N.Y. Comp. Codes R. & Regs. Tit. 10 § 47-4.7 - Default
A= 2B (T-S)
T
where "A" is the amount the president is entitled to receive; "B" is the sum of all payments made to the recipient and the interest on such amount which would be payable if, at the time such awards were paid, they were loans bearing interest at the maximum prevailing rate determined by the Higher Education Services Corporation; "T" is the total number of months in the recipient's period of obligated service; and "S" is the number of months of service actually rendered by the recipient. The total number of months in the recipient's period of obligated service is calculated by multiplying by 12 the number of annual awards received by the recipient.
Notes
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