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.
"Biggest" thing that could come from this is break the college monopoly. If they can do e-classes for everyone now, they can keep doing it.
And if they can keep doing it, an undergrad degree is not $250k.