There has never been a shortage of freshly minted CPLs and the people pushing this pitch are predators. The VET loans have made it easier for these predators to get rich quick, take the money and run and leave a bankrupt school with students and staff left with nothing. It happens over and over again and always will, but with the government loans it is we taxpayers who are funding it. The 20% admin fees alone on 150K would pay for 100 hours of command time instead of...nothing.
Anyone who pays any money at all upfront for flying training is a fool. Those who offer "discounts" for payment in advance are actually getting the student to a) give them an interest free loan that they can't get from a bank because their credit rating is shot and/or b) further lining the pockets of the people at the pinnacle of the ponzi scheme. Unsecured creditors get nothing when the administrators come in.
It is unbelievable that these loans are still being dished out and should be reviewed urgently particularly in the aftermath of Soar, just the latest in a long line. I'm not holding my breath, there must be too many vested interests which is why it carries on. The rest of us who don't want to get involved in mass producing CPLs have to compete with the predators AND subsidise them through our taxes.