From the "Show Me" state comes Missouri Higher Education Loan Authority, one of the country's top holders and servicers of student loans. The not-for-profit organization helps borrowers obtain education financing such as Federal Stafford, alternative or supplemental, and consolidation loans through lending institutions such as Bank of America and U.S. Bancorp. It also offers a "Rate Relief" program that can lower a borrower's interest rate by up to 3%, as well as deferment and forbearance options that either postpone or reduce a borrower's monthly payment. The authority also manages loan servicing for lending institutions nationwide.
The authority administers the Public Service Reward Program which is offered for Stafford and PLUS loans owned and serviced by the authority. The program gives holders of these government sponsored loans the opportunity to lower their interest rates, and in some cases gain loan forgiveness in return for choosing careers in Missouri as teachers, police officers, nurses, social workers, state government employees, and Missouri National Guard and Reserve members. – less