Only Part of MOHELA for Sale

1 decade 3 years 1 month ago Tuesday, January 31 2006 Jan 31, 2006 Tuesday, January 31, 2006 6:46:45 PM CST January 31, 2006 in News

The Missouri Higher Education Loan Authority dropped Blunt's plan to sell all of MOHELA to a private company. Instead, it will sell only the debt on older, consolidated loans.

Blunt's office said the sale should bring in $450 million to pay for his proposed university scholarship and capital improvement program. That's $25 million more than Blunt's earlier estimate for all of MOHELA.

Democrats complain the plan leaves lawmakers out of the decision-making.

"I am very concerned. I hope the attorney general blocks this," said Sen. Victor Callahan of Independence. "I'm hoping that the legislature will take action to at least look into this and prevent it. This the wrong way to go about a plan. The governor is not the king of Missouri and he should not unilaterally act in this capacity."

But, Blunt's spokeswoman, Jessica Robinson said, "This will be a very open process going forward. They will use the open bid process, so they will create an RFP. They will create a contract, basically, for some of these assets. Today, the board of directors made it very clear that it's their intent to look out for student interests."

Blunt's office said the sale should not affect future student loan rates. UM President Elson Floyd says he's excited about the new plan.

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