Faculty & Staff Loan Programs
The college offers the opportunity for housing loans and computer loans for eligible faculty and staff.
Housing loan program
This program provides a personal loan to assist with the down payment when purchasing a home. The property being purchased must be the only real estate property to be owned by the employee and it must be in the Portland metro area. The loan must be established within 90 days of the closing date.
Staff Eligibility: Regular full time staff are eligible during their fourth, fifth, and sixth years of Reed employment.
Faculty Eligibility: Tenured faculty are eligible during the first two years of tenured appointments. Tenure-track faculty holding a full-time appointment are eligible during pre-tenure periods.
Faculty and staff are eligible to borrow under this program only once. The maximum amount to be loaned under the program is 30% of the employee's regular annual gross salary. Interest is charged on a simple annual basis on the outstanding principal balance. The rate of the interest is fixed at the time the loan is made and is 1% less than the rate on the conventional mortgage being taken out to purchase the residence.
The loan is to be paid back over a term not to exceed 10 years from the date of the loan. Payment of the loan is through payroll deductions starting with the first payroll after loan funds have been advanced.
The outstanding balance can be prepaid at any time without penalty. The loan becomes immediately due and payable upon end of employment at Reed College.
The MacLoan program serves 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.
Eligible applicants are faculty and staff members with regular, full-time appointments. Faculty members must have a full academic year appointment to be eligible. Staff are eligible after six months of employment.
Items eligible for loan purchase include a Macintosh personal computer, iPad, iPod, storage device, compatible printer, and accessories. All equipment must be purchased through Apple.
Any other items such as toner, computer paper, or other supplies, must be purchased outside of the loan program.
Loan amounts up to $3,000 per loan may be borrowed under the MacLoan Program.
A ten percent deposit of the total purchase price must accompany the loan application.
A loan processing fee of 1.5% of the total purchase price is required in addition to the deposit amount. 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 nine percent. 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, and all loan payments must be made through a payroll deduction. Loans may be prepaid at any time.
- Only one MacLoan is available to each faculty/staff member at any time and cannot be used more frequently than once each year.
- 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.