Employee Computer Purchase Plan / No-interest Loans

The Employee Computer Purchase Plan allows eligible Franklin & Marshall employees to receive no-interest loans for the purchase of Macintosh computers and printers purchased from MacHeads at College Row.  Loans for computer purchases are repaid by the employee through payroll deduction, over a 12 or 24 month period.

Eligibility

Members of the faculty and professional staff who have at least 12 consecutive months of service at the College and work a minimum of 1,000 hours per year are eligible for no-interest loans for computer and/or printer purchases. Employees on a one-year or temporary appointment are not eligible to participate. 

Eligible employees may only receive no-interest loans for Mac computers and printers purchased through MacHeads at College Row.

An employee may have only one outstanding loan through this program at a time.

Any employee who purchases a computer or printer must assure he/she meets the eligibility criteria as outlined above. If an employee who does not meet the eligibility criteria purchases a computer or printer through this program, he/she will be required to pay for the purchase in full within 15 business days of receiving the merchandise.

Loan Details and Payment Plans

Two loan schedules are available for eligible employees:

Plan A: Financing up to $2,400 with up to 12 months to repay the loan (over 12 pay periods for those paid monthly, or 26 pay periods for those paid bi-weekly).

Plan B: Financing of over $2,400 with up to 24 months to repay the loan.

All loans require a 10% down payment. The financing limit is $3,600 (the equivalent of a $4,000 purchase minus the 10% down payment). The purchase price will include applicable sales tax. Loans are repaid through payroll deduction.

All loans must be paid in full upon employment termination. Any outstanding loan balance will become due, in full, upon termination of employment.

How to Participate

1. An eligible member of the faculty or professional staff may print an Employee Computer Purchase Plan / Loan Application and bring it to Human Resources, College Square.  A Human Resources representative will verify eligibility for a no-interest loan. The application must be signed by a Human Resources representative before the individual purchases a Mac computer or printer.
2. The employee may then bring the application to the MacHeads store at College Row on Harrisburg Avenue to select a Mac computer and/or printer.
3. The employee will be required to make at least a 10% down payment to MacHeads at the time of purchase, and will be asked to sign the Employee Computer Purchase Plan / Loan Application.
4. MacHeads will forward the completed loan application to Human Resources for processing. 
5. Deductions from the employee's paychecks will begin with the first regular pay period after the first of the month following the date of purchase.

Additional Details

• As noted above, only Mac computer or printer purchases from the MacHeads store at College Row on Harrisburg Avenue qualify for no-interest loans through the College.
• An employee may repay his/her loan in advance (ahead of schedule) without penalty.
• If employment with the College is terminated for any reason, an employee's full remaining balance on his/her loan shall immediately become due and payable to Franklin & Marshall.