Selling off some of the Missouri Higher Education Loan Authority’s multibillion-dollar assets as a method of underwriting much-needed capital-improvement projects on campuses of state colleges and universities across Missouri simply makes good sense so long as MOHELA’s role of providing low-interest loans to students is not impaired.

Gov. Matt Blunt and MOHELA members believe the transfer of $350 million generated over six years through bond refinancing and student loan sales would not harm the program, but would allow institutions of higher learning to construct and upgrade buildings.

In exchange for the use of the funds for major projects on various campuses, Missouri’s Department of Economic Development would promise $1.1 billion to $1.7 billion in bonding authority to MOHELA over 11 years. The governor also would support legislation expanding MOHELA’s authority to issue loans.

If the MOHELA transfer is approved, Missouri Southern State University would receive $19 million for a health-sciences building that would house such programs as nursing, medical technology, dental hygiene, radiology, respiratory therapy and psychology. Crowder College in Neosho would get $1 million. The plan would earmark $6 million for the Missouri Community College Association to distribute for maintenance and repair.

Attorney General Jay Nixon is attempting to throw a wet blanket over the MOHELA deal, arguing that the results would be bad for the agency and for students — and perhaps even illegal. He has warned that a lawsuit could be filed — although apparently not by him — if the board goes ahead with the sale and that members might have a conflict of interest.

But a “battery of lawyers” has looked at the plan, Henry Herschel, general counsel for the Office of Administration, told the Associated Press and apparently found nothing illegal.

In short, state universities and colleges need the money for overdue capital improvements and the necessary forces — Blunt, legislative leaders, MOHELA members and educators — are aligned to get it done. Our suggestion is that proponents trot the plan before that “battery of lawyers” for inspection once more and, if all is legal, proceed.