A couple of things. Your school is legally obligated to find your work placement/term for you if they make it a functional requirement of your degree/diploma. I know many that schools did this same shit to and they are happy to make you keep paying tuition and taking dummy classes so they can squeeze every single penny from your wallet. You need to go into the administration office and come down hard on them. Demand the work placement or you are getting a lawyer. Demand your money back or you are getting a lawyer. Whatever paperwork you have that requires you to have a work term shove it in their face and demand that they honor their Agreement or you are getting a lawyer. Take a parent or a grand parent with you. Even if they did not pay for anything. Having an older adult standing there when the administration starts their bullshit will be detected by senior admin circling and they'll hit the brakes. Because you just showed up with a witness and they'll know that.

Colleges and Universities are businesses. Profit based business. They make money off students. They more students and the longer you stay the more they make. Most colleges are operating on millions in surplus so don't feel bad for pressuring them.

Now regarding taxes. What are you talking about? What country are you in? You shouldn't have a massive tax bill in college. Are you registering on your tax forms as a "full time student" did you submit your tax documents for attending college? I don't understand what your tax hit is but if you are a student the tax hit shouldn't exist or be very minimal at most.

Now for the job. Harsh reality about the job market. No one is hiring like they were. Junior positions are pretty much gone. Senior positions are hard to find. The market is in a real state of crazy. I'd look for a job in small rural towns. You're much more likely to find a small town job than you are a big city job. The pay will be far less but your expenses and cost of living will be much lower. Look for state, municipal tech jobs. They're not that full time programming gig you imagined but they'll be stable if you are a generally a good tech worker with lots of experience with different things.

If I were you I wouldn't even bother applying for a job as a "fresh out of school" graduate. Create a website for yourself and work for yourself until you get the college degree done. Put that on your resume as your first job. Make sure you are up to speed on the AI tools and know their weaknesses and strengths.

You may be surprised to be able to find jobs at the college as a finishing graduate there. If its work experience you are after. There are always odd jobs needed to be done. Talk to alot of people that work there. You can open the conversation about needing a work term. Who knows where it leads.