New Education Foundations Led by Experience
Hershock Accepts Position of President and CEO

Harrisburg, PA - January 13, 2003 - Representative Elinor Z. Taylor announced today that former PHEAA President and CEO Michael H. Hershock has agreed to accept leadership of the new Pennsylvania Higher Education Foundation and the Higher Education Foundation as President and CEO. Representative Taylor serves as Chairman of the Foundations' Boards of Directors.

Hershock retired from PHEAA last month after serving the Agency for nine of its nearly 40-year history. Under his guidance, the Agency experienced its most remarkable period of growth, becoming one of the nation's most successful student aid organizations.

"I'm pleased that Mike Hershock, after 34 years of public service, is willing to continue working for Pennsylvania families and our higher education community," said Taylor. "Having served alongside him during his tenure at PHEAA, I've witnessed firsthand how his dedication and thoughtful leadership has benefited millions of students. His experience and integrity will be a valuable asset."

The Pennsylvania Higher Education Foundation and the Higher Education Foundation seek to expand and enhance affordable opportunities for students to achieve postsecondary education. By creating innovative programs and services that alleviate the financial burden of tuition and other educational costs, the Foundations promote the importance of education and provide an opportunity for students to achieve lifelong success.

Representative Taylor commented that Hershock's previous leadership role with PHEAA would help ensure the Foundations' success. "His decision to lead the Foundations has won an immediate vote of confidence from the higher education community," she added.

The Higher Education Foundation and the Pennsylvania Higher Education Foundation are non-government, non-taxpayer-supported entities. The Foundations will work closely with PHEAA, taking advantage of the Agency's experience in creating and administering innovative programs and services designed to lower the cost of higher education for Pennsylvania students.