State's higher-education plan takes effect

The state’s new plan creates the Access Missouri Scholarship, which increases funding available for need-based scholarships to $72.5 million, from $27.5 million.

Also in the plan is the Lewis and Clark Discovery Initiative, which directs the state to sell Missouri Higher Education Loan Authority’s out-of-state student loans and send $350 million of that revenue to the Missouri Development Finance Board. The board will distribute $335 million to 25 public universities and colleges for capital improvement projects and $15 million to the Missouri Technology Corp.

The plan also requires public institutions to submit to their boards any percentage increases in tuition and student fees at least three months before an academic year. If a fee increase is higher than the previous year, the school must give the board 5 percent of its current year state appropriation, to be deposited in Missouri’s general revenue fund.

This story originally appeared in SBJ’s Aug. 28 free e-news Daily Update. Click here to register.[[In-content Ad]]