Cobalt isn't a particularly bad car in that it has great fuel economy, good powertrain, and good reliability, it just doesn't stand out in a crowd. It's a basic car, nothing special.
The main complaint when it comes to the Cobalt is the interior, very basic compared to the competition, even in fully loaded trim levels, so I hate to see what the base interior is like.
I've rented LT models before and they were alright. I prefer the styling of the Cobalt over that of Accord or Civic. And for that price you're probably not expecting much in terms of cabin tech anyway.
Although, if I were you I'd ask your parents to get a model with at least power windows/locks. It's such a hassle to reach over to unlock the other doors or roll down the windows if you wanna talk to someone or if you're picking someone up. Otherwise, Cobalt is a perfectly fine car.