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Major and Peifer say $50 Million form PHEAA will provide higher student grants

June 22, 2011

Students across Pennsylvania will benefit from a $50 million contribution from the Pennsylvania Higher Education Assistance Agency (PHEAA) to the state’s General Fund to supplement the Pennsylvania State Grant Program, announced state Reps. Sandra Major (R-Susquehanna/Wayne/Wyoming) and Mike Peifer (R-Monroe/Pike/Wayne), members of the board of directors of the agency.

“As a member of the board of PHEAA for the past nine years, my goal has always been to make sure the greatest number of eligible students obtain the largest dollar amount in terms of grant money,” said Major.

“The Pennsylvania State Grant Program is essential to helping thousands of families across the state afford the continually rising costs of higher education. That is why I am so pleased that the agency is in a position to offer this influx of funding for the program.”

The $50 million supplement is expected to increase the maximum State Grant Program award by about $700, from $3,541 to $4,309. In addition, PHEAA is extending the State Grant Program application deadline for non-renewal community college students from May 1 to Aug. 1, which is expected to provide an additional 15,000 students with grant awards.

“I’m pleased that PHEAA realizes the tough economic times we are encountering and was willing and able to free up some of its available revenue to expand grants available to students,” Peifer. “The additional funding as well as the extension of the deadline for applications will enable thousands of more students to have extra money for school costs. This comes just in time as many recent high school graduates are getting ready for their college experience.”

Major and Peifer noted that the $50 million is funded entirely from PHEAA’s business earnings, at no cost to taxpayers. The funding is a direct result from prudent fiscal management, new business development and restructuring of the agency over the past several years.

PHEAA is

one of the nation’s leading student aid organizations and a national provider of student financial aid services, serving millions of students and thousands of schools. PHEAA continues to seek ways to assist students, families, schools and taxpayers by providing financial assistance for higher education. PHEAA’s student loan servicing activities are known nationally as FedLoan Servicing and American Education Services (AES).