Student Loan Detail
Last week Congressman Tom Petri introduced a plan to tackle student debt. The Wisconsin Republican's solution will be quite familiar to people from Commonwealth countries, including the U.K., New Zealand and Australia. It allows automatic withdrawals from a borrowers' paycheck (capped at 15 percent of a borrower's income) to be managed directly by the Education Department and the Internal Revenue Service. In fairly short order, this practice would ease the demand for the services of collection agencies, saving an estimated $1 billion in commission payments that would otherwise go to those dastardly denizens of the deep.
"This doesn't mean leaving taxpayers on the hook if a student borrows too much," Petri told Bloomberg News. "It does mean providing much stronger protections against the kind of financial ruin that is all too prevalent in our current system."
Last week Congressman Tom Petri introduced a plan to tackle student debt. The Wisconsin Republican's solution will be quite familiar to people from Commonwealth countries, including the U.K., New Zealand and Australia. It allows automatic withdrawals from a borrowers' paycheck (capped at 15 percent of a borrower's income) to be managed directly by the Education Department and the Internal Revenue Service. In fairly short order, this practice would ease the demand for the services of collection agencies, saving an estimated $1 billion in commission payments that would otherwise go to those dastardly denizens of the deep.
"This doesn't mean leaving taxpayers on the hook if a student borrows too much," Petri told Bloomberg News. "It does mean providing much stronger protections against the kind of financial ruin that is all too prevalent in our current system."
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