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FOR IMMEDIATE RELEASE
NEWS
RELEASE PHEAA’s Armed Forces Loan Forgiveness Program Continues to Aid Soldiers
Program
Qualifying Period and Application Deadline Extended
Harrisburg, PA (November 22, 2005) –PHEAA announced today, at an event held at the State Capitol, that the Armed Forces Loan Forgiveness Program has been extended to include those servicemen and women who served in the armed forces in an active duty status between September 11, 2001 and June 30, 2006. The application deadline has also been extended until December 31, 2006. To date, more than 5,500 members of the U.S. Armed Forces have received student loan forgiveness through PHEAA’s Armed Forces Loan Forgiveness Program, with more than $12.9 million in student loans forgiven. The Armed Forces Loan Forgiveness Program was established in June of 2003 by the PHEAA Board of Directors to recognize the bravery, dedication and loyalty of the men and women of our armed forces who have served in the aftermath of the September 11 attacks on our nation. “The Armed Forces Loan Forgiveness Program is our thank you to the men and women who are working to protect our freedom,” said Representative Elinor Z. Taylor, chairman of the PHEAA Board of Directors. “Although it doesn’t begin to compare to the sacrifice they are making for us, the loan forgiveness does serve to reduce the financial burden that is placed on their shoulders when they are called to leave their jobs and families to report to active duty.” Applicants must have served in the armed forces in an active duty status during the qualifying period. They must also have an eligible loan and meet the program’s eligibility requirements. Borrowers who only served on a two-week active duty assignment for training status during the designated time period are not eligible for loan forgiveness. The program provides up to $2,500 in a one-time loan forgiveness payment for student loan borrowers serving in the military. PHEAA-guaranteed and/or AES-owned loans serviced by AES, including Stafford, HEAL and KeystoneEXTRA loans are eligible, provided the loan is not in default. The borrower must hold one of four connections to Pennsylvania: (1) currently a resident of Pennsylvania, (2) a nonresident who left a Pennsylvania school due to a call to active duty, (3) any Pennsylvania resident who was living in Pennsylvania at the time of enlistment and was in the military continuously through at least September 11, 2001, regardless of current place of residence, or (4) any non-resident who attended a PA approved institution of postsecondary education, who went directly from this postsecondary enrollment into the U.S. Armed Forces, and was in the military continuously through at least September 11, 2001, regardless of current place of residence. Program applications can be downloaded from pheaa.org and aesSuccess.org or an application may be requested by calling AES/PHEAA at 800.233.0557. If a borrower is overseas, an application signed by the Power of Attorney will be accepted if the supporting documentation is provided. # # #
About American Education Services and PHEAA The Pennsylvania Higher Education Assistance Agency was created in 1963 as an independent public corporation to provide students and their families with affordable access to higher education. In order to fulfill our public service mission, we've grown into a competitive national financial aid services organization with $67.2 billion in assets under management serving millions of students and thousands of schools through our guaranty, servicing, grant and financial aid processing systems. Doing business throughout the nation as American Education Services (AES), the funds generated from our extensive operations are used to improve education opportunities and lower the cost of attendance for Pennsylvania students while streamlining the entire process for the higher education community. As a self-funded organization with operations similar to a not-for-profit business, AES/PHEAA provides more than $135 million annually in public service benefits to Pennsylvania families - - including the nation’s lowest-cost student loans and powerful Internet-based solutions - - at no cost to taxpayers. For more information, please visit our Website at www.PHEAA.org.
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