Public universities in Missouri will be receiving nearly $40 million from the state government. Gov. Jay Nixon announced his plans to reduce the budget cuts to higher education from 15 percent to 9 percent by using funds coming from a pending national mortgage settlement filed against the five largest mortgage companies in the nation for fraudulent foreclosure practices. The Missouri government must pass the 2013 budget, which includes Nixon’s proposed change, by May 11.
“Members of the MU administration and budget planners will be analyzing this new information closely in the next few weeks to determine specifically what it means for MU as the legislative process continues,” said Mary Jo Banken, executive director of the MU News Bureau.
There is an expected $140 million dollar payout, with $100 million going to homeowners.
A complete list of fund allocation can be found here.
By Walter Wang
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Money moving to higher education
February 21, 2012
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