JEFFERSON CITY, Mo. — Ground breaks Friday on a new math and science building at Missouri Western State University just weeks after the money backing construction raised eyebrows across the state.

Facing a national credit crisis, the Missouri Higher Education Loan Authority this winter posted a first-ever financial loss and subsequently reduced staff and eliminated lending programs.

That later spelled a payment deferral into the Lewis and Clark Discovery Initiative, a $335 million college building program funded through the sale of student loan assets in 2007.

The move immediately popped up on the radar of leaders at Missouri Western and Northwest Missouri State University, which are set to capture $50.4 million for building projects.

“Promises have been made. The law’s been put into effect. I don’t know how that makes sense,” said Ray Courter, vice-president of finance and support services at Northwest. “The real issue is fulfilling the economic development process the state has underwent.”

The MOHELA board decided to pay only $2.7 million of its recent quarterly payment, scheduled for $5 million, into the Lewis and Clark Discovery Initiative Fund. Will Shaffner, a MOHELA spokesman, described the move as “a prudent business practice” in a questionable financial climate.

“The board is committed to the spirit and the intent of the Lewis and Clark Discovery Initiative,” he said.

MOHELA board members, scheduled to meet in June, could release the rest of the funds or opt to defer again, but the total must be disbursed by 2013, per state law.

“We can all be patient. In being patient, though, there has to be some glimmer of hope,” Mr. Courter said.

Del Morley, financial assistance director at Northwest, explained the low value of the U.S. dollar is compounding the credit crisis for the student loan industry.

“When people go out to secure capital for funding, it’s just making it more expensive,” Mr. Morley said.

Many lenders — including MOHELA and Sallie Mae — have halted loan consolidation programs, as the federal government has cut subsidies and no longer guarantees a return on their investment.

“It was a real cash cow for a lot of lenders,” Mr. Morley said, noting fixed interest rates have nixed consolidation’s popularity.

In response to the crunch, MOHELA and other lenders are canceling their private educational loans, which pose higher risks.

That’s a concern for Mr. Morley, since roughly 400 students of Northwest’s 6,000 population use private loans to pay educational costs that their federal loans don’t cover.

The Lewis and Clark Discovery Initiative Fund contained $160 million on Wednesday, said Jessica Robinson, spokeswoman for Mr. Blunt.

Ms. Robinson said she was “very” confident universities will receive all of the expected funds, she said.

“The $335 million secured to benefit Missouri classrooms, students and institutions will be distributed as planned,” she said.

Western is slotted for $30 million for the renovation of Agenstein Hall, a math and science building. Construction of the Remington Hall will nearly double the amount of space devoted to Western’s biology, chemistry and computer science, mathematics and physics departments. It will be connected to Agenstein Hall by a three-story glass atrium. Northwest should receive $24.4 million for its Center for Innovation and Entrepreneurship, formerly known as the Center of Excellence for Plant Biologics.

The universities won’t get the money all at once, though. They apply for it and draw it down as they incur expenses.

At least for the time being, “whether or not we make a payment isn’t going to harm the universities,” Mr. Shaffner argued.

As of March 31, Western had received $882,000 for Agenstein. Its most recent payment of $3,814 came on April 15, no more or less than what was expected, as the university hasn’t yet started construction. The Board of Governors will review contract bids this summer, said Beth Wheeler, Western’s governmental relations director.

“We’re certainly aware of what’s going on,” Ms. Wheeler said, noting the timeliness of Western’s future payments could depend on how much other universities are drawing on at the same time.

“But we’re confident the state is going to hold true to its word and it will all work out,” she said.

Northwest received nearly $7 million from the state in October for construction costs. Northwest didn’t apply for another payment until this week, as it’s accrued $500,000 in fees leading up to a competitive bidding process for work on the building’s interior.

Mr. Courter said the university can temporarily survive $500,000 if the deferral or any future deferrals delay Northwest’s funding.

“But we all have cash-flow problems. Their problems can’t become our problems,” he said.

Alyson E. Raletz can be reached

at alysonraletz@npgco.com.