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MOHELA Foundation Sets New Record

In a remarkable feat for 2023-2024, the Missouri Higher Education Loan Authority (MOHELA) Foundation has made a significant contribution towards the education of Missouri students, achieving an unprecedented level of financial support. Established in 2010, MOHELA's non-profit corporation aims to enhance the accessibility and affordability of higher education across the state. The efforts of the foundation have showcased its dedication to empowering students and families, allowing them greater opportunities to pursue higher education.

Financial Impact in Numbers

According to Melissa Findley, Executive Director of the Missouri Scholarship Loan Foundation, this academic year saw the foundation award more than $6.82 million in scholarships and grants—marking a record high in its history. This financial support is crucial for many students who are facing rising tuition costs and the ongoing challenges of affording higher education.

Aside from scholarships and grants, the foundation disbursed over $4.5 million in zero-interest loans through the Missouri Family Education Loan Program (MOFELP). This program is designed to assist students who require financial help to cover the expenses associated with their college journey. The zero-interest loans further demonstrate MOHELA's commitment to making education more affordable.

Furthermore, the My Missouri Scholarship Promise (MyMO) Program played a significant role in ensuring students from low-income backgrounds have a pathway to college. Around $2 million was committed in promised scholarships to students in this program, which encourages high school freshmen to prepare for their future education by saving and meeting specific benchmarks. If these benchmarks are met, students are rewarded with scholarships for eligible Missouri colleges, and their families benefit from additional financial contributions to their 529 savings plans.

Extending the Foundation’s Reach

MOHELA's Foundation has also actively supported community non-profit organizations, awarding $874,050 in Mission-Impact Grants. These grants aim to extend the foundation’s reach and assist more students in overcoming barriers related to accessing and completing higher education. By partnering with local organizations, MOHELA can amplify its impact and broaden the opportunities available to students across the state.

Additionally, the foundation dedicated $92,203 to support 110 FAFSA events across 70 counties through its Mission-Mini Grant Program. These community-based projects aim to enhance awareness about the Free Application for Federal Student Aid (FAFSA) process, helping families navigate financial aid applications and understand the importance of completing the FAFSA for college funding.

A Commitment to Education

Scott Giles, Executive Director and CEO of MOHELA, highlighted the organization's unwavering dedication to supporting students and their families. He stated, “Our mission has always been to support students and their families.” The foundation’s initiatives, from substantial scholarship funding to promoting community education about higher education access, reflect this commitment.

In addition to the foundation's contributions, MOHELA has also spent over $6 million on various state programs aimed at enhancing student scholarship and grant initiatives, including Access Missouri, Missouri's A+ Program, and Bright Flight.

The impactful work carried out by the MOHELA Foundation marks a significant step towards fostering an environment where more students can affordably pursue higher education. As the organization continues to expand its support across Missouri, the future looks brighter for those seeking academic success.

For more information on MOHELA and its contributions, visit Missouri Scholarship Loan Foundation.