MOHELA plan

After several months of uncertainty, a plan to use some of the assets of the Missouri Higher Education Loan Authority appears to be back on track. Gov. Matt Blunt and legislative leaders have announced an agreement that would allow $350 million from MOHELA assets to be used for construction projects at state-supported colleges and universities across Missouri. Southeast Missouri State University is slated to get more than $21 million: $4.5 million for a life science business incubator and $17.2 million for its River Campus project, which is under construction.

The plan -- the first version was proposed during this year's legislative session -- has made sense from the start. MOHELA, which underwrites student loans, has built up several billion dollars of assets. Selling part of those assets would provide funding for much-needed capital improvements at institutions of higher learning without undermining MOHELA's mission of providing low-cost student loans.

Details are expected to be ironed out in the next few days. The plan had stalled amid legislative bickering. The new plan has the endorsement of key legislative leaders who now agree that no legislative action is needed to proceed with the plan.

What's needed is a detailed outline of where the proceeds from the MOHELA sale will go. With that and the blessing of both the governor and legislative leaders, the plan should be on a fast track to providing funding for important projects that will benefit higher education for years to come.