MORE FUNDING AVAILABLE TO PA HIGHER ED STUDENTS

Harrisburg, Dec. 23, 2003 – State Sen. Connie Williams said that students are the winners following a $100 million increase in the line of credit to American Education Services and the Pennsylvania Higher Education Assistance Agency.

“Earlier this month, the state treasurer increased the line of credit to help finance AES/PHEAA’s KeystoneBEST student loans and provide sufficient liquidity to meet Pennsylvania’s growing demand for affordable student aid,” Williams said.

“This increased investment will ensure students have access to the aid they need to meet their higher education goals. This is truly an investment in Pennsylvania’s future.”

The increased investment brings the total line of credit to $700 million. Treasury first extended its line of credit to AES/PHEAA in 1990. Since that time it has been used to help fund $2.5 billion in student loans, making higher education a reality for nearly 150,000 Pennsylvania students.

Among the products available is KeystoneBEST, which is a low-cost Stafford loan that benefits Pennsylvania students and offers a zero-fee loan. Borrowers are eligible for a 2 percent reduction in their interest after making 48 consecutive, on-time payments and an immediate .25 percent reduction for automatic withdrawal of payment from their bank account.

For more information about this and other PHEAA/AES products, visit their Web site at www.aessuccess.org. As an added convenience to her constituents, Williams has informational brochures on PHEAA and AES programs available at her offices: 700 S. Henderson Road, Suite 100A, King of Prussia (610-992-9790) or Manoa Shopping Center, Suite 39, 1305 West Chester Pike, Havertown (610-853-5433).