State issuer
Texas State University System
$1,396,935,057 of principal outstanding on 11 issues at the end of fiscal year 2025.
Fiscal year 2025 at a glance
Principal outstanding
$1.4 billion
Fiscal year 2025
$1,396,935,057
Interest still to be paid
$567.7 million
Fiscal year 2025
$567,727,028
Total debt service outstanding
$2.0 billion
Fiscal year 2025
$1,964,662,085
Issues outstanding
11
Fiscal year 2025
Debt outstanding
Fiscal year 2025
- Revenue supported
- $1,396,935,057
- Total outstanding
- $1,396,935,057
Calculated by this site from the 11 issues below.
Debt issued
Fiscal year 2025
No issue with a reported par was issued in fiscal year 2025.
Debt outstanding by fiscal year
Fiscal years 2016 to 2025
| Fiscal year? | Principal? | Interest? | Total debt service? | Issues? |
|---|---|---|---|---|
| Fiscal year2025 Latest | Principal$1,396,935,057 | Interest$567,727,028 | Total debt service$1,964,662,085 | Issues11 |
| Fiscal year2024 | Principal$1,425,782,560 | Interest$618,028,081 | Total debt service$2,043,810,641 | Issues12 |
| Fiscal year2023 | Principal$1,053,743,000 | Interest$365,844,439 | Total debt service$1,419,587,439 | Issues10 |
| Fiscal year2022 | Principal$1,052,254,000 | Interest$364,376,199 | Total debt service$1,416,630,199 | Issues11 |
| Fiscal year2021 | Principal$1,062,343,000 | Interest$369,480,760 | Total debt service$1,431,823,760 | Issues11 |
| Fiscal year2020 | Principal$1,115,150,000 | Interest$428,812,020 | Total debt service$1,543,962,020 | Issues11 |
| Fiscal year2019 | Principal$1,101,830,000 | Interest$488,966,815 | Total debt service$1,590,796,815 | Issues11 |
| Fiscal year2018 | Principal$1,093,555,000 | Interest$494,706,866 | Total debt service$1,588,261,866 | Issues12 |
| Fiscal year2017 | Principal$1,110,593,000 | Interest$518,422,857 | Total debt service$1,629,015,857 | Issues13 |
| Fiscal year2016 | Principal$804,023,000 | Interest$383,294,708 | Total debt service$1,187,317,708 | Issues11 |
Issues outstanding, fiscal year 2025
Rows 1–11 of 11
Earlier issues
8 issues last reported before fiscal year 2025: repaid, refunded or matured
- Rev Financing Sys Rev & Ref Bonds Ser 2014 closed date not reported; last reported fiscal year 2024
- RFS Rev and Ref Bonds Ser 2013 closed date not reported; last reported fiscal year 2022
- TSUS RFS Rev Bonds, Ser 2011 (5.11) closed date not reported; last reported fiscal year 2020
- TSUS RFS Rev and Ref Bonds Ser 2012 (SB 5 Exempt) closed date not reported; last reported fiscal year 2020
- TSUS RFS Rev Ref Bonds, Series 2010 (11.09) closed date not reported; last reported fiscal year 2019
- TSUS RFS Rev Bonds, Series 2010A (7.10) closed date not reported; last reported fiscal year 2019
- TSUS RFS Ser 2009 (one or more series) (5.09) closed date not reported; last reported fiscal year 2018
- TSUS Rev Fin Sys Rev Bonds Ser 2008 closed date not reported; last reported fiscal year 2017
Other issues
2 issues with no balance reported at a fiscal year end, such as those known only from their costs of issuance
- TSUS RFS Rev Bonds Ser 2006 (03/06) closed date not reported
- TSUS RFS Rev Bonds, Ser 2006A (07/06) closed date not reported
Texas fiscal years run September 1 to August 31. Each chart is as of fiscal year 2025 unless it names its years.
Colleges and university systems with revenue debt outstanding
Fiscal year 2025
- UTS
- University of Texas System
- TAMUS
- Texas A&M University System
- UHS
- University of Houston System
- TSUS
- Texas State University System
- TTUS
- Texas Tech University System
- UNTS
- University of North Texas System
- TSTC
- Texas State Technical College
- TWU
- Texas Woman's University
- SFA
- Stephen F. Austin State University
- TSU
- Texas Southern University
- MSU
- Midwestern State University
- University of Texas System$13.8 billion
- Texas A&M University System$5.4 billion
- University of Houston System$1.8 billion
- Texas State University System$1.4 billion
- Texas Tech University System$1.1 billion
- University of North Texas System$901.0 million
- Texas State Technical College$415.1 million
- Texas Woman's University$218.4 million
- Stephen F. Austin State University$154.8 million
- Texas Southern University$119.0 million
- Midwestern State University$58.0 million
- Tuition revenue bonds (TRB)
- Revenue Financing System (RFS)
- Permanent University Fund (PUF)
Principal of revenue debt outstanding, each system split by its three bond programs. BRB chart data fetched 10/15/2026.
| System | Tuition revenue bonds (TRB) | Revenue Financing System (RFS) | Permanent University Fund (PUF) | Total |
|---|---|---|---|---|
| University of Texas System | $871,778,000 | $8,694,797,000 | $4,216,325,000 | $13,782,900,000 |
| Texas A&M University System | $772,445,595 | $3,043,875,425 | $1,628,020,000 | $5,444,341,020 |
| University of Houston System | $521,345,000 | $1,304,450,000 | $0 | $1,825,795,000 |
| Texas State University System | $284,405,000 | $1,112,530,057 | $0 | $1,396,935,057 |
| Texas Tech University System | $339,322,125 | $773,604,875 | $0 | $1,112,927,000 |
| University of North Texas System | $145,120,000 | $755,918,386 | $0 | $901,038,386 |
| Texas State Technical College | $201,900,000 | $213,211,195 | $0 | $415,111,195 |
| Texas Woman's University | $98,905,000 | $119,520,000 | $0 | $218,425,000 |
| Stephen F. Austin State University | $34,540,000 | $120,235,093 | $0 | $154,775,093 |
| Texas Southern University | $118,990,000 | $0 | $0 | $118,990,000 |
| Midwestern State University | $33,280,000 | $24,760,983 | $0 | $58,040,983 |
Total annual debt service outstanding
Fiscal years 2006 to 2053
- TRB principal
- TRB interest
- RFS principal
- RFS interest
- PUF: none outstanding
Principal and interest still owed at each fiscal year end, scheduled to the final maturity. BRB chart data fetched 10/15/2026.
| Fiscal year | TRB principal | TRB interest | RFS principal | RFS interest | Total |
|---|---|---|---|---|---|
| 2006 | $180,832,039 | $74,311,508 | $328,227,962 | $200,087,750 | $783,459,258 |
| 2007 | $171,021,430 | $65,531,010 | $337,118,570 | $197,410,794 | $771,081,805 |
| 2008 | $238,675,535 | $101,839,201 | $424,864,465 | $240,950,543 | $1,006,329,743 |
| 2009 | $220,551,608 | $93,171,476 | $484,823,392 | $271,307,112 | $1,069,853,588 |
| 2010 | $206,075,338 | $80,827,219 | $522,859,661 | $304,143,827 | $1,113,906,045 |
| 2011 | $191,490,480 | $72,005,646 | $586,239,520 | $350,633,573 | $1,200,369,219 |
| 2012 | $175,879,970 | $61,942,242 | $577,365,029 | $328,965,313 | $1,144,152,555 |
| 2013 | $161,476,149 | $53,159,133 | $622,308,851 | $352,305,014 | $1,189,249,148 |
| 2014 | $146,429,941 | $44,877,179 | $661,365,059 | $374,461,775 | $1,227,133,955 |
| 2015 | $125,817,703 | $34,058,253 | $720,292,297 | $385,608,533 | $1,265,776,786 |
| 2016 | $111,316,948 | $27,853,718 | $692,706,052 | $355,440,988 | $1,187,317,706 |
| 2017 | $300,396,863 | $112,445,217 | $810,196,137 | $405,977,638 | $1,629,015,855 |
| 2018 | $275,560,425 | $97,440,874 | $817,994,575 | $397,265,990 | $1,588,261,865 |
| 2019 | $253,647,058 | $83,675,653 | $848,182,942 | $405,291,162 | $1,590,796,815 |
| 2020 | $229,776,710 | $70,873,715 | $885,373,290 | $357,938,304 | $1,543,962,019 |
| 2021 | $207,425,000 | $59,545,226 | $854,918,000 | $309,935,534 | $1,431,823,759 |
| 2022 | $183,405,000 | $49,278,362 | $868,849,000 | $315,097,838 | $1,416,630,200 |
| 2023 | $164,830,000 | $40,146,750 | $888,913,000 | $325,697,688 | $1,419,587,438 |
| 2024 | $316,880,000 | $78,460,718 | $1,108,902,560 | $539,567,362 | $2,043,810,640 |
| 2025 | $284,405,000 | $64,659,200 | $1,112,530,057 | $503,067,826 | $1,964,662,083 |
| 2026 | $251,270,000 | $50,445,800 | $1,047,812,317 | $457,780,694 | $1,807,308,812 |
| 2027 | $216,475,000 | $37,889,150 | $984,852,036 | $415,244,064 | $1,654,460,250 |
| 2028 | $182,310,000 | $27,072,250 | $919,401,190 | $375,413,333 | $1,504,196,773 |
| 2029 | $146,985,000 | $17,956,750 | $858,750,610 | $338,336,210 | $1,362,028,569 |
| 2030 | $109,940,000 | $10,607,500 | $801,752,320 | $303,875,853 | $1,226,175,673 |
| 2031 | $71,050,000 | $5,110,500 | $745,283,720 | $271,853,652 | $1,093,297,872 |
| 2032 | $31,160,000 | $1,558,000 | $691,792,000 | $242,343,847 | $966,853,847 |
| 2033 | $0 | $0 | $639,157,000 | $215,180,921 | $854,337,921 |
| 2034 | $0 | $0 | $584,382,000 | $190,424,673 | $774,806,673 |
| 2035 | $0 | $0 | $530,677,000 | $167,997,745 | $698,674,745 |
| 2036 | $0 | $0 | $479,922,000 | $147,854,161 | $627,776,161 |
| 2037 | $0 | $0 | $440,447,000 | $129,855,462 | $570,302,462 |
| 2038 | $0 | $0 | $399,792,000 | $113,389,956 | $513,181,956 |
| 2039 | $0 | $0 | $360,537,000 | $98,512,764 | $459,049,764 |
| 2040 | $0 | $0 | $330,207,000 | $85,195,022 | $415,402,022 |
| 2041 | $0 | $0 | $303,282,000 | $73,123,898 | $376,405,898 |
| 2042 | $0 | $0 | $277,992,000 | $62,240,276 | $340,232,276 |
| 2043 | $0 | $0 | $252,482,000 | $52,474,216 | $304,956,216 |
| 2044 | $0 | $0 | $166,245,000 | $43,878,881 | $210,123,881 |
| 2045 | $0 | $0 | $147,760,000 | $36,509,838 | $184,269,838 |
| 2046 | $0 | $0 | $132,635,000 | $29,834,563 | $162,469,563 |
| 2047 | $0 | $0 | $116,950,000 | $23,716,138 | $140,666,138 |
| 2048 | $0 | $0 | $100,680,000 | $18,177,250 | $118,857,250 |
| 2049 | $0 | $0 | $83,815,000 | $13,240,163 | $97,055,163 |
| 2050 | $0 | $0 | $66,325,000 | $8,927,625 | $75,252,625 |
| 2051 | $0 | $0 | $50,995,000 | $5,445,563 | $56,440,563 |
| 2052 | $0 | $0 | $34,855,000 | $2,768,325 | $37,623,325 |
| 2053 | $0 | $0 | $17,875,000 | $938,438 | $18,813,438 |
Total principal outstanding
Fiscal years 2006 to 2025
- Revenue supported, self-supporting
- None: tax supported, not self-supporting; tax supported, self-supporting; revenue supported, not self-supporting
Principal outstanding at each fiscal year end, by pledge and whether the debt pays for itself. BRB chart data fetched 10/15/2026.
| Fiscal year | Revenue supported, self-supporting | Total |
|---|---|---|
| 2006 | $509,060,001 | $509,060,001 |
| 2007 | $508,140,001 | $508,140,001 |
| 2008 | $663,540,000 | $663,540,000 |
| 2009 | $705,375,000 | $705,375,000 |
| 2010 | $728,935,000 | $728,935,000 |
| 2011 | $777,730,000 | $777,730,000 |
| 2012 | $753,245,000 | $753,245,000 |
| 2013 | $783,785,000 | $783,785,000 |
| 2014 | $807,795,000 | $807,795,000 |
| 2015 | $846,110,000 | $846,110,000 |
| 2016 | $804,023,000 | $804,023,000 |
| 2017 | $1,110,593,000 | $1,110,593,000 |
| 2018 | $1,093,555,000 | $1,093,555,000 |
| 2019 | $1,101,830,000 | $1,101,830,000 |
| 2020 | $1,115,150,000 | $1,115,150,000 |
| 2021 | $1,062,343,000 | $1,062,343,000 |
| 2022 | $1,052,254,000 | $1,052,254,000 |
| 2023 | $1,053,743,000 | $1,053,743,000 |
| 2024 | $1,425,782,560 | $1,425,782,560 |
| 2025 | $1,396,935,057 | $1,396,935,057 |
Bond counsel fees paid
Past five fiscal years
- McCall Parkhurst & Horton, LLP$309,208
Total fees paid to each firm. BRB chart data fetched 10/15/2026.
Financial advisor fees paid
Past five fiscal years
- Hilltop Securities, Inc$463,870
Total fees paid to each firm. BRB chart data fetched 10/15/2026.
Underwriter fees paid
Past five fiscal years
- Wells Fargo Bank$894,907
- Morgan Stanley$300,579
- Citigroup, Inc$205,431
- Cabrera Capital Markets, LLC$146,636
- Academy Securities, Inc$144,957
- Frost Bank$142,552
- JP Morgan Chase & Co$105,286
- Piper Jaffray & Co$101,124
- Ramirez & Co Inc$89,824
Management fee plus takedown, for each of the top 20 firms. BRB chart data fetched 10/15/2026.
Rating agency fees paid
Past five fiscal years
- Moodys$263,500, 55%
- Fitch$219,000, 45%
Total fees paid to each rating agency, with its share. BRB chart data fetched 10/15/2026.
Charts: BRB Data Center, Texas State University System: its seven chart CSVs. BRB chart data fetched 10/15/2026.
EMMA links are added as each issue is matched.
Source: State Issuance Fee By Year (updated by the publisher 8/27/2026); Debt Outstanding By Issuance State By Year (updated by the publisher 10/6/2026). Loaded here 10/18/2026.
Texas fiscal years run September 1 to August 31.
Issuer names are shown as published, without source footnote letters.
Figures are as reported to the agency and have not been independently verified.