Students are increasingly likely to use student loans to finance their postsecondary education. This article examines how students’ use of federal loans changed from 2000 to 2016 by students’ family income group and parental education level. We use logistic regression analysis and nationally representative data from the National Postsecondary Student Aid Study. We find that the odds of a student taking out a loan have converged over time across family income groups and across parental education levels, even after controlling for institutional sector and student demographic characteristics. Low-to-moderate-income students are now just as likely to borrow as are low-income students; likewise, continuing-generation college students are just as likely to borrow as are first- generation college students. Converging borrowing behavior across student groups has important implications for how we measure and benchmark college affordability.