Missouri Higher Education Loan Authority

Field of students at a graduation
(via Flickr/j.o.h.n. walker)

Missouri's college loan agency plans to start collecting payments in October from students who got loans from the federal government.

The Missouri Higher Education Loan Authority says it is the first state-based nonprofit organization to be approved to handle federal loan payments since a 2010 law required the U.S. Department of Education to originate all federally backed student loans. That law essentially eliminated a role for banks and private lenders.