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.
VW Faces Costly Fixes as it Seeks to Cut Spend
30:17 - Volkswagen AG Chief Executive Officer Matthias Mueller said the company will delay or cancel non-essential projects as pressure mounts to slash spending in the wake of the diesel-emissions scandal. Fixing about 11 million rigged diesel vehicles is a costly prospect. The 6.5 billion euros ($7.29 billion) Volkswagen already set aside for repairs won’t be enough to cover fines and potential legal damages as well, Mueller said. The company is exploring options from a simple software upgrade to outright replacing some cars. Fines may reach $7.4 billion in the U.S. alone, according to analysts from Sanford C. Bernstein Ltd.
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