"The debt isn't being paid with your taxes, its getting erased. No money is changing hands."
Who paid the school money for that student's tuition? Was it the government? If so, wiping the debt absolutely means that taxpayer money was spent on tuition and never reimbursed by the student. Was it a private entity, guaranteed by the government? If so, the private entity isn't suddenly a charity; they're getting paid by somebody. i.e. the government. i.e. taxpayer dollars. So either it's getting paid by taxpayer money or it's getting paid by taxpayer money. Which is it?
"tuition has been rapidly going up for decades everywhere because we've been repeatedly slashing government funding of colleges"
No, that doesn't make sense. If that were the case, colleges and universities which don't rely on government funding would have relatively stable tuition rates. But they're all going up. The more likely cause is a sudden and rapid shift from only select professions requiring college education to an expectation that everyone goes (i.e. a sharp spike in demand with supply hopelessly unprepared) coupled with profit motive coupled with an unlimited ability to pay regardless of costs thanks to loan guarantees offered by the government. In other words, the most broke bastard on Earth can spend $500,000 getting a degree that will only ever pay $20,000 a year. No one in their right mind would give that person a loan... unless somebody (e.g. the government) guaranteed it would be paid back, no matter what. So a degree that either shouldn't exist at all or should only cost $5,000 to get can cost $50,000 or $150,000 or $500,000 or $500,000,000 because money is no object.
"Why is it ok that your education was massively government subsidized, but the people after you have to pay for it with high interest rate loans?"
Why is a mistake that has devastated millions of lives made yesterday required to continue happening today? You aren't doing anyone any favors by continuing to distort the education market. All it's doing is enabling and encouraging teenagers to take on suffocating lifelong debt in order to dump more taxpayer dollars into a greed-fire fueled by money. We need construction workers, plumbers, electricians, carpenters, mechanics, janitors, medics, police officers, firemen, and plenty of others and they don't need a $120,000 degree in underwater bongo drumming to do their jobs effectively. They need training in their individual trades, apprenticeship programs, and on-the-job training that enables them to make money from the start and learn to do the job right rather than spending 4 or 5 years racking up debt that will haunt them for a lifetime, earning nothing, and learning about 17th century Bulgarian poetry for no reason whatsoever.
Lawyers, doctors, certain types of engineers, physicists, and certain other specific positions really require all that a university has to offer. And those who demonstrate the aptitude necessary to complete degrees in those fields should absolutely have the opportunity to attend real universities regardless of their family economic or social status, but it MUST be done without fueling the greed-fire. Fix that imbalance and the cost for college education will crater.