Hershock Honored For Contributions to Higher Education
Foundation President and C.E.O. Awarded PACU Sheepskin Award

Harrisburg, PA - September 30, 2003 - The Pennsylvania Higher Education Foundation announced today that the prestigious Sheepskin Award for Distinguished Service to Higher Education in Pennsylvania has been awarded to the Foundation's President and C.E.O., Michael H. Hershock, by the Pennsylvania Association of Colleges and Universities (PACU).

The PACU Sheepskin Award is awarded by PACU member institutions to individuals who have served the cause of higher education. Previous recipients have distinguished themselves as educators, members of institutional governing boards or similar statewide commissions, philanthropists and government officials. Preference is given to those whose contributions have benefited more than one institution, preferably in more than one sector of higher education in Pennsylvania.

Hershock received the award in recognition of his many years of service to the cause of higher education as a public servant, especially for the important role he played in the development of the Pennsylvania Higher Education Assistance Agency (PHEAA) and its many programs. Prior to assuming leadership of the Foundation last January Hershock was the C.E.O. and President of PHEAA and American Education Services (AES). PHEAA does business nationally as AES.

"I am honored to receive this award, but many of my accomplishments could not have been achieved without the support and cooperation of Pennsylvania's colleges and universities." said Hershock. "Together, we made it possible for millions of students to attend the school of their choice. I'm proud to have been part of that process and look forward to continuing that effort through the Pennsylvania Higher Education Foundation."

Under Hershock's nine years of leadership at PHEAA, the organization experienced its most remarkable period of growth in its forty-year history. Mr. Hershock managed to stabilize and enhance all PHEAA business lines while generating sufficient earnings to fund $80 million dollars annually in "free" public service benefits without any additional burden to taxpayers. These benefits include the nation's lowest cost student loans and Internet tools that ease the financial aid and college admission process.

The Higher Education Foundation and the Pennsylvania Higher Education Foundation are non-government, non-taxpayer-supported entities. The Foundations 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.