Loans for Computer device Purchases
Full-time benefit-eligible employees can take advantage of an interest-free loan from the College to help with the purchase of computer device (s) and peripherals. A purchase of solely peripheral equipment is not covered by this policy. The loan may include the purchase of several items at one time, for example:
- Desktop or laptop computer
- Computer monitor, keyboard, and/or mouse
Loans are made to employees after the purchase. The original invoice must be provided when applying for this loan. The following parameters apply:
- The loan is made at two-thirds (2/3) of the price of the computer device (s) and peripherals being utilized with the computer, excluding taxes.
- The loan term is two years and payments are made through payroll deduction.
- The loan minimum is $500 and cannot exceed $3,500.
- Only one outstanding loan is allowed. Therefore, all purchases of computer device (s) and peripherals must have been made and evidenced at the time the loan is extended.
- Only one loan every two years is allowed, even if a previous loan is paid early.
- Depending on other loans an employee has outstanding with the College, inputted income may be applicable.
- The loan is not available for multiple purchases, for example: two tablets, two printers, etc.
- Loans for cell phone or smart phone purchases will not be approved.
For further information, and to check your eligibility for a computer device (s) loan, please contact Sue Payne, email@example.com.