Australia has been through the "everyone needs to go to college" phase, and what we ended up with was a shortage of tradesmen, not a massive student loan debt. 'Having everyone go to college' doesn't mean you need to have these ridiculous loans.
It doesn't automatically follow that a bolus of tertiary eduction has to result in that much debt.
"everyone needs to go to college" phase can lead to many problems depending upon various factors and the kind of government intervention we see for that purpose. In case of US the gov tried to reduce the friction in credit lending to achieve the said objective leading to a student debt crisis.
It doesn't automatically follow that a bolus of tertiary eduction has to result in that much debt.