Revised for
2006-2007
The purpose of the Computer Loan Program is to assist continuing
full- and part-time employees of the College in acquiring computing
equipment for their own professional and personal use and to encourage
employees to become more sophisticated users of computing technology.
Computer loans are not available for equipment or software whose
primary users will be individuals other than the employees. For
example, a computer loan may not be used to purchase a computer
or software for a spouse or child, nor may software like games
be included in the loan amount.
Financing is available through the College and will be made without
interest charge. There are different loan agreements to choose
from based on the price of the system and may include the price
of hardware, software, and associated computer peripherals purchased
at the same time as the computer purchase (e.g. printer, digital
camera, laptop cases, external drives or modems). It may also include
items required to make the system functional (e.g. cables, batteries,
memory cards) and shipping and handling, and sales tax.
Loan agreements do not include extended warranties or supplies
(e.g. additional ink cartridges, blank CD’s or DVD’s,
paper, labels, etc.). The minimum loan amount is $500 with a maximum
loan amount of $2500. The loan agreement works as follows:
System Cost |
Loan Amount |
% Financed Thru College |
$500 - $750 |
$500 - $750 |
100% |
751 - $1500 |
$563.25 - $1125 |
75% |
$1501 - $3732 |
$1005.67 - $2500 |
67% |
Prior to purchasing a computer, you must be approved
for the computer loan. Repayment may be extended to a maximum of
24 months from the date of purchase. Loans will not extend past
your employment term.
You are eligible for the computer loan if you are benefits eligible
and work at least 17.5 hours per week in the academic or fiscal
year and are a regular, continuing employee of the College. Other
eligibility requirements are that you may not have been issued
a computer loan within the last four years and must be in good
financial standing with the College, e.g., no old accounts receivable
balances and no old travel advances.
Repayment of the loan amount
is made through a payroll deduction in each pay period. Should
you leave the College, any remaining
balance is due and payable upon separation. Any unpaid balance
will be deducted from any final amounts due you. It is your
responsibility to continue making regular monthly payments if you
go on leave
or for any other reason you are not receiving regular paychecks.
A bill will be generated through accounts receivable for your
monthly payment.
You should be aware that the interest not charged by the College
may be considered taxable income by the Internal Revenue Service.
An amount representing the foregone interest may be included
on your annual W-2 statement. The circumstances under which
such foregone
interest is considered taxable income is subject to change
periodically by the IRS, but is generally dependent on what
other financial
arrangements you have with the College, particularly with respect
to mortgage loans.
While this is intended to be an ongoing College
program, the College reserves the right to modify or terminate
the program
if it becomes
necessary or advisable. Should this occur, the College will
attempt to provide as much advance notice as possible.
For more information and/or to begin the Computer Loan process,
please contact the Human Resources Department at x2503.
Rev.
4/06
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