U.S. Public Finance
Today’s municipal market is increasingly complex and challenging. We understand that to make decisions with confidence, you want new insights about credit risk. Whether you are an issuer, intermediary or investor, you need information about this risk that’s based on in-depth market knowledge, forward-looking analyses and transparent criteria. And that’s where our insight is essential.
U.S. Public Finance In 2025: Relative Resilience While Quiet Cracks Emerge
Credit quality remained stable for USPF entities in 2025, providing a relatively long runway for management teams to start planning for the financial and operational impacts from federal policy changes that mostly begin in 2027 and 2028.
However, we believe that those entities that had difficulty maintaining balanced operations either by raising revenue or reducing expenditures in 2025--which was a relatively benign environment – could face wider credit cracks as 2026 unfolds.
Federal Student Aid Caps Could Curb Demand For Graduate And Professional Programs
The Grad PLUS loan program will be discontinued on July 1, 2026. The Grad PLUS program is a federal direct loan for graduate students that accrues interest while the student is in school, but payments are not required until after graduation, similar to federal Direct Unsubsidized Loans. It currently provides supplementary financial support to graduate and professional students, allowing them to borrow up to the full cost of attendance.
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