Ahh well, that's where you got it wrong. The college kids still need to pay back their loans - whether they are for cars or education.
The bailout is for the banker/investment firm who is holding a bag full of loans, some of which are worthless pieces of crud, some of which are good, but who can't figure out which is which because of the extremely complex way they are bundled up and sold.
Nobody is talking about forgiving loans. At most, they are offering to restructure onerous loans so that people can continue to make payments. they are also talking about guaranteeing loans so credit will be available to credit worthy borrowers.
In all cases, if you default, you are still screwed. It's the gamblers that wrote worthless loans, then mixed and matched and sliced and diced and put them into all sorts of devious packages - while making billlions in the process - who are being bailed out.
This will be very important to you if you have to borrow that $300k to buy a 34. Because right now even people with good credit and good incomes are being turned down.