Goldman, Barclays See US College Debt Boom Persisting in 2026

Chock-full calendars, back-to-back calls, living out of suitcases and multiple deals packed into the same week defined 2025 for higher-education bankers, as they hustled to execute bond sales for universities.

A borrowing spree, stretching from the Ivy League to public flagships to small liberal arts schools, kept Wall Street busy this year. Overall, US colleges took on more than $34 billion of debt in the state and local government market, a 28% increase from last year, according to data compiled by Bloomberg.

Schools also stacked up corporate bond proceeds and loans to arm themselves against federal funding uncertainty and threats ...