“So the adults that sign up for these loans voluntarily, and take these classes voluntarily is totally lost on these idiots?”
How many 18 year old adults are prepared to make decisions affecting their finances for the next 30 years? As a parent, I can refuse to loan them money or to co-sign a loan. But I cannot prevent an 18 or 19 year old from taking out a loan on their own, without telling me.
My son did that. In his case, he borrowed about $30K, did not pass, and then spent a year in Iraq to make the money to pay off his debt right away. It was a good life lesson, but not one I think should be encouraged by government policy.
But they are legally allowed to enter into contracts.
These places SHOULD emphasize what borrowing money entails and clearly spell out what they will be required to pay back, but it isnt their fault when a legal adult signs up for it.
I did that back in the 90s, I was appalled at what I did (I never saw that much money in my life), and cut off any more loans after my first year. I was one of the lucky ones. Thankfully it wasn’t much.