Loyola University Maryland

Financial Services

Computer Loans

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Download the loan application form.

Computer equipment must be purchased from bona fide vendors. The following policies and procedures will apply to computer equipment purchased via this program.

  • The program is limited to full-time faculty, staff, and administrators and is only for the purchase of qualified computer equipment purchases as described further below. This is a reimbursement program; the interest-free loans will only be made after the purchase has been made.
  • The loan must be repaid via automatic payroll deduction. Employees are permitted to have no more than three different loans outstanding at one time.
  • The maximum amount of the three loans combined may not exceed three thousand dollars. There will not be any penalties for early repayment, however the payment period cannot be extended after the loan is made.
  • The University's standard promissory note must be completed each time a new loan in taken out by the person receiving the loan.  The promissory note will be filled out when the check is ready for pick up in Student Administrative Services.
  • Technology services must first certify that the computer equipment being purchased qualifies for the program. To apply for loan approval, the application form must be completed and forwarded to the technology services help desk for approval. Copies of receipts detailing the items purchased for which loan funds are requested must accompany the application form which can be accessed from the technology services and student administrative services web pages.
  • Once technology services certifies the purchase as qualifying for the loan, the employee must forward the signed application to student administrative services in order to have a check issued in the amount approved. Reimbursement checks will require at least one week for processing. student administrative services will contact the loan recipient when the check is available. The check will be issued once the promissory note is completed.
  • If the employee leaves Loyola University Maryland there will be a 30 day grace period in which to pay off the balance of the loan.  After the 30 days a $100 administrative fee will be assessed and the employee will have 12 months to repay the outstanding portion of the loan.

As technologies emerge, it is difficult to determine what is and is not a computer. Therefore, requests for the loan may be cleared by the technology services regarding the eligibility of the purchase. The spirit of the computer sales program is around professional development. Below is a partial list of some devices that would or would not qualify under the new computer sales program.

Qualified Purchases: IBM or compatible computers, Apple computers, PDA or CE devices. Scanners, Printers, Monitors (22" and less), Storage device (Zip Drive, CD-Rom, Backup Devices etc); Computer Software, Digital Camera, Digital Video Camera, motherboards, video cards, hard drives.

Un-Qualified Purchases: Analog Video Camera, Computer Toys (Game Boy etc.), Computer Game Software, Monitors (Greater than 22").

Forward a copy of computer sales application and copies of receipts and item descriptions to the help desk at technology services for approval of the eligibility of the purchase for loan funding. technology services will approve qualified items up to a $3,000.00 total limit for loan funding and forward this application to Student Administrative Services (SAS) for final processing. Once the loan check is available, SAS will contact you to execute a promissory note in the amount of the loan check and issue that check to you. Please allow at least one week for processing.