For the purpose of the limitation on education award receipt, “value” is distinct from “amount.” The value of an education award is equal to the actual amount of the education award received divided by the amount of a full-time education award in the fiscal year in which the position upon which the award is based was approved.
The value of an education award received
The amount of the award received
The amount of full-time award in the fiscal year in which the position upon which the award is based is approved
For example, an individual who completed a part-time position approved in 2009 received an education award of $2,362.50. The value of this award is the amount received, $2,362.50, divided by the amount of a full-time award in that fiscal year, $4,725, or .5. While the dollar amount of a full time education award may change from year to year, the value of a full time award remains the same. All education awards range in value from 0 to 1 and are based on the value of a full time award being 1.