Surely this cannot be the same agency it's employees spent all week touting on this blog! There must be some mistake. I suppose all those high powered PHEEA PR personnel will spend their Labor Day weekend spinning this one. The Governor criticized PHEAA's management after these numbers were released for the past nine months:
Operating expenses grew 70% faster than operating revenue (must be for those PR people)
Operating income went down by over $1 million
Net assets declined by $11.5 million
"Agency spokesman Keith New disputed Rendell's interpretation of the financial results. Among other things, he said, changes to federal rules concerning government subsidies paid to lenders cost PHEAA more than $29 million for nine months."