More money for Pennsylvania college grants | Philadelphia Inquirer | 2011-06-18
About 15,000 additional Pennsylvanians will receive grants to attend college this year, thanks to a $50 million contribution from a state agency.
At no cost to taxpayers, the contribution by the Pennsylvania Higher Education Assistance Agency will raise the maximum state grant, based on student need, from $3,541 to $4,309 for the coming academic year - an increase of more than $700 per recipient.
The funds will increase by 13 percent the total amount of money available for student loans through the Pennsylvania State Grant Program. Gov. Corbett has proposed to provide $381 million from the general state fund for the program in 2011-12, for a total of $431 million.
The PHEAA, a state-created provider of student financial-aid services, raised the $50 million through servicing student loans.
Thursday's contribution is the agency's first since the stock market decline that began in 2007.
Since 2007, the self-sustaining agency had not been able to afford contributions because much of its revenue came from giving direct loans - a practice now banned by federal law.
"Especially in the new economy we're experiencing right now, more families are having trouble accessing higher education," said agency spokesman Keith New. "We're excited to finally be able to do this again."
To determine eligibility for a need-based state grant, families must complete the Free Application for Federal Student Aid, available at fafsa.gov.
Students generally may use the aid only to attend Pennsylvania colleges.
Contact staff writer Drew Singer at 215-854-5626 or dsinger@philly.com .Direct Loans Servicing - News
The Justice Department announced on Thursday that it had simultaneously filed and settled lawsuits against the two companies — a subsidiary of Bank of America formerly known as Countrywide Home Loans Servicing, and Saxon Mortgage Services, a
Since 2007, the self-sustaining agency had not been able to afford contributions because much of its revenue came from giving direct loans - a practice now banned by federal law. "Especially in the new economy we're experiencing right now,
In addition, home prices continue to be depressed due to several factors including flawed mortgage servicing practices, which are not yet fully corrected, the overhang of foreclosure inventory, and the potential for litigation exposure.
Taxpayers were promised billions of dollars in savings and a streamlined program for issuing and servicing federal student loans. A little more that a year later, the Education Department expressed satisfaction with the transition to direct lending,
A previous wave of money managers that jumped into lending after the collapse of Lehman Brothers in 2008 saw their loans sour. The firms, mainly smaller, fringe players, have since disappeared. “The new funds rushing into direct lending now will learn
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