A collapse of major players in either sector would be a problem for virtually every taxpayer.
The majority of taxpayers do not, on the other hand, have student loans. Citizens who don't have them due to having already paid them off, not having attended college, or not having attended a more expensive liberal arts college don't want to be on the hook to pay for others.
(Edit: And canceling the student debt does nothing to address the cause of the growing balance, which is ballooning, unchecked spend on the part of colleges).
This message has been edited 1 time(s).