The program has the potential to reduce freshman student balances on Stafford Loans by as much as $3,500.On December 19, the Missouri Higher Education Loan Authority (MOHELA) announced a new program that will motivate many prospective engineering students to pursue their dreams of higher education. With the implementation of this program, the services of MOHELA will also become more appealing to higher education institutions with strong engineering schools, such as the University of Missouri, Rolla. MOHELA would be able to use the money to underwrite more student loans.

　　Since MOHELA controls such a large portion of student lending needs, an agreement among the three parties involvedBlunts administration, the University of Missouri system, and MOHELAwas reached. If approved in 2007, the Lewis and Clark Discovery Initiative will transfer $350 million of the loan agencys profits back to the state over a six-year period. The policy switch would raise that percentage to 90%.

　　In skirting board Manufacturers turn, the Missouri Development Finance Board would disburse all but $15 million of that to public colleges and universities.

　　In an Associated Press article, David Lieb quoted MOHELAs Director of Business Development, Will Shaffner, who said, The loan forgiveness program was suggested by a taskforce appointed by Governor Matt Blunt to study ways of enticing more people into the math and sciences field.

　　MOHELA is the chief lender for the University of Missouri, St Louis. Next academic year, engineering students will be able to receive loan forgiveness on common Stafford Loans, courtesy of the Missouri college loan agency.8 billion in tax-exempt bonding authority over the next decade.

　　The remaining millions would be invested in the Missouri Technology Corporation in hopes of attracting high-tech businesses to use university research to make profitable commercial products, thus perpetuating the influx of funding.

　　Limback reported, MOHELA currently handles about 24% of Rolla Universitys total dollar volume in student loans.1 to $1. The engineering plan is an addition to a group of existing successful programs designed to assist students who have chosen to study in the fields of education, nursing, and police work. It will first reward those who enroll in pre-engineering programs for the upcoming 2007-2008 school year. In fact, per university spokeswoman Mindy Limback, Rolla plans to begin employing MOHELA as its main source for processing Stafford Loans next year, when the loan forgiveness plan kicks off.

　　The favor would be returned to MOHELA in the form of $1. The funds could be used for a variety of projects, such as renovating and updating buildings; however, the money would primarily be used to improve education in the life sciences