Female college students are an important loansgetting group of Chinese student loans，and quantitative analysis of the impact of student loans on female students academic development will help us to evaluate the policy effect.For this study，we use a national longitudinal survey of 6139 female college students，which is based on a baseline control of freshman grades，and combine DifferenceinDifference method (DID)with Propensity Score Matching (PSM)research methods to test the impact of student loans on female college students academic development.The study finds that the current student loans has produced an inhibitory effect but not the incentive effect on Chinese female college students academic development on the whole，which really means that student loans has lowered female college students learning achievement，increased their working time in the short term，and has no effect on their learning time；at the same time，student loans has increased debt pressure of Chinese female college students，stimulated them to enter into the working market as early as possible，so that their choice of going on graduate studies has been reduced.This study has provided empirical evidence for the policy improvement of Chinese student loans.