HARRISBURG, Pa., April 17 /PRNewswire-USNewswire/ -- Below is a letter
from PHEAA President and CEO Dick Willey in response to a correspondence
from Auditor General Jack Wagner announcing his plan to audit the
Pennsylvania Higher Education Assistance Agency.
Dear Mr. Wagner,
We are in receipt of a letter from Stephanie Maurer, Deputy Auditor
General for Performance Audits, dated April 17, 2006 initiating a special
performance audit of the Pennsylvania Higher Education Assistance Agency
As a federal student loan guarantor, a public corporation belonging to
the Commonwealth and the administrator of state-funded student aid
programs, PHEAA is Pennsylvania's most audited and publicly transparent
government entity and we look forward to cooperating fully with your
PHEAA is typically audited more than 40 times every year by our
regulating authorities and other entities. We have become very accustomed
to the auditing environment and take advantage of audits to not only
validate, monitor and account for our financial and compliance activities,
but also as an effective tool to help us better manage and improve our
Our business activities enable us to provide $200 million in free
programs and services for Pennsylvania families in the current year and to
have provided more than $1 billion to fund grants, scholarships, loan
forgiveness and other programs over the last ten years. No other
organization in America has generated more money to help more students than
PHEAA without using any taxpayer resources.
On behalf of our Board of Directors and the 2,600 men and women who
work at PHEAA, I welcome your special performance audit and am confident
that you will discover that PHEAA is an extremely well-run and efficient
business operation that is intensely focused on helping Pennsylvania
families achieve an affordable higher education. We also look forward to
embracing any recommendations that could help us make our operations even
more efficient and effective in our service of the Commonwealth.
Richard E. Willey
PHEAA powered by American Education Services
PHEAA is the nation's leading nonprofit student aid organization. We
devote our energy, resources and imagination to developing innovative ways
to ease the financial burden of higher education for Pennsylvania's
students, families and taxpayers.
PHEAA's public service mission is powered by American Education
Services (AES), our commercial business enterprise. The earnings generated
by AES through loan guaranty, servicing and student aid processing systems
fund our $72.5 million supplement to the State Grant Program, millions of
dollars in free scholarships and loan forgiveness, award-winning online
planning tools and the nation's lowest-cost student loans -- all at no cost
Our greatest gift isn't just the $200 million we provide to
Pennsylvania each year; our greatest gift is the future teachers,
caregivers and entrepreneurs we help create.
For more information, please visit our Website at http://www.PHEAA.org.
CONTACT: Keith New, 717-720-2509