This document studies the statistical relationship between public and private financing and the demand for higher education in Colombia. In particular, it addresses the three main cities in Colombia during 1990-2005. Through a panel data estimation, this study finds that increases in the average interest rate on education loans have a significant impact on the number of students registered (or "university enrollment”) at higher education institutions. On the other hand, increases in wages for individuals that have attained higher education (namely, undergraduate or graduate degrees at colleges and/or universities) have a positive impact on the demand for higher education.