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We are opening the computer loan program and in order to keep the process as efficient as possible, we are making a few changes to the program outlined below.
Policy: The College provides interest-free loans to benefits eligible employees wishing to purchase computer equipment for personal use. Employees must have successfully completed their adaptation period and be in good standing in order to apply for a loan.
Eligible Purchases: The purchase of a computer, necessary peripherals and appropriate software. A computer loan may not be used to purchase furniture or non-computer related accessories.
Application Process: Loans are granted on a first-come, first-serve basis. Funds become available as they are replenished by employees' payments through payroll deductions. Occasionally, when there is a high demand, approved requests may be wait-listed.
- To obtain pre-approval for the loan, please contact Kristin Steinman (Human Resources), who will work with your supervisor to ensure you have completed at least six months of service and are an employee in good standing. Once approved, both the employee and Sarah Morgan (IT) will be notified.
- Schedule a purchase meeting/conversation with Sarah Morgan (IT) via email, phone, or Teams. Sarah will provide you with a written quotation for all necessary equipment, taxes and shipping, as well as the payroll deduction amount.
- Sarah Morgan will send your Promissory note to be signed electronically via DocuSign. Human Resources will receive a copy of the Promissory note; at this time you will be required to make a 10% down payment to Human Resources.
- Once the down payment has been made, the computer will be ordered and shipped to your home address. Please note that payroll deductions will start right away, and in some cases the deductions may start before your order ships.
Terms: Minimum Purchase amount is $500 with a maximum loan amount of $2500. The computer loan is interest free and the amount financed will be deducted through payroll deductions in equal installments for a maximum repayment period of 3 years or the employee's term of employment, whichever is less. Repayment commences with the first pay check after Human Resources receives the signed Promissory note along with the invoice from Sarah Morgan.
No new loans will be considered until any current loans have been paid in full. Employees who have a current tax levy, wage garnishment or have received Bowdoin Staff Assistance/Paller Funds are not eligible to apply for a loan until at least six months after having received assistance or completed payment of levy or garnishment. At termination, any remaining balance on a computer loan must be repaid to the college in full, by increasing the payroll deduction in the remaining payroll checks.
Questions? Please contact Sarah Morgan x3159 or Kristin Steinman x3688.