STACK ANNOUNCES EXTENSION OF ARMED FORCES LOAN FORGIVENESS PROGRAM

PHILADELPHIA, JUNE 25, 2007 – The Armed Forces Loan Forgiveness Program has once again been extended, according to state Sen. Mike Stack.

“Thousands of men and women enlisted to fight terrorism following the September 11th attacks on our country. Many of them had to put off their education plans,” Stack said. “Those men and women deserve this token of our gratitude and I’m pleased that the program has been extended again to serve their needs.”

The loan forgiveness program, administered by the Pennsylvania Higher Education Assistance Agency (PHEAA), provides up to $2,500 in a one-time loan forgiveness payment for student borrowers who served in the Armed Services in an active duty status between Sept. 11, 2001 and Dec. 31, 2007, provided they have an eligible loan and meet eligibility requirements.

Eligible loans include PHEAA-guaranteed, AES-owned and/or AES-services Stafford, Consolidation, PLUS and SLS loans that were disbursed on or before Dec. 31, 2007. The loan cannot be in default.

The Armed Forces Loan Forgiveness Program was introduced in 2003 to recognize the bravery, dedication and loyalty of our servicemen and women who served in the aftermath of the September 11th attacks on our nation.

Since its inception, nearly 7,500 student loans worth nearly $17.5 million have been forgiven.

For more information about the program, call 1-800-233-0557, ext. 5473 or visit www.pheaa.org and click on the “Loan Forgiveness” link.

####