Sec. 13b.08.02.06. Award Calculation

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A. Awards shall be determined by an applicants overall reported debt at the time of application as follows:

Total Debt Overall Award Limit Yearly Payment

$75,001 Over $30,000 $10,000

$40,001 $75,000 $18,000 $6,000

$15,001 $40,000 $9,000 $3,000

$15,000 below $4,500* $1,500

* Payment amount cannot exceed total debt; amount will be adjusted.
B. Recipients shall lock in to an award level that contains set award amounts for each year the recipient continues to remain eligible.

C. Payments vary for each award level.

D. One-time, 1-year only award amounts shall be equivalent to the yearly payment for the overall debt range for the applicant.

                    
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Total Debt	Overall Award Limit	Yearly Payment
$75,001 Over	$30,000	$10,000
$40,001 $75,000	$18,000	$6,000
$15,001 $40,000	$9,000	$3,000
$15,000 below	$4,500*	$1,500