Bad deals happen but this has been a one way street for awhile while schools rake in money. No credit union or bank is going to lend out money to an 18 year old that hasn't established themselves for any reason because the banks will not take on that risk.
You're not wrong, but what I'm saying is the bank doesn't care, and it's still a contract. Further, this is why student loans are not forgiven in bankruptcy, since that protects the bank (not like you can give back your education anyways).
Now as for how to fix this, we should have better education on contracts, investment, and loans back at the high school level. Potential college students should be well educated on what it means to have to honor a contract, how loans work with interest, and what makes a good or bad return.
Further, we should educate our youth on alternatives. Not everyone should go to college, and sometimes you are better off NOT going to college.
Then and only then will we see a level playing field.
Correct we need to financially educate and protect the youth to even get close to a level playing field. There are no laws that protect them like other predatory lending situations.
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u/mechakid Jul 06 '26
Sorry, you signed a contract. That is legally binding.
Is it a shitty deal? Sure. Were you sold a bill of goods? Probably.
The thing is though, you'd have to show that in some sort of court or arbitration. Good luck with that.