Pennsylvania’s student-loan agency is going to cut college grants for every student by about $750, as well as offer voluntary buyouts to some employees, during the 2008-2009 school year in order to save money, according an article in the Inquirer.

The grants are given out to about 160,000 students each year, with the amount varying based on need. The awards for the current year ranged from $2,500 to $4,700, but the awards for 2008-2009 will only range from $2,100 to $3,948.

The state government has been very disappointed with some of PHEAA’s spending practices, such as giving employees large bonuses, that PHEAA has since discontinued.

Regardless, in this time with the economy down and cost of higher education rising, PHEAA’s moves make it even more difficult for students to finance college.

Photo courtesy of iCollegeServices.com.

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