COLUMBIA, Mo. (AP) -- The University of Missouri System plans to spend about $260 million in the next five years for scholarships and research as it tries to lure more students to the four state campuses.
System President Mun Choi made the announcement Friday while addressing campuses in Kansas City, Columbia, Rolla and St. Louis.
The Kansas City Star reports the money will come from investments expected to generate about $50 million a year, and from funds saved from cuts the system made last year.
Choi acknowledged the cuts in response to budget shortfalls were painful. But he says re-allocation of funds made the universities more affordable, which has led to increased enrollment and more spending on research.
The four university campuses are expected to make proposals to receive some of the $260 million.