In applying for a loan, an eligible employee must sign an agreement providing for payroll deduction in the amount calculated to repay the principal in 50 pay periods. No interest will be charged on these loans. If the employee leaves the Institution for any reason, the loan becomes due and payable immediately. Any loan outstanding to an employee at the time of death will be forgiven by the Institution. The employee is responsible for purchasing the personal computer.
Procurement can provide a list of vendors.
A loan will not be granted while an outstanding loan is in effect. Once the personal computer has been purchased, original receipts are to be submitted to the Assistant Controller. A check will be processed for the appropriate amount and payroll deductions will begin the following pay period. A request may also be submitted prior to purchase of the personal computer. In this instance, a check for the requested amount will be issued to the eligible employee.