There is no way of knowing what the prospects are when the loans are taken out.
What magical means testing are you referring to that has since disappeared?
Many of the efforts you've referred to are typically not paid for out of tuition receipts. We can argue whether or not sports should be as prominent on some campuses as it its (it shouldn't), but those gold-plated stadia, etc. but those teams bring in plenty of revenue. Similarly, such a large expansion would have been paid for with a loan and or come out of the university's endowment. Indeed, endowments have generally been performing quite well, allowing many universities to actually KEEP COSTS RELATIVELY FLAT, not increase them. See the Forbes article in the comment proceeding yours.