Queen's University offers a payroll deduction loan program to its staff and faculty members. You may take out a loan of up to $5000, interest free, over a term of up to 36 months. The payroll deduction loan program is a taxable benefit.
If you are unsure if you are currently paying benefits, please contact yourHuman Resources representative to determine if you are eligible.
A $50 tax-exempt administration fee is rolled into each new payroll deduction loan, and is not required to be paid up front. There is no minimum purchase amount required to initiate a payroll deduction loan. However, we recommend an amount greater than $500 to offset the $50 administration fee. The monthly payment is calculated by taking the total of your purchase (including tax and the $50 administration fee), and dividing it by the number of months in the term you selected.
You may add to your loan at any point (keeping in mind the $5000 maximum), but the subtotal of this purchase must exceed $100. No additional administration fee is applicable. Your monthly payment will be recalculated by adding the total of the new purchase to your outstanding balance and dividing the new balance by the number of remaining months of your loan. You cannot have concurrent deductions, nor extend the length of the term.
The loan may be paid off at any point during the term, without penalty. The administration fee is non-refundable.