JEFFERSON CITY — Missouri’s student loan authority should be able to give up $350 million for Gov. Matt Blunt’s college construction plan without jeopardizing its financial health, according to an analysis released Thursday by the loan agency.

The Missouri Higher Education Loan Authority could even afford to make some of its state payments sooner than planned, the long-awaited report by Liscarnan Solutions LLC concluded.

The $350 million payout should not negatively affect the student loan agency’s credit ratings nor its ability to continue its current level of borrower benefits, such as its loan forgiveness programs for certain Missouri students, the report said.

That agreement — subject to legislative approval in 2007 — calls for MOHELA to transfer $350 million over six years to the Missouri Development Finance Board, which would pass $335 million of that on to public colleges and universities for buildings. The remaining $15 million would help the Missouri Technology Corp. attract high-tech businesses and spin off university research into commercial products.

In exchange, the Department of Economic Development would provide MOHELA $1.1 billion to $1.8 billion in tax-exempt bonding authority over 11 years, which MOHELA would use to underwrite additional student loans. The University of Missouri System would pledge to consider increased use of MOHELA loans, and Blunt’s administration and the universities would support legislation to expand MOHELA’s authority to initiate loans.