As China moved from elite to mass higher education, student borrowers as the product of state intervention have surged. Yet little attention has been paid to their voices. This study conducts reflexive thematic analysis with a qualitative inquiry into lived experiences of 41 current borrowers. A five-factor typology of debt attitudes yields a dynamic explanation of debt and repayment complexities. Students perceive borrowing as an investment in human and social capital. They are, however, cautious of consumer credit. Far from being a deterrent or added burden, educational indebtedness grants them a measure of freedom and autonomy in college. And they consider debt repayment manageable, mainly if a family safety net exists.