Upon request, Brown may provide a loan to employees in good standing. The program and policy is administered by the Loan Office. No employee can be guaranteed that they will receive an employee loan.
To be eligible to apply for an employee loan, Brown employees must:
- Be currently in good standing;
- Work on the regular payroll;
- Not have a lien or levy on their salaries or wages; and,
- Have completed their probationary periods.
Note: Applicants who have worked less than 12 months at Brown must satisfy the requirements of a credit check. The University reserves the right to request credit checks on any other loan applicants at the discretion of the Loan Office.
General Loan Information
Employees may borrow an amount up to 20% of their annual base salary. The loan will be repaid through payroll deductions over a 12 month period or over the remaining months of full-time, active employment if less than 12 months will be worked. Only one loan may be outstanding at any point in time. Interest on the loan will accrue at a constant (non-variable) rate based on the prime rate at the time of loan application, up to a maximum of 12% simple interest. Employees leaving Brown prior to the end of the 12 month loan repayment period will have the loan balance deducted from their final paycheck and employees must pay any remaining balances prior to separating from the University.
Questions should be directed to the Loan Office.