-Establishes the Missouri Teachers Fellows Program, which agrees to pay of the college loans of eligible high school students who graduate from a Missouri college with a minimum GPA of 3.0 and who promise to work as a teacher for five years in an unaccredited Missouri school district (sec. A).
-Allows the University of Missouri to close the personal financial records of donors or potential donors (sec. A).
-Prohibits awarding need-based scholarships and awards to students that are greater than the cost of attendance (sec. A).
-Transfers $350 million from the Higher Education Loan Authority to the Lewis & Clark discovery fund for implementing the Missouri Teachers Fellows Program (sec. A).
-Limits the percentage that college tuition can be raised to the percentage rise in the consumer price index by the 2008-09 school year (sec. A).