(a) Full-time term of service. The education award for a full-time term of service of at least 1,700 hours is $4,725.
(b) Part-time term of service. The education award for a part-time term of service of at least 900 hours is $2,362.50.
(c) Reduced part-time term of service. The education award for a reduced part-time term of service of fewer than 900 hours is --
(1) An amount equal to the product of --
(i) The number of hours of service required to complete the reduced part-time term of service divided by 900; and
(ii) 2,362.50; or
(2) An amount as determined otherwise by the Corporation.
(d) Release for compelling personal circumstances. The education award for an individual who is released from completing an originally-approved term of service for compelling personal circumstances is equal to the product of --
(1) The number of hours completed divided by the number of hours in the originally-approved term of service; and
(2) The amount of the education award for the
originally-approved term of service.
PART 2528 --
USING AN EDUCATION AWARD
Sec.
2528.10 For what purposes may an education award be used?
2528.20 What steps are necessary to use an education award to repay
a qualified student loan?
2528.30 What steps are necessary to use an education award to pay
all or part of the current
educational expenses at an institution of higher
education?
2528.40 Is there a limit on the amount of an individual's education
award that the Corporation will disburse
to an institution of higher education for a given period of enrollment?
2528.50 What happens if an individual withdraws or fails to
complete the period of enrollment in an
institution of higher education for which the Corporation has disbursed all or part of that
individual's education award?
2528.60 What steps are necessary to use an education award to pay
expenses incurred in
participating in an approved school-to-work program?
2528.70 What happens if an individual withdraws or fails to
complete the period of enrollment in an
approved school-to-work program for which the Corporation has disbursed all or part of
that individual's education award?
Authority: 42 U.S.C. 12601-12604. Source: 64 FR 37415, July 12, 1999, unless otherwise noted.