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Borrowing Money to Purchase a Computer

Students that demonstrate a need may be able to borrow money in the form of Federal Direct Stafford Loans to purchase a computer. To qualify, you must first apply for financial aid by submitting the Free application for Federal Student Aid (FAFSA). If the standard budget amount does not allow you to borrow the amount of loan you are requesting, you may request an increase in your budget for a computer purchase, which may be considered an educational expense.

There are specific instructions that must be followed in order to qualify for the loan.

Information

• If you can demonstrate that a computer is necessary for your program of study, the cost of a computer can be considered an educational expense.
• The source of loan funds for a computer purchase is the Federal Direct Stafford Loan program. If you have already borrowed your yearly or cumulative maximum for Federal Direct loans, you will not be eligible to borrow more for a computer purchase.
• If you already have unmet need (see your computation sheet) and you have not borrowed your maximum loan amount for the year, you can borrow a Federal Direct Stafford Loan up to the amount of unmet need.
• Federal Direct Loans must be disbursed in two installments unless half the loan period has already gone by. Because of this, you may have to wait to buy your computer until you receive your second disbursement.
• If you do not have unmet need, $2500 will be added to your cost of attendance. Your computer should not cost more than this or you will have to pay the difference from other funds.
• A computer purchase can be approved by the Financial Aid Office only one time in your academic career.

Instructions

1. Write a letter to the Financial Aid Office indicating why you need a computer. The letter must indicate why a computer is necessary for you to complete your degree. If you require a system that costs more than $2500, your letter must be endorsed by an instructor or academic adviser and you will need to obtain an estimate from a computer vendor.
2. Complete a loan application. Loan applications are available from a Financial Aid Office receptionist.
3. Attach your letter to the loan application and submit them together to the Financial Aid Office. Also attach your instructor's letter and vendor's quote, if required.

You can also contact the Financial Aid Office at (530) 898-6451 or email finaid@csuchico.edu.

Before buying a computer, make sure you consult Student Computing's recommended hardware specifications.

Other Options

There are various options available for buying, leasing, upgrading, or receiving a loan for a personal computer. Below is a list of resources both on- and off-campus. Before buying a computer make sure you consult Student Computing's recommended hardware specifications.

* Check your local phone listing for additional resources.
** These prices are subject to frequent change.