Using Private or Parent Loan for Computer Purchase

  • The documented cost of a computer can be added to a student's financial aid "budget" once during the four year enrollment.
  • The parent and/or student may apply for private loan funds or Federal Parent Loan funds up to the difference between the total financial aid budget established for the individual student and any aid received.
  • The loan funds that are received by the College - generally half each semester - are first applied to the student's account. Any loan amount that exceeds the charges on the account can be returned to the student or parent.
  • These funds can then be used to either pay for the computer expense for those companies who are willing to hold the invoice until the refund is received or as a reimbursement to the family for the purchase made earlier.
  • Please note that checks are not usually available until late September for the fall semester and February for the spring semester.


  1. Document the purchase of the computer for the Office of Financial Aid. We must have this before you apply for the loan funds in order to certify the correct amount.
  2. Work with your computer vendor to determine if they can hold the invoice or if you will need to purchase the computer first.
  3. Submit your loan application to the lender. Include the amount of the computer purchase - this loan must cover your charges to the College as well unless you have paid your semester bill in full.
  4. SJC will receive information from the lender regarding your loan approval and will certify the loan based on the following formula: Total Cost of Education (Standard Budget + Documented Computer Purchase) - Financial Aid (all sources) = Maximum Loan to be Certified
  5. Loans are generally disbursed by semester - half for fall and half for spring.
  6. Refunds, if applicable, are reviewed after the add/drop period each semester.