An Act amending the act of August 7, 1963 (P.L.549, No.290), referred to as the Pennsylvania Higher Education Assistance Agency Act, adding definitions; further providing for powers and duties of the Pennsylvania Higher Education Assistance Agency; establishing the Commonwealth Student Grant and Loan Forgiveness Authority and its powers and duties; providing for the transfer of certain powers, duties and functions from the agency to the Commonwealth Student Grant and Loan Forgiveness Authority; further providing for applicability; and providing for related transitional provisions.