Those are two separate issues and it is only prudent that parents relive their children of crushing debt. Would you rather parents piss away their wealth on frivolities?
Passing on wealth is the hallmark of a wealthy society and it's rocket fuel that elevates us beyond destitution. Whether it is debt relief, real estate property, or arcane financial instruments -- passing on wealth to their children is the right of every parent.
The efficacy of master's degrees is unrelated to the social responsibility of post-secondary education funding. You might as well argue we all starve ourselves to pressure the government to do something about it.
The real issue behind student debt growth is payment, and with the US Government as a guarantor then growth potential is effectively infinite. Colleges will continue to feast unabated.