Congressman: My Plan Reduces Student Loan Defaults

Dec. 14 (Bloomberg Law) -- Congressman Tom Petri (R-Wis.) says his proposal to have employers deduct student loan payments automatically from paychecks would reduce the number of graduates who default on their loans and rack up large fees to collection agencies. His plan is modeled on one in the UK, Australia and New Zealand. The Harvard Law School graduate, speaking with Bloomberg Law's Spencer Mazyck, says that many law schools today are charging too much, even though many provide scholarships for low-income students.
A Good Day for European Equities
56:37 - Bloomberg's Ryan Chilcote and Julie Hyman update today's top markets news stories. They report on “Bloomberg Markets.” (Source: Bloomberg)
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