SB 135 - Under current law, the Missouri Higher Education Loan Authority (MOHELA) possesses the authority to purchase and service secondary education loans. This act extends the authority of MOHELA to issue bonds or other forms of indebtedness to obtain funds to purchase and invest in primary education loans, including loans for remedial, developmental, or test preparation courses.
Under this act, loans are no longer only available to the parents or guardians of students who take courses that award postsecondary credit. The act also allows MOHELA to create, acquire, contribute to, or invest in any type of research or financial aid program to improve students' access or completion of a higher education degree or certificate.
This act is identical to the SCS/SB 655 (2006).