13B.08.02.06

.06 Award Calculation.

A. Awards shall be determined by an applicant’s 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.