Hofstra University makes interest-free loans available to Hofstra employees who buy certain computer electronics for personal use.

This is an Employee benefit presented to the employee from the University for the purpose of purchasing a computer. This is an interest-free loan made by Hofstra University. For an employee to receive this benefit the following criteria must be met.

Please contact FCS if you would like to discuss the details of this agreement.

How it Works

First, read the details in the following section. If you qualify, then make your purchase(s). Be sure to buy your electronic equipment from one store and at the same time (i.e., all purchases need to be listed on the same receipt). And pay for your purchase in full (don't buy it on layaway or through some similar deferred payment plan).

Then, bring the receipt to the Human Resources/Payroll Office (located on the North Campus, to your right as you exit the Student Center; phone: 463-6855). They will write you a check for the full amount. Then, they will help you set up a series of automatic paycheck deductions.

The Fine Print

• No part-time employee (except adjunct faculty) is eligible for this benefit.
• The employee must be employed for a minimum of six months with the University and be in good standing.
• For any employee on a contract basis, the loan cannot exceed the length of contracted employment.
• An original payment receipt and an invoice with descriptions of the products purchased must be presented at the time of application.
• Receipts cannot be older than 45 days from purchase date to loan application date.
• Receipts must be in the name of the employee who is applying for the loan.
• Only the following items are accepted for loans:
  
  • desktops or laptops
  • Monitors
  • Keyboards and mice
  • Printers
• Only one active computer loan will be accepted at a time.
• Adjunct faculty must have Provost/Dean approval prior to loan approval.
• Once a loan is approved, a check will be sent directly to the employee, and a payroll deduction will commence on the employee's paycheck.
• For loans up to $1,800.00, payroll deductions will not exceed 24 semi-monthly payroll periods or 52 weekly payroll periods. For adjunct faculty, it will not exceed 14 payroll periods or two consecutive semesters.
• For loans between $1801.01 and $5,000.00, payroll deductions will not exceed 48 semi-monthly payroll periods or 104 weekly payroll periods. For adjunct faculty, it will not exceed 28 payroll periods or four consecutive semesters.
• In the event that Hofstra employment is terminated prior to full repayment of the loan amount, the remaining unpaid balance will be deducted from the final payroll check. If there is not enough for final balance, the employee is liable for the balance. In the event an adjunct member ceases teaching, the adjunct member will pay the outstanding balance in full. In all cases, the employee is liable for any outstanding balances.
• In the event that the employee wishes to pay the outstanding balance in full prior to the agreed upon schedule, authorization for this must be completed through the Payroll Office and only through a payroll deduction.