It's amazing -- and appalling -- how lucrative making college affordable and accessible can be for top Pennsylvania Higher Education Assistance Agency officials such as Michael Hershock, who's getting his second six-figure parting payment that's linked to PHEAA.

It's ludicrous that Mr. Hershock, 64, was paid $150,000 a year as the part-time president and CEO of PHEAA's foundation. It's almost beyond belief that, under an agreement obtained by The Patriot-News of Harrisburg, he's now getting another $200,000 to settle his lawsuit over his March 2009 firing.

The foundation board says he was fired over excessive expenses. Hershock's lawyer says he was fired because he resisted PHEAA plans to phase out -- and take back $20 million from -- the foundation, which he helped create during his eight years as PHEAA president and CEO.

He left that job in 2002 -- when he made $245,000 in base pay and a $147,000 bonus -- with a parting gift worth almost $375,000. And he also gets an $18,000-plus monthly pension for his 34 years as a state employee.

The lesson here for students• Get a degree that leads to becoming a triple-dipping PHEAA executive -- or settle for whatever crumbs are left for student loans after PHEAA takes care of its own.

Copyright ©2025— Trib Total Media, LLC (TribLIVE.com)