Loan Policy for Personal Computers

EFFECTIVE DATE: June 1, 1999               APPROVAL: President's Council

REFERENCE:
I. PURPOSE, DEFINITIONS, PROCEDURES

The University is willing to help full-time employees who have been employed for more than 90 days become more skilled in the use of computers by making loans available for the purchase of microcomputers for personal use. The University will contract with other lenders to administer the program.

Policy: The University will, through the selected lender, make special rate loans to faculty or staff members for the purpose of purchasing a personal computer under the following conditions:

  1. The University has selected Day Air Credit Union as the lender.
  2. "Eligibility" forms are available in the Comptroller's Office. This form must be completed and signed by the employee and by the employee's supervisor. This form indicates there is potential benefit to the University and individual from the use of such property. This form is then forwarded or brought to the Comptroller's Office for final approval before it is taken to Day Air Credit Union.
  3. The approved "Eligibility" form can then be forwarded to Day Air Credit Union along with a receipt, purchase order, or other acceptable documentation from the vendor. Employees must be a member of Day Air Credit Union to participate in the program and must maintain at least the standard minimum balance of $5 to remain a member. Day Air Credit Union will issue a check made payable to the vendor for the purchase price of the computer.
  4. The loan will have a fixed interest annual percentage rate and is payable over a period not to exceed three (3) years through payroll deduction. The rate of interest on new loans will be established quarterly on the last Tuesday of March, June, September and December. The rate will be equal to the most recently quoted prime rate from the Wall Street Journal. Day Air will require a UCC-1 filing fee of $9 which can be financed at the employee's request.
  5. The maximum amount available under this policy is $3,000. The minimum amount for which a loan will be processed is $500.
  6. The computer is the property of the individual. Insurance, maintenance, software, and security are the responsibility of the individual. There is no buy back by the University or Day Air Credit Union.
  7. Loans issued under this program are to be repaid in full at the time of termination or separation of service from the University of Dayton. Day Air Credit Union will allow the individual to apply for a standard loan to pay off any outstanding balances. These loans will be subject to Day Air's normal loan terms and underwriting criteria. If Day Air, for any reason, is unable to grant a loan to an individual at the time of termination or separation, all moneys will be due from the individual at that time. The individual must either pay off the loan balance or apply for a standard loan to pay off their loan balance. This must be done within ten working days from the individual's separation date.
  8. Applicants are invited to consult with the UD Computer Store regarding hardware choices and software support, including savings, if any, which may be available if their computer is purchased through the UD Computer Store.
  9. The University of Dayton and Day Air Credit Union reserve the right to cancel or change this program at any time.

II. RESPONSIBILITY FOR ENFORCEMENT, REMEDIES, SANCTIONS

III. APPEAL PROCESS

Day Air Credit Union has the right to decide on all loans based upon their own evaluation of credit history.

MAINTENANCE OF POLICY: Vice President for Financial Affairs & Treasurer