To ensure that no individual receives more than the aggregate value of 2 full-time education awards, an individual who, based upon the aggregate value of education awards previously received, is not eligible to receive the entire award amount offered for a term of service, will instead receive the portion of the education award that he or she is eligible to receive. The award will be reduced (or discounted) to correspond to the remaining value of the education award for which the individual is eligible. The maximum amount of the discounted award in this case is determined using this formula:
(2 minus the aggregate value of education awards previously received)
(the amount of a full-time education award in the year the position is approved)
For example, a member has received a half-time education award and a full-time education award. The aggregate value of these awards is 1.5. The member may receive an education award of .5 X the amount of a full-time education award in the year the member’s position is approved.