It was announced on July 8, 2021 that the agency and the United States Department of Education would not continue their relationship, effective on December 14, 2021.

[2][3] In October 2007, Jack Wagner, the Pennsylvania auditor general, released a report accusing the agency of giving excessive bonuses and incentives.

Rep. Bill Adolph, chairman of the agency's board, subsequently scheduled an emergency meeting of the board for Wednesday, October 10, to request the early resignation of the president of the agency, Richard E. Willey,[4] based on reporting from the Pittsburgh Tribune-Review and the Associated Press.

As a quasi-governmental agency, AES/PHEAA's board of directors consists of members of the Pennsylvania General Assembly, the secretary of education, and gubernatorial appointees.

The four legislative seats were replaced with private-sector professionals with experience in banking, investments and information technology; adding their expertise to the decisions that the Board makes on behalf of Pennsylvania students and families.