Computer Loan Program

The purpose of the Computer Loan Program is to assist our community members in acquiring computing equipment. Official communications from the College routinely occur via an electronic format and employees need to be able to access this information in order to participate in open enrollment and stay current with payroll and benefits information.

All benefits eligible employees in a regular ongoing position with one year of service in good standing (no performance counseling notices) may participate in the program. Eligibility is approved by Human Resources before the loan agreement is signed.

Financing

Financing is available through the College's Business Office. Interest rates will be set based at 110% of the short term Applicable Federal Rate. Loan agreements may range from a minimum amount of $500 to a maximum of $2,000. Individuals are required to sign a loan agreement and payment to the College will be made through payroll deductions. A person may have one loan every four years and the loan must be paid in full within twelve months, or within the normal work period if employees are in a less than 12 month position. There is no penalty for prepayment of the loan and any remaining balance is due and payable upon separation. The College is required to disclose all participants in the loan program to the Internal Revenue Service annually in our informational Form 990 tax return.

Process

The College has entered into a partnership with Best Buy, Inc. for the purchase of computers (all non Apple computers) Apple based Macintosh computers may continue to be purchased through the IT department. Eligible employees should visit a Best Buy store and choose the computer model which best fits their personal needs. Once a computer has been selected and the employee knows the amount of the loan they desire, they should fill out an application available through Human Resources. The price of a computer system may include the purchase of the system hardware, software, and any associated computer peripherals (e.g. printer, laptop cases, external drives or modems). It may also include items required to make the system functional (e.g. cables, batteries, memory cards) as well as shipping and handling and sales tax.

All service for computer systems purchased through this program must be obtained through Best Buy and/or the manufacturer. The College cannot service these computers through our hardware repair function.

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 or to apply for a Computer Loan, please contact the Human Resources Department at x8397.

Computer Loan Application