You left out a key, necessary, contributor. The colleges should be forced to contribute some of their billions ($trillions?) in endowments toward the problem from which they profited.
I looked it up. Looks like there is just a HALF $trillion sitting there that could be used to help ameliorate the crisis. https://nces.ed.gov/fastfacts/display.asp?id=73
Offset that against the debt, and you’ll have a good start on cleaning up the mess.
Great idea. However the colleges are too busy trying to figure out how to get that dough into the pockets of their college presidents.