PHEAA to supplement state support for student grants
(Harrisburg) — Governor Corbett’s budget plan would maintain level funding – at 345 million – for student grants at the Pennsylvania Higher Education Assistance Agency.
The student loan agency plans to supplement its state support with an additional $75 million from the money it makes servicing loans. PHEAA President James Preston says the organization been kicking in more money in recent years.
“Three years ago the board authorized $50 million. The next year was $75 million plus $5 million for the Targeted Industry Program,” he explained at a recent Appropriations Committee hearing.
“This current year, it’s $75 million, plus $5 million, plus $10 million for the distance education program.”
However, Preston tells the state House and Senate budget panels the maximum and average grant amounts are expected to decrease slightly this year.
Governor Corbett has proposed an additional 25 million dollars in so-called “Ready to Succeed” scholarships, which would target students from middle-income families.
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