Jackson urges 1 percent student loan rate

Jan. 17, 2009 at 3:31 PM

CHICAGO, Jan. 17 (UPI) -- Interest on student loans should be dropped to 1 percent to aid struggling families and stimulate the U.S. economy, the Rev. Jesse Jackson Sr. said Saturday.

The proposed interest-rate reduction is part of Jackson's 10-point plan for economic recovery.

"Civil rights has always been the third rail, the driving force behind new politics and changing politicians," Jackson said in Chicago during birthday celebrations for slain civil rights activist Martin Luther King Jr.

He said King's effort laid the groundwork for the historic election of Barack Obama as the first black president of the United States.

On his recovery plan, Jackson said if banks are able to benefit from interest rates as low as 1 percent then students should benefit from it too, said a statement from Rainbow PUSH Coalition, a group founded by Jackson to expand civil rights and improve economic conditions for poor people.

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