Once we pay anything to these debts, we will always pay for them. People go to college every day, a one time payment today will not help the debts of tomorrow. The debts of tomorrow will say "they got their debt paid, I want mine done too."
I am also willing to bet, even with the rising tuition rates, if we start paying, those rates will rise at a higher rate than they are now.
Young students are well known for their excellent financial decisions and contributions to the economy. Oh wait, no they're not.