able to locate you. Here are some examples of what could occur after you have restricted release of your directory information: ASU could not provide your telephone number to a classmate trying to contact you to give you information about a class project. ASU could not give your address or telephone number to family members who are in town unexpectedly for the weekend and want to see you, but forgot to bring your address and telephone number. After you graduate, ASU could not confirm for a potential employer that you have completed your degree, without your advance written consent. Following your wish for full nondisclosure, ASU could not even confirm that you had ever been a student.