Missouri's college loan servicer to face scrutiny

The Missouri Higher Education Loan Authority is expected to be one of the servicers of student loans that will come under the oversight of the Consumer Financial Protection Bureau next spring.

The St. Louis Business Journal reports the federal agency will oversee the seven largest companies that college payments on student loans, including Sallie Mae, Nelnet Inc. and government agencies in Missouri and Pennsylvania.

MOHELA won a federal contract to become a servicer of federal direct student loans beginning in 2011.

Read more from the St. Louis Business Journal.