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Business: District Computer Loan Program

District Computer Loan Program

  

The Board of Trustees continues to support the District Computer Loan Program by making funds available to employees for their computer purchases. If you are interested in participating in this fabulous no-interest loan program, contact Sally Tong at Ext. 6259 at the District Office, or send email to tongsally@fhda.edu or visit your campus bookstore for more information.

Qualifications:

• Participants must be full-time employees of the District or part-time faculty with reemployment preference who taught in the District more than 1/3 of a full-time load during the preceding year.

• All equipment (both hardware and software) must be purchased through Foothill or De Anza Bookstore.

• Funds are available to purchase the equipment (see procedures below).

• Participants are only entitled to one outstanding loan at a time and may not amend an existing loan by adding additional equipment to the schedule.

Loan Parameters:

• The loan is INTEREST FREE and the term can not exceed 24 months.

• The total loan amount shall not exceed $3,000.

• Participants must pay a down payment on 10% of the total purchase price.

• A one-time loan origination and handling fee of $25  will be assessed.

• Funds will be awarded on a "first-come first-serve" basis.

• At the time of purchase participants are required to sign a Promissory Note.

• The bookstores will provide the participant a straight-line amortization schedule for the duration of the loan.

• The borrower will authorize the District to automatically deduct the periodic payments from his/her monthly pay. In circumstances where an employee does not receive a paycheck (i.e., < 12-month contract, unpaid leave, etc.) they are obligated to pay the monthly amount by personal check to the District.

Procedures:

• Visit the Foothill or De Anza Bookstore and select "eligible" product(s).

• Obtain a fixed quote from the bookstore and hand deliver, or fax the quote to Sally Tong at District Accounting - Ext. 6259, Fax (650) 941-1638, email tongsally@fhda.edu or have the Bookstore computer store send it for you.

• If funds are available and the loan is approved - Accounting will authorize the purchase by initialing the quote and forwarding it to the bookstore.

• The Bookstore will generate an invoice(s), collect a 10% down payment and obtain a signed Promissory Note and Payroll Deduction form from the employee.

• Bookstore forwards Promissory Note, Deduction form and complete sign contract to Accounting and will provide a copy to the customer.

• Accounting will forward a copy of the Promissory Note and the Payroll Deduction form to District Payroll to process the monthly deductions.

Any questions or additional information about the Computer Loan Program should be directed to either college bookstore or Sally Tong at Ext. 6259, email tongsally@fhda.edu.