In order to make the benefits of personal computing widely available to faculty and staff, a College-administered loan program allows faculty and staff to spread the cost of a personal computer purchase over a maximum of three years. Highlights of the program include:
- The College payroll deduction loan program provides interest-free financing of computer purchases up to $3,000. Please note that printers, scanners, external hard drives, extended warranties/service agreements and laptop cases may be included in this loan program. Digital cameras, video cameras, and MP3 players may not be financed.
- Faculty and staff ("purchasers") may purchase a computer from any source.
- Purchasers may only have one loan at a time and may only finance one computer at a time.
- Purchasers will sign a loan contract with the College. Purchases up to $1,000 may be financed for one-year, purchases up to $2,000 may be financed for a maximum of two years, and purchases up to $3,000 may be financed for a maximum of three years.
The loan process will work as follows:
- The faculty or staff purchaser will select a vendor (computer store or on-line vendor) and the computer configuration they wish to purchase.
- The purchaser will buy the computer system.
- The purchaser will contact the Payroll Coordinator in Business Services to schedule an appointment for a computer loan. The purchaser will provide copies of the purchase documents, including electronic invoices, as the proof of purchase to Business Services and sign the loan agreement.
- Business Services will issue a direct deposit to the purchaser on the next payment date (see Note 1).
- Payroll deduction will begin with the purchaser's next paycheck.
- If a purchaser's employment ends for any reason, the College will deduct the remaining balance on his/her computer loan from his/her final pay(s). If the final pay is not sufficient to repay the loan, the purchaser must immediately repay the remaining balance.
Note 1. Direct deposits are issued every Friday. The loan agreement must be completed at least three working days prior to the direct deposit date.
Note 2. Temporary employees are not eligible for this benefit. Regular full-time and part-time employees who are in good financial standing with the College are eligible after one year of continuous employment with the college, except that fellows who are in good financial standing with the College are eligible after three months of employment. Fellows may not finance their computer purchases beyond the completion date of their employment with the college.