The number of students being paid grants across Scotland has fallen nearly 5% in a year as an increasing number are taking out loans.
The changes were revealed as the Scottish Government announced the chief executive of Virgin Money, Jayne-Anne Gadhia, will head a review into the effectiveness of the country's student financial support.
The latest figures from the Student Awards Agency Scotland (SAAS) show the number of students receiving bursaries or grants fell by 4.8% to 49,815 in 2015/16 compared with the previous year, while the total cost increased 4% to £66.1 million.
The number of students taking out loans rose during the same period by 3.4% to 92,005 and the total authorised in loans was £486.3 million, a 3.7% increase from 2014/15.
The average loan per student in 2015/16 was £5,290, up £20 on the previous year.
The number of full-time higher education students receiving financial support from SAAS rose 1.2% to 141,000 and the total paid out in loans and grants increased 3.1% to £805.8 million.
One in 10 of those being given grants or loans were from the European Union and the 14,705 students received a total of £28 million.
The review is aimed at ensuring financial support given to students is "fair and effective" and will examine how to help the poorest and most vulnerable students.
It will also look at the balance of support available to college and university students and the repayment threshold and period for student loan debt.
Shirley-Anne Somerville, Minister for Further Education, Higher Education & Science, said she was "delighted" to announced Ms Gadhia's appointment.
She said: "As part of our Programme for Government, we committed to reviewing student support to make sure the system is fair and effective."
Ms Gadhia said: "It is important to ensure the student support system is fit for purpose, fair and firmly focused on meeting the needs of all students in further and higher education, particularly the most vulnerable. As such, I welcome the opportunity to undertake a comprehensive review of the current systems of student support in Scotland."
Shona Struthers, Colleges Scotland chief executive, welcomed the review announcement.
She said: "We want a standard and fair system for student support funding that provides students with adequate financial support, as well as reasonable certainty on the support they are likely to receive for the duration of their study.
"We fully support measures to improve student support funding to ensure that all students can attend college, regardless of their personal circumstances or background."
The review findings will be reported to government by autumn next year.
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