And then they borrow the balance from big global banks or private debt funds.

然后他们从大型全球银行或私人债务基金借入余额。

Tuition fees are universities'primary means of servicing existing debts, funding basic spending and the vanity projects institutions use to differentiate themselves in a saturated market.

学费是大学偿还现有债务、资助基本开支以及机构用来在饱和市场中区别自己的虚荣项目的主要手段。

A big rise in distress would not only make it harder to find institutions willing to plough money into private debt funds, with investors normally attracted by the promise of smooth returns, but also spill over to the leveraged-loan market.

困境的大幅增加不仅会导致更难找到愿意将资金投入私人债务基金的机构（投资者通常会被平稳回报的承诺所吸引），而且还会蔓延到杠杆贷款市场。