Advisory Directors are selected by the Board of Directors of Panhandle-Plains Higher Education Authority (PPHEA). The total number of Advisory Directors may not exceed eleven. Advisory Directors serve two-year staggered terms of office. Persons selected as Advisory Directors shall either engage in the professional fields of commercial banking, municipal finance, student loan financing, or education or serve on the governing bodies of institutions, agencies, or corporations engaged in such fields. Advisory Directors are entitled to exercise all of the rights and powers of a director except that they shall not have the right to vote. Advisory Directors serve without compensation, except for the reimbursement of expenses incurred in connection with the business of PPHEA.