The focus of this study is the impact of economic and policy factors on the relationship between study enrolment and childbearing in Sweden. Using longitudinal data on individual childbearing and study activity between 1984 and 1999 various aspects of this relationship is studied. To begin, it is explored whether the relative propensity of female students to have a first-, or subsequent child has been affected by changes in the student financial aid system. Then the importance of earned income is investigated by controlling for whether income alters female students' relative propensity to have a child. Given that childbearing risks strongly differ by age, it is examined whether the impact of student financial aid and income differs by age group.