Page "Pennsylvania Higher Education Assistance Agency" Paragraph 2

It administers the grant program for the Commonwealth of Pennsylvania, and serves as a coordinating body for other grant programs administered by other state agencies.

It also serves as one of several student loan guarantors in the United States for the Federal Family Education Loan Program ( FFELP ), under the Higher Education Act of 1965.

It also has a loan servicing operation, for student loans that it owns and for lenders under contract.

From a small student loan guarantor with approximately 5, 000 student loans in 1964, it now manages more than $ 100 billion in total assets and serves nearly four million students through its various programs The agency has consistently been listed by the U. S. Department of Education as having one of the lowest default rates among all major guarantors through its highly successful default prevention initiatives.