What do 18-year-old college student need to know to qualify fortens of thousands of dollars in student loans, which may take themseveral decades to pay off? For example, do they need to know 1+1 =2?

Not really. They just need to be able to sign their names.Actually, most colleges do require student loan counseling – butonly when the student exits, after huge non-dischargeable debtshave been rung up.

These facts are shameful and no secret, but at times they becomemore visible. Recently, the Consumer Financial Protection Bureausued Corinthian Colleges Inc., a for-profit institution of lowerlearning. Among many colleges that have engaged in questionableloan tactics, Corinthian is the low-hanging fruit for the CFPB. TheCFPB complaint claims: “Corinthian referred internally to itsstudents as having ‘minimal to non-existent understanding of basicfinancial concepts,’ as well as poor or no credit history.” Thecompany’s marketing plan preyed on the financial ignorance ofgullible young people, according to the CFPB.