|(a) Loan repayment awards will be disbursed directly
to lenders on behalf of eligible peace officers.
(b) The maximum amount of loan repayment assistance
that a peace officer may receive over a period of five consecutive
years is $20,000.
(c) The annual amount of loan repayment assistance
that a peace officer may receive for each service period is the lesser
of $4,000 or 20 percent of the total unpaid eligible loan balance
verified at the time of the initial application, unless the payoff
period for the person's total unpaid eligible loan balance is fewer
than five years.
(d) If the payoff period for the person's total unpaid
eligible loan balance is fewer than five years, the award amount will
be the total amount of the scheduled payments due to the holder(s)
of the eligible loans for the applicable year.
(e) Loan repayment awards are contingent on available
funding. If in any year the amount of money available for loan repayment
assistance is insufficient to award the maximum annual award amount
to all eligible applicants, the Board may reduce award amounts to
assist a greater number of peace officers.