Pennsylvania Higher Education Foundation Provides
Assistance to Nursing Education Programs
Foundation Commits $5 million to Nursing Schools

Harrisburg, PA - December 17, 2003 - The Pennsylvania Higher Education Foundation announced today the distribution of nearly $5 million to nursing programs statewide through the Foundation's Nursing Education Grants Program.

The Foundation established the Nursing Education Grants Program with support from PHEAA and The Hospital and Healthsystem Association of Pennsylvania (HAP) to make nursing education more accessible and affordable. The program helps to reverse the Commonwealth's nursing shortage by generating financial support which otherwise is not available to schools. This funding, in turn, helps Pennsylvania schools increase the recruitment and retention rates of their nursing programs, providing qualified nurses for the citizens of Pennsylvania.

"Pennsylvania needs a long-term solution to our nursing shortage - - one that will help attract new students to nursing schools while ensuring that more are graduating to help care for our families," said Foundation Board Chairman Elinor Z. Taylor. "The Nursing Education Grants Program provides funding to schools without the need to seek financial assistance from state resources, which benefits taxpayers, especially during these tight budgetary times."

According to the Department of Health's Special Report on the Characteristics of the Registered Nurse Population in Pennsylvania (June 2003) the average age of registered nurses employed in health care was 44 years. Only 17 percent of registered nurses in Pennsylvania are between the ages of 20 and 34 while 50 percent are between the ages of 35 and 49. 30 percent are in the age range of 50 and 64. Nearly 50 percent of registered nurses are expected to leave nursing within the next 10 years.

"Clearly, too few students are entering the nursing profession to meet the needs of Pennsylvania - - and that places a serious strain on hospitals and health care providers," said Foundation President and C.E.O. Michael H. Hershock. "With the average student loan debt for nurses exceeding $18,000, the cost of a nursing education can also be a deterrent. Our unique combination of loan forgiveness, grant and awareness programs removes many obstacles for nursing students and unlocks the door to a rewarding career and a lifetime of success."

These statistics have caused well-deserved concern throughout the state regarding the future of health care in the Commonwealth. By providing aid directly to nursing education programs, the Foundation is making Pennsylvania's nursing schools a more attractive choice to future nurses and providing Pennsylvania's citizens with qualified nursing care.

PHEAA transferred $36.1 million from its business earnings to the Foundation for the purposes of creating and expanding educational opportunities for Pennsylvania students and families. The Nursing Education Grants Program is one part of a multi-faceted Nurse Education Initiative that includes the Healthier Futures Loan Forgiveness Program for Nurses, which is jointly administered by PHEAA.

For additional information about the Foundation's initiatives or to inquire about donation opportunities, contact the Foundation office at (717) 720-3961 or visit www.HigherEdFoundation.org.