Loan agency chief rakes in cash
The Patriot News reports that the head of PHEAA – the state agency which issues and manages student loans – will earn a bonus of nearly $200,000 (on top of a salary of nearly $300,000). While bonuses like these are common in private financial companies, they are not appropriate for a government employee. Governor Rendell, recognizing this (as he did not get a bonus from surplus tax collections), has also questioned PHEAA’s practices.
Hence, PHEAA should be made a private company, the way Sallie Mae was several years ago. Read Matthew Brouillette’s Commentary on the issue here.