Employee Computer Loan Program

Questions

  • Does Bowdoin offer a loan to help employees buy a personal computer?
  • Can I get an interest-free loan from Bowdoin to purchase a laptop?
  • How do I apply for the employee computer loan program?
  • What is the maximum amount I can borrow for a personal computer purchase?
  • How does payroll deduction work for the Bowdoin computer loan?
  • Am I eligible for the employee computer loan program?
  • Who do I contact to apply for a computer loan at Bowdoin?

Environment

This article applies to full-time, benefits-eligible Bowdoin College employees interested in borrowing funds to purchase personal computer equipment.

  • Who: Full-time, benefits-eligible employees who have completed their adaptation period and are in good standing
  • What: Interest-free loans for purchasing personal computers, peripherals, and software via payroll deduction
  • Not eligible: Employees with a current tax levy, wage garnishment, or who have received Staff Assistance/Paller Funds within the past six months

Resolution

Policy

Bowdoin College provides interest-free loans to benefits-eligible employees for the personal purchase of computer equipment. Employees must have successfully completed their adaptation period and be in good standing to apply.

Eligible purchases

The loan may be used toward a computer, necessary peripherals, and appropriate software. Computer loans may not be used for furniture or non-computer accessories.

Loan terms

  • Minimum loan: $500
  • Maximum loan: $2,500
  • Interest: None — the loan is completely interest-free
  • Repayment: Equal payroll deduction installments over a maximum of 3 years, or until the end of employment, whichever comes first
  • Down payment: 10% of the loan amount, paid to Human Resources at time of approval
  • Repayment begins with the first paycheck after Human Resources receives the signed Promissory note and invoice
  • No new loan will be considered until any current loan is paid in full
  • At termination, any remaining balance must be repaid in full through increased deductions in the remaining payroll checks
Note on deduction timing: Payroll deductions begin immediately after approval. In some cases, deductions may start before the computer order ships.

Application process

  1. Contact Kristin Steinman in Human Resources (ksteinma@bowdoin.edu, ext. 3688) to obtain pre-approval. Human Resources will work with a supervisor to confirm at least six months of service and good standing.
  2. Once approved, both the employee and Sarah Morgan in Information Technology (smorgan@bowdoin.edu, ext. 3159) are notified.
  3. Schedule a purchase meeting with Sarah Morgan via email, phone, or Teams. Sarah will provide a written quotation for all equipment, taxes, and shipping, along with the payroll deduction amount.
  4. Sarah Morgan sends a Promissory note for electronic signature via DocuSign. Human Resources receives a copy.
  5. Make the required 10% down payment to Human Resources.
  6. Once the down payment is received, the computer is ordered and shipped to the employee's home address.
Loan availability: Loans are granted on a first-come, first-served basis and funded as repayments are made by other employees. During periods of high demand, approved requests may be wait-listed.

Additional Help

If you need further assistance, you have several options:

  • Bowdoin Bot: Chat with Bowdoin Bot directly from any KB page for instant answers.
  • Phone: Call the Bowdoin College Service Desk at (207) 725-3030.
  • In person: Visit the Tech Hub in Smith Union during business hours.
  • Submit a ticket: Request assistance through the Service Catalog.
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