MySLC

Overview:

The Computer Loan Program assists eligible employees in obtaining an interest free loan from the College in order to purchase a computer and accompanying peripherals.

Eligibility:

After one year of continuous employment, employees may participate in the program. Employees must also be in good standing in order to apply for a loan.

The following are examples of ineligibility:

• Employees on disciplinary action
• Employees on probation or suspension
• Employees on unpaid leave
• Have an outstanding loan

Terms and Procedure:

Employees may borrow up to $2,000 per loan request. The computer loan is interest free and the amount financed will be recouped by the College through payroll deductions in equal installments for a maximum repayment period of 24 consecutive months or two academic years. Guest faculty with one year or one-semester contracts must repay the loan over the period of their contract.

All loan repayments will commence in the pay period following completion of the promissory note. 

Only one loan will be approved per employee at a time. No new loans will be considered until any current loans have been paid in full.  One loan every two years is allowed, even if a previous loan is paid early.

Upon termination of the employee’s employment, including leaves without pay, any outstanding balance of the loan shall become due and payable in full and will be deducted from the employee's final pay, by increasing the payroll deduction in the remaining payroll check. If there is still an outstanding balance owed or the balance is not deducted from the final paycheck, the employee will pay the amount due via check made payable to Sarah Lawrence College within 10 days after termination. If amount is not paid in full, any balance due will be reported as taxable income on the employee’s W2.

The computer loan program may be suspended at the discretion of the employer. Employees enrolled in the program will be responsible for paying the balance of their loan in full through regular payroll deductions.

Loans are made to employees after the purchase.  Proof of purchase (invoice or receipt) must be provided when applying for the loan. An estimate will not be accepted– no exceptions.

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 approval for the loan:

1. Email Jimar Estevez (jestevez@sarahlawrence.edu), Associate Director for Human Recourses, with the following:
   1. Computer Loan Program Application and Agreement
   2. Proof of purchase (invoice or receipt)
2. Human Resources will verify eligibility and notify employee of approval or denial
3. If approved, employee will complete:
   1. Promissory note
   2. Check requisition form
   3. Direct deposit form, if applicable
      1. Please note: Payroll direct deposit differs from this one.   A separate direct deposit form must be completed and submitted to Finance. This form only needs to be submitted once
4. Human Resources will submit documents to Finance for loan processing
5. Payroll deductions will begin immediately following first payroll upon receipt of signed promissory note