Computer Loan Repayment
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.
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