Ending its role as a federal student loan servicer has led to the decision to cut jobs.
The Pennsylvania Higher Education Assistance Agency plans to reduce its workforce by 80 positions over the course of the 2024-25 fiscal year, bringing its employee complement down to 910. September 16, 2023. Dan Gleiter | [email protected]’s student financial aid agency is looking to shrink its workforce by 80 positions over the coming year as it finally ends its role as a federal student loan servicer.
A spokeswoman for the Pennsylvania Higher Education Assistance Agency confirmed one of the agency’s departments notified its employees last week about some position eliminations and job moves. One employee has already been laid off this month and three more are possible in August, said spokeswoman Bethany Coleman. The agency helps impacted employees find work elsewhere in the agency or outside it.
“In an effort to support our smaller-sized organization, PHEAA will be looking to reduce its complement by approximately 80 positions over the 2024-25 fiscal year,” she said. “We anticipate those reductions will come from regular attrition/retirements/resignations, as well as some layoffs. " This planned workforce reduction will bring the number of PHEAA employees to 910, down from 2,250 three years ago when it announced itsState Rep. Sheryl Delozier, R-Cumberland County, who serves on PHEAA’s board, said the agency has been evolving as it moves away from acting as a middleman for the federal government in collecting and keeping track of federal student loan borrowers’ payments.
“In 2024-25, it will officially end and some jobs will no longer be needed,” she said. “PHEAA typically loses 60 to 100 employees through attrition annually and it is the goal to use attrition whenever possible as some of the contract jobs conclude.”Starting in September, it will offer loans to students in Delaware, Maryland, New Jersey and West Virginia as it looks to identify new revenue sources to fill the void created by its departure as a federal student loan servicer.Pa.
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