(a) 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 education loan balance verified at the time of the initial application, unless the payoff period for the peace officer's total unpaid eligible loan balance is fewer than five years.(b) If the payoff period for the peace officer's total unpaid eligible loan balance is fewer than five years, the loan repayment assistance amount will be the total amount of the scheduled payments due to the holder(s) of the eligible loans for the applicable year.(c) Loan repayment assistance grants are contingent on available funding. If in any year the amount of money available for loan repayment assistance is insufficient to offer the maximum annual loan repayment assistance amount to all eligible applicants, the Coordinating Board may reduce award amounts to assist a greater number of peace officers.