- A. An award amount shall be determined by the Secretary, acting through OSFA, based upon a recipient’s verified overall reported educational debt at the time of application.
- B. Award funds are distributed in annual amounts, for up to 3 years, provided that the recipient remains eligible and continues to submit required annual employment, lender, and tax documentation.
- C. An award amount shall be equal to the lesser of 10 percent of the applicant’s total educational loan debt, or $5,000, for each year the individual qualifies.
Authority: Education Article, §§11-105(u) and 18-3206, Annotated Code of Maryland
Effective date: July 30, 2018 (45:15 Md. R. 727)