History

In 2001, the Pennsylvania Higher Education Foundation and the Higher Education Foundation were established to provide students and families improved access to higher education. The Foundations are independent, non-government organizations working closely with the Pennsylvania Higher Education Assistance Agency (PHEAA).

The Foundations' association with the PHEAA allows them to benefit from nearly 40 years of experience in creating and administering innovative programs and services for lowering the cost of higher education.

PHEAA

PHEAA is a multifaceted, financial aid services organization managing more than $34 billion in total assets and serving nearly four million students through its guaranty, servicing and financial aid processing systems. The Agency is the nation's third largest student loan guarantor, the third largest student loan servicer, and the ninth largest loan holder. As a self-funded organization, PHEAA provides more than $80 million annually in public service benefits to students and families - including low cost loans and powerful Internet-based education solutions - at no cost to taxpayers.

PHEAA also contributes to the support of the Pennsylvania Higher Education Foundation and the Higher Education Foundation. As part of its public service mission, PHEAA proudly supports this measure as it ensures continued success in creating new opportunities for affordable access to higher education.

PHEAA maintains a close relationship with the education community and emphasizes the importance of preparing for higher education at an early age. The relationship will prove beneficial to the Foundations as they work together to meet the ever-changing educational needs of students across the nation.

The Foundations will also benefit from PHEAA's experience in administering the Pennsylvania State Grant Program, which is considered the most effective and efficient program of its kind in the nation. Based on the Agency's extensive administration experience, the Foundations will work with PHEAA to jointly administer "Nursing Loan Forgiveness for Healthier Futures," a loan forgiveness program self-funded by PHEAA with no taxpayer support.