This paper discusses the role of student loans in college access. Borrowing to pay for education is a sound decision for most students, and student loans are a vital part of college financing policy. There has been a considerable increase in student borrowing, and much of this results from the introduction of the Stafford Loan in 1993. Borrowing is in fact associated with staying in school, although even students willing to borrow are often forced to seek alternatives because of the current limits imposed on Stafford loan borrowing. Concern about the levels of borrowing that will cause serious problems for students is certainly appropriate, but there is no evidence to date that average student debt levels are unmanageable. Any student would prefer to receive grant aid, but borrowing plays a very important role in increasing access to postsecondary education. More generous limits to borrowing and a low-income insurance policy to protect borrowers whose education does not pay off in the labor market would reduce the barriers to educational access created by the growing reliance on loans. (SLD)