Regulation .05 Determination of Award Amount.

An award amount shall be determined by the Secretary, acting through OSFA, based upon a recipient’s verified overall reported educational debt at the time of application.

Award funds are distributed in annual amounts, for up to 3 years, provided that the recipient remains eligible and continues to submit required annual employment, lender, and tax documentation.

An award amount shall be equal to the lesser of 10 percent of the applicant’s total educational loan debt, or $5,000, for each year the individual qualifies.