In order to secure the best prices for iPads for our techEQUITY iPad program, and to smooth out payments of the years that we will use the iPads, we lease iPads from Apple at a 0% interest rate. We then buy the entire batch from Apple at the end of the lease term for a cost of $1.00 for the entire batch (not per device).

Up to this point, we have leased student iPads on a three-year term, assuming that we would need to replace many student iPads after three years of use. Based on our experience in running the program so far, we have determined that we can expect at least four years of use from student iPads. Therefore, we can reduce the number of iPads we would need to buy on an annual basis.

This lease agreement represents the new, four-year lease model for the ongoing techEQUITY iPad program.