Frequently
Asked Questions
How do you go about obtaining a computer loan?
You should apply for approval before you make your purchase.
You may call Ann Routhier at x2710, to fill out a Computer
Loan Application Form over
the phone; download sample application form (PDF).
What determines loan approval?
You have to work at least 17.5 hours per week for the academic
or fiscal year and hold a continuing appointment. Also, you must
have no old outstanding accounts receivable balances, old outstanding
travel advances or a computer loan issued within the last four years
from the loan start date.
Do I have to purchase the computer right away after my loan
approval?
You should make the purchase within 90 days of application approval.
I’ve already purchased my computer, am I eligible?
If you’ve made your computer purchase already and meet
the requirements, you should apply for approval for the loan within
90 days.
Who buys the computer and equipment?
You will be responsible for purchasing your computer and equipment.
What equipment qualifies?
Your hard drive, monitor, cables, etc. and any equipment that
will not be operable without a computer e.g. scanner, digital camera.
Computer furniture does not qualify. Only one computer may be purchased.
Can I purchase additional software under the loan?
Yes, but computer games or children’s software will not
be included.
Software (e.g., dictionary, thesaurus, word processing
or a spreadsheet program) to aid productivity or develop your skills,
any of these would be acceptable.
Can I use someone else’s credit card?
No. The computer must be purchased in your name.
Do I have to buy everything at one store?
No. For example you may purchase your computer through the mail
and buy your keyboard or cables at another store.
How much is the loan for?
The minimum loan amount will be $500.00
to a maximum loan amount of $2,500.00. The loan amount depends
on the purchase price. For computer purchases of $500 - $750,
for example, you may finance the entire purchase. If the purchase
is between $751 and $1,500, you may finance 75% of the purchase.
Likewise, if the purchase is between $1501 and $3732, you may
finance 2/3 of the purchase. For example, if you purchase a computer
system for $2000, you could finance up to $1,340 (2/3 of the
purchase price).
How long is the loan?
The no interest loan is carried over a 24 month period and may
be paid off sooner if you choose. Upon termination of employment
with Mount Holyoke College, any remaining balance becomes immediately
due and payable and may be deducted from your last paycheck.
What happens if I go on leave or sabbatical or don’t work
during the summer?
You are still responsible for paying your monthly amount due. A
bill will be generated through accounts receivable for your monthly
payment.
What do I do when I have purchased my computer?
Make an appointment with Ann Routhier. If you paid in cash,
you need to bring in your sales slip. If you paid by using a credit
card, you need to bring your sales slip and your credit card
statement showing the charge of your purchase. (The computer must
be purchased in your name).
When do I receive the check?
Three to five work days after the loan agreement has been completed.
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