$300 billion / 144.3 million taxpayers = about $2,080 per taxpayer. When I did the math in another comment, I was under the impression that was the per-year cost. If it's over 10 years, that means it's only $208 per taxpayer per year. The cost of public tuition near me is about $2,000/year, the average yearly tuition in the US is $8,000/year. So basically: this cost to the individual is nothing compared to the cost of tuition to the individual that created the debt.

As for it being used elsewhere, sure, it could be used elsewhere... but it's not. It's currently money that's just sitting around being debt accumulating interest for banks and the DoE. So it may as well be used to help people out.