In 2016, China shifted from a one-child policy to a two-child policy, increasing female workers’ childbearing responsibilities. Using data from a peer-to-peer lending platform, we find that post-reform loan applications from female college students decrease by 15.6% compared to male students. This decline is more pronounced for long-term large loans and those aimed at human capital investment. Applications drop further after staggered provincial maternity leave extensions and with higher expected motherhood penalties. Our results indicate that female students anticipate worse job prospects, leading to reduced borrowing and lower investment in human capital. Credit supply channels are unlikely driving the results.