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BETHLEHEM (MAY 2) –
State Senator Lisa M.
Boscola announced today that the
Board of Directors for the
Pennsylvania Higher Education
Assistance Agency (PHEAA) has
approved increases in the average
grant and maximum grant award for
qualified students. The increases
are due to the PHEAA Board accepting
a revised awarding formula for the
Pennsylvania State Grant Program.
The State Grant
Program provides grants to eligible
Pennsylvania residents who are in
need of financial aid to attend a PHEAA-approved postsecondary school
as undergraduate students. The new
awarding formula will provide State
Grants to more than 166,000 students
for the 2006-07 academic year with
an unprecedented increase in funds,
bringing the average award to $3,345
and the maximum award to $4,500.
During the 2005-06 academic year,
the average grant award was $2,800
with a maximum award of $3,500.
“This dramatic
increase in awards to our students
is a direct result of PHEAA’s $72.5
million investment in additional
grant funding,” Boscola said. “The
effectiveness of the State Grant
Program has been decreasing over the
past few years as tuition costs
increase much faster than the rate
of inflation – that is why I am
pleased to announce this new
awarding formula brings new life to
this program for years to come.”
PHEAA’S supplement to
the State Grant Program is intended
to increase the awards to our
students in order to reduce the
future debt of Pennsylvania’s
college students. This supplement
is free of any taxpayer dollars and
follows last year’s contribution of
$65 million made by PHEAA to the
State Grant Program.
In addition to
this year’s supplement, PHEAA uses
its business earnings to administer
the State Grant Program, at a cost
of $15 million annually. Their
administration of the program, at no
cost to taxpayers, ensures that
every appropriated dollar goes
directly to students and their
families.
For more
information on the Pennsylvania
State Grant Program, please contact
Senator Boscola’s office by calling
(610)868-8667 or by visiting
www.PHEAA.org.
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