Missouri's college loan agency plans to start collecting payments in October from students who got loans from the federal government.
The Missouri Higher Education Loan Authority says it is the first state-based nonprofit organization to be approved to handle federal loan payments since a 2010 law required the U.S. Department of Education to originate all federally backed student loans. That law essentially eliminated a role for banks and private lenders.
The reasons for the action include a decline in meeting academic standards and a failure to provide a safe and orderly environment for learning. Chris Nicastro is Commissioner of the Missouri Department of Elementary and Secondary Education.
Normandy may retain that status for up to a year -- however, the State Board could also choose to revoke the provisional accreditation entirely at any time during the next year. State Board Member Peter Herschend says Normandy schools are improving, but not enough to warrant full accreditation.