Your parents’ income is too high to qualify for financial aid, but their debt is too high for them to afford tuition. The Dean talks about your options: https://www.collegeconfidential.com/articles/high-income-but-high-debt-too-can-we-get-financial-aid/
The key is not only figuring out college choices that end the college-debt cycle, but then having the intestinal fortitude to stick to that plan and being very frank with your kids about the kinds of schools that are options for them. A “dream school” can turn into a financial nightmare when you see a substantial amount of your income going to pay down college loan debt every month. We as a society are very used to borrowing money for everything - at our peril.
Will a college recind acceptance offer if writing to financial aid explaining the need for additional aid based on high debt, assuming you are unable to afford tuition anyway?
The school won’t rescind the acceptance, but if you can’t pay for it will it really matter? You’ll have to turn the school down.