SOURCE: MOHELA - Higher Education Loan Authority of the State of Missouri

October 17, 2008 18:31 ET

MOHELA Forgives Over $400,000 in Pre-Engineering Loan Program

CHESTERFIELD, MO--(Marketwire - October 17, 2008) - The Higher Education Loan Authority of the State of Missouri (MOHELA) reaffirmed its commitment today to educational and economic opportunity in the State of Missouri by providing over $443,850.00 in loan forgiveness for students who are pursuing an Engineering or Pre-Engineering degree. Almost 300 students attending 11 Missouri schools received loan forgiveness under this innovative program.

The Prospective Engineering Student Loan Forgiveness Award Program reduces Stafford student loan balances by up to $3,500 for college freshmen enrolling in and completing two years of designated college programs in engineering or pre-engineering. This forgiveness complements statewide efforts supported through the Math, Engineering, Technology, and Science (METS) Alliance, an initiative created by Governor Matt Blunt. In its final recommendations, the METS Alliance called for identifying ways to improve student achievement and ensure that Missouri students remain competitive in emerging METS-based industries and technologies. In keeping with this goal, MOHELA continues to work with Missouri schools to establish programs that encourage students to pursue rewarding careers in areas critical to the strength of Missouri's economy and the overall economic well-being of its citizens.

"This forgiveness program and others are made possible, in part, by MOHELA's access to tax-exempt bonding authority granted by the Missouri Department of Economic Development. Revenues generated through the issuance of tax-exempt bonds can be used by MOHELA to fund our borrower benefit programs like the Prospective Engineering Student Loan Forgiveness Award Program," noted Raymond H. Bayer, Jr., MOHELA's Executive Director and Chief Executive Officer. Bayer further explained that, "Since MOHELA's inception in 1981, we have offered low-cost education funding to over 500,000 borrowers. We are proud of our ability to continue making higher education accessible and affordable for Missouri students and their families, and look forward to working on new ways to help our borrowers meet and exceed their educational goals."

MOHELA is one of the largest student loan organizations participating in the nonprofit secondary market sector in America and is a leading holder and servicer of student loans with more than $5 billion in assets. MOHELA advances its benevolent mission of providing lower-cost student loans and other financial and educational resources to benefit a diverse group of students so they can access higher education and to enable them to successfully complete postsecondary educational programs through local, regional and national partnerships with a variety of educational and financial institutions.

Contact Information

  • For additional information, contact:
    Will Shaffner
    Office 636-532-0600 x3430