The Higher Education Act of 1992 increased the availability of student loan funds dramatically. Using the National Student Postsecondary Aid Study, this study examines the difference in effects of background, achievement and aspiration, college experience, price variables, and accumulated debt in 1993 as compared to 1996 on student persistence decisions. In contrast with previous studies using NPSAS:87, the authors find that there is more financial aid available, albeit in the form of loans. Current year subsidies are positively associated with persistence, but the opposite is true for accumulated debt, except for higher debt levels in 1996. The authors provide context and explanation for these findings.
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