Curators approve MOHELA deal
Columbia, MO. – The University of Missouri has given a thumbs-up to the governor's proposal to sell off student loans and use the money for capital improvement projects.
In a special meeting of the Board of Curators the board voted in favor of a good faith agreement to use the services of MOHELA, the Missouri Higher Education Loan Authority.
That's if $350 million in MOHELA student loans are sold and used for capital improvement projects.
About $143 million would go to the University of Missouri system.
UM System President Elson Floyd says the university will do everything possible to use MOHELA funds.
"We need to make sure that we're providing the highest quality loan management at the lowest cost for our students. So that's what we mean by good faith," Floyd said. "That is, we're going to make every diligent effort to utilize MOHELA both now and into the future."
Currently, the Columbia and Kansas City campuses of the University of Missouri use MOHELA to process less than one percent of their student loans.
The St. Louis campus uses MOHELA almost exclusively