In the years since student loans first became available in 1958, borrowing has become a common way for students to pay for education after high school. As student borrowing has risen over time, some have raised concerns about the debt burden facing some borrowers once they complete their post-secondary education. In an effort to learn more about how Minnesota students finance their education, the Minnesota Office of Higher Education compiled this report on undergraduate borrowing using data from a 2004 national survey conducted by the U.S. Department of Education. This report is the first statewide report on student borrowing and is designed to examine two questions: How many undergraduates in Minnesota have student loans?; and How much do they borrow? This report finds that borrowing was prevalent across income groups and the type of institution attended. Overall, nearly half (49 percent) of Minnesota undergraduates had student loans in Fiscal Year 2004. This report presents data on annual borrowing arranged by: (1) Undergraduate Attendance Status; (2) Income Level and Dependency Status; (3) Undergraduate Class Level; (4) Type of Loan; and (5) Changes in Borrowing from Fiscal Year 2000 to 2004. Appendix A provides definitions of attendance and independent status from the NPSAS in tabular forms. Appendix B provides tables of the estimates presented in the report with their standard errors. (Contains 2 tables, 28 figures, and 9 footnotes.) [This document was published by the Minnesota Office of Higher Education.]