Abstract: This paper argues that risk management of universities and colleges' debt relys on a complete system construction, which consists of three aspects: firstly, to establish a modern university system so as to moderate the universities and colleges' power relationship through the complete governance structures;secondly, to set up a scientific planning system in order to promote the development of higher education with scientific development strategies;lastly, to found a efficient and sound operational mechanism of higher education institutions with the aim to prevent or lessen debt risk by normative procedures.