Policy

The computer loan assistance program provides interest-free loans for the purchase of personal computer hardware. Computer hardware includes a desktop or laptop computer, or an iPad or Android tablet. The loan program also covers peripherals used with a computer; e.g., a printer or scanner. Purchases not covered by this policy include peripherals purchased alone, such as phones, game machines, software, etc. This program, approved by the Board of Trustees, is operative due to gifts from trustees and other friends of the college.

Loan Amount
Interest-free loans are limited to one-half of the purchase price of the computer hardware, up to a maximum of $1,500 per person. Software is not included. Employees may obtain loans for multiple devices as long as the total amount loaned does not exceed the $1,500 maximum. Employees are responsible for any remaining costs.

Loan Repayment
Computer loans are repaid through payroll deductions for a maximum of two years. If the borrower leaves the college’s employment before the loan is paid off, any unpaid balance must be paid at that time.

Prohibition on Resale
Employees may not resell their computer hardware before repaying the interest-free loan.

Procedure

1. After you’ve purchased your computer hardware, submit a computer loan application and a copy of the receipt.
2. Loan requests will be honored in the order in which they are received. If the initial requests exceed available funds, approved applicants not awarded a loan will be placed on a waiting list. When funds become available from additional program contributions or loan repayments, the rest will be granted.