This study compares the borrowing patterns of undergraduates surveyed in the last three National Postsecondary Student Aid Study surveys (NPSAS:90, NPSAS:93, and NPSAS:96). The analysis examines students who received federal Stafford or Supplemental Loans to Students (SLS) and analyzes differences in borrowing before and after the 1992 Reauthorization of the Higher Education Act.