CHESTERFIELD, Mo. (AP) -- Missouri's student loan authority has agreed to provide $30 million for college scholarships for the second straight year.
The board of the Missouri Higher Education Loan Authority approved the money transfer Friday during a meeting at its Chesterfield headquarters. The agency, which services loans to students from across the country, had set aside the $30 million earlier this year in expectation that it would be needed by the state.
The 2012 budget signed into law Friday by Gov. Jay Nixon has banked on MOHELA making the money transfer.
The loan authority also provided $30 million last year to help offset a portion of the funding cuts to the Access Missouri program, which is the state's main financial-need-based scholarship.
(Copyright 2011 by The Associated Press. All Rights Reserved.)