MOHELA was partly set up to help students obtain affordable education loans. MOHELA helped Missouri students visit Missouri schools. To promote access to higher education and reduce the cost of higher education in Missouri families, MOHELA founded the Missouri Scholarship Foundation, a 501 (c) (3) non-profit, tax-exempt organization.
More than 625 MOHELA login full-time employees work with the Department of Education, families, lenders, schools and students offering more than $ 39 billion worth of student loan services. A second Loan Service Center opened in 2013 in Columbia, MO.
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MOHELA was created in 1981 as a “public organ and organizational and political body of the state of Missouri” by a law passed by Governor Christopher S. “Kit” Bond. MOHELA was founded to ”
ensure that all qualified post-secondary students have access to student loans” (RSMo 173.360). The “authority” is governed by seven members of the Executive Board, who work for five years.
five of them are appointed by the Missouri Governorate with the advice and approval of the Missouri Senate, and two others are representatives of the Missouri Coordinating Board of Higher Education, one of which is a permanent seat to be filled by the Commissioner of that agency.