Students generally will want to pay their 6-figure debts with a matching salary.
When you don't have to worry about a huge debt, it allows you to be riskier and try other avenues, such as public interest, or work in small lesser known industries
If anything, a higher debt load should make someone risk averse, and more willing to take on more lower paying jobs, rather than waiting around hoping for a high paying job. In a situation where there's more supply than demand, those risk averse people should be pushing the overall price lower (there will still be niche situations where price isn't affected).
Having a higher debt load might make you desire a higher salary, but it's real debt and needs to be paid off. Unless you're a member of a cartel who is fixing an artificially high price, competition should come into play and prices should drop.