SECTION 23.215. Amount of Repayment Assistance

(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.

Source Note: The provisions of this §23.215 adopted to be effective December 5, 2019, 44 TexReg 7384