Not being an academic, I've never had these particular anxiety dreams. However, there is one dream I've had a couple of times towards the end of college. Basically, despite being in college, it's found that I didn't fulfill all of my high school requirements and have to go back for some classes to complete them. So I'm both a college senior and a high school student at the same time. Considering how much I hated high school, you can imagine all the fun that dream provided. I'm not exaggerating when I say I woke up a time or two all clammy and breathing heavy; it was a literal nightmare.
(BTW, speaking of college, some college-life humor.)