Personal bankruptcy is still legal. So debt is forgivable. Obviously, the it's not an easy procedure nor is it painless. If it were, credit would not exist because it would be meaningless. We don't have debtor jails. And it's illegal for smaller administrative entities (towns and counties) to pass laws which would result in imprisonment as a result of debt.
College is only a nominal barrier to employment at this point because most majors do not prepare students for work-related skills so even student debt is not something that needs to become a burden for anyone with a good personal aptitude for learning and a good work ethic.
No one can restrict a person's normal functioning in the society as a result of foolishly assumed debt. H1B visas, however, do restrict people's rights down to effectively nothing. So there is a de facto indentured servitude (you must work for X number of years before your company agrees to petition to make you a bona fide "resident" of the US rather than a "visiting" worker). But this cedes immigration decisions to employers of IT, and often higher technical skills, workers.
Immigration decisions are an effective cudgel to keep workers inline and to restrict their movement. As much as I am against unions, as long as they do exist, humor me this hypothetical question: what is more likely to stop workers from organizing in a union? A large amount of debt or the fact that they are on H1B visas? It's not about salaries or other fringe benefits. It's about work conditions.
It also reduces the pace of innovation because workers have much less opportunities to leave their employers and start their own companies to solve problems which they know exist in the market place. Then you get the argument that a lot of the innovation comes from college graduates coming up with new ideas. But that's not true. An indentured servant has no reason to innovate. He only risks innovating himself out of a job. If he could leave his employer and take a risk (the way a resident alien could), he would be able to take a chance on his idea succeeding in a mark place. Capitalism itself is being undermined by a poorly conceived immigration policy which only exists to perpetuate status quo, but which, in fact, exacerbates many of the problem which its proponents claim to try to solve.