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Employee Computer Loan Program

Summer 2017: Due to the high volume of computer loans issued, no new loans will be approved in June or July 2017. Human Resources will resume loan approvals starting August 2017.

Computer loans are processed in the order in which they are received. Please note that depending on the time of year and number of loans in process, it may take up to 3-4 weeks for your order to be processed.
 

Guidelines for the Computer Loan Program (Faculty & Staff) 

  • Purpose:  To serve the professional needs of faculty and staff members by assisting in the purchase of a personal computer.
  • Employee Eligibility:  All employees must be pre-approved for a computer loan.  Regular full-time and regular part-time employees who have successfully completed their adaptation review.  The employee must be in good employment standing with the College.  No new loans will be considered until the current loan has been paid in full.
  • 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.
  • Equipment can be purchased  as follows:
    • Terms:  95% of the purchase price including equipment, taxes, and shipping. Minimum purchase amount is $500 with a maximum loan amount of $2000.00.
    • Payment:  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. 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.

    Application Process

    • Loans are granted on a first-come, first-served 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.
    • The loan will only be provided for equipment which falls within the guidelines of the loan policy (see above). 
    • The employee contacts HR Coordinator, Kristin Steinman (ksteinma@bowdoin.edu or 725-3688) to obtain pre-approval for the loan. To be pre-approved, you must have completed at least 6 months of service, having received a satisfactory 6th month adaptation review, and/or be an employee in good standing. Kristin will notify the employee and Sarah Morgan once the pre-approval process has been satisfactorily completed.
    • The employee makes an appointment with the Technical Purchasing Manager, Sarah Morgan (smorgan@bowdoin.edu or 725-3159), who provides a written quotation for all necessary equipment, taxes, and shipping, as well as the payroll loan deduction amount. The employee will make a minimum 5% down payment (cash or check made payable to Bowdoin College) and sign a promissory note.  The computer will be ordered and the employee will be notified when the computer is ready to be picked up on campus.
    • Repayment commences with the first paycheck after Anne receives the signed promissory note along with the invoice from Sarah.   

    If you have any questions about the interest free computer loan program, please contact Kristin Steinman or x3688. If you have any questions about purchasing a computer, please contact Sarah Morgan or x3159. Please note that all purchase requests are handled in the order that they are received and during especially busy times, there may be a slightly longer processing time.

Details

Article ID: 23825
Created
Mon 1/30/17 9:38 AM
Modified
Wed 6/14/17 9:44 AM