Students who receive need-based scholarship from Amherst College are eligible for an Amherst College loan to pay for the cost of a computer.
The loan is a subsidized loan with a fixed interest rate of 5 percent. Repayment begins 6 months after a student graduates or separates from the College, and no interest is paid or accumulated while the student is enrolled and during the grace period. There is no pre-payment penalty should the loan be repaid prior to the end of the grace period.
Computer loans can be for up to the amount of $3,000 and may be used towards the purchase of:
- Desktop or laptop computer
- Extended Warranty (Required)
- Cooling Pad (If you purchase a laptop)
- Basic software purchased through the College
A student loan cannot be used to purchase an iPad or Tablet. You may receive one computer loan during your time at Amherst College. To request a loan:
- Students must submit a loan request in writing to the Office of Financial Aid.
- In addition to the loan request, we need one of two documents submitted to our office:
A cost estimate from the vendor’s website from which the computer will be purchased. The estimate must include: the computer’s configuration, the extended warranty, sales tax and shipping costs. If a printer will also be purchased, the vendor’s estimate for the printer and/or cooling pad for a laptop must also be included as well.
- A final invoice if a computer and extended warranty (printer and cooling pad if you wish) has been purchased upfront without initial loan funds.
You will receive an e-mail from email@example.com with a link to e-sign the loan documents.
Students who request a cash advance for the computer purchase must provide a final invoice to the Office of Financial Aid to complete the loan transaction. If a computer purchased is less than the cost of the amount of the initial loan, the extra loan funds must be returned to the College immediately. Please note a student loan cannot be used to purchase an iPad or Tablet. You may receive one computer loan during your time at Amherst College.