Faculty and Staff MacLoan Program
- to enable faculty and staff to purchase Macintosh personal computers for their personal use;
- to benefit both the College and faculty/staff users by improving computer skills, encouraging creative applications, and increasing utilization of personal computer resources available to members of the Reed Community.
- faculty and staff members with regular, full-time appointments;
- faculty members must have a full academic year appointment to be elligible;
- staff are eligible after six months of employment.
Items eligible for loan purchase:
- a Macintosh personal computer, iPad, iPod, storage device, compatible printer, and accessories;
- all equipment must be purchased through the Reed College Computer Store;
- any other items such as toner, computer paper, or other supplies, must be purchased outside of the loan program.
- Loan amount: up to $3,000 per loan may be borrowed under the MacLoan Program.
- Deposit: 10% of the total purchase price must accompany the loan application.
- Processing fee: a loan processing fee of 1.5% of the total purchase price is required in addition to the deposit amount.
- Collateral: you must sign an agreement assigning all monies due to you upon termination, including final pay, supplemental payments, and accrued vacation to cover an remaining loan balance.
Terms of loan agreement:
- the current interest rate is 9%;
- the interest rate will be reviewed on July 1st of each year to cover loans made during the next year;
- all loans must be repaid within 12 months;
- all loan payments must be made through a payroll deduction;
- only one MacLoan is available to each faculty/staff member at any time and cannot be used more frequently than once each year;
- loans may be prepaid at any time.
Reed College reserves the right to amend, modify, discontinue, or otherwise alter the MacLoan program at Reed College at any time for any reason, with or without prior notice.