The Missouri Senate Education committee today approved a plan to sell off a portion of the state's student loans and transfer proceeds to university construction projects.
The Governor hailed the committee passage of his Lewis and Clark Discovery Initiative, which would transfer $350 million from the Missouri Higher Education Loan Authority to the Missouri Development Finance Board. $335 million would go towards projects at 13 state universities and 12 community colleges. The remaining $15 million would go to the Missouri Technology Corp., to attract and retain technology companies and commercialize research.
“The comprehensive higher education package will streamline scholarship programs, infuse accountability, and help families plan for and afford college. The continued movement of the Lewis and Clark Discovery Initiative and the entire higher education bill is a significant step forward," Gov. Blunt said in a news release.
The Missouri Democratic Party blasted the plan as an ill-conceived mistake. "Selling MOHELA would have always made college less affordable and less accessible for Missouri college students, but now Missouri won't even get research facilities in return for this sacrifice," said Mo. Democratic Party spokesman Jack Cardetti.
Cardetti claims the MOHELA plan no longer includes the construction of research facilities on several campuses, and says the Governor should abandon the initiative.
State Sen. Minority Leader Maida Coleman says the plan guts projects for urban areas, and keeps projects in "rural-Republican areas." Coleman calls it "political prejudice." The Arch City Chronicle has the release.
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