HARRISBURG, Pa. -- The head of Pennsylvania's student-loan agency, which has been criticized by Gov. Ed Rendell and state lawmakers over its spending practices this year, said Tuesday he plans to retire at the end of this year.

Dick Willey, president and chief executive officer of the Pennsylvania Higher Education Assistance Agency, announced his plans to retire effective Dec. 31 in a letter to state Rep. Bill Adolph, R-Delaware, chairman of PHEAA's governing board.

Willey, 61, said the timing of his departure was related to his intention to serve as the agency's leader for five years and to fulfill his goal of taking it to the "next level."

"Today, we have achieved extraordinary success by any measure; be it earnings growth, operational efficiency, or the $200 million annual public service gift we provide to Pennsylvania students and families each year," Willey said.

He said his decision to retire has nothing to do with the storm of controversy over his bonuses and the lavish retreats at posh resorts like Nemacolin Woodlands Resort.

Willey's base salary is $289,000. He was paid a $181,000 bonus last month.

Previous Stories:

• September 12, 2007: Team 4: PHEAA Making $19M In Budget Cuts
• August 28, 2007: Team 4: Sen. Joins Gov. Rendell In Call For PHEAA Changes
• August 22, 2007: Team 4: Pa. PHEAA Awards More Than $500K In Bonuses
• August 1, 2007: Team 4 Investigation: PHEAA Hands Out Big Bonuses
• June 1, 2007: Team 4: PHEAA's Lawyer Fees Top $400K
• April 17, 2007: Team 4: Auditor General To Audit PHEAA
• March 26, 2007: Team 4: Gov. Talks PHEAA During Speech
• March 22, 2007: PHEAA OKs Tougher Policy; Team 4 Confronts Board Member
• March 21, 2007: Team 4: Rendell Furious With PHEAA's Actions
• March 21, 2007: Team 4: New PHEAA Spending Details Emerge
• March 21, 2007: Team 4: PHEAA Spending Still Under Fire
• March 20, 2007: Team 4: PHEAA CEO Upset Over Exposed Travel Expenses

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