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Loan Repayment

Loan Repayment Policies

Each year, approximately 30% of the SFS student body is assisted with loans from the Merck Family Student Revolving Loan Fund. The availability of loan monies is contingent upon the timely repayment of loans by previous borrowers to provide funding for new loan recipients. The repayment period for each loan is stipulated in the Loan Agreement at the time the loan is made. Students are responsible for making monthly payments on their loans starting the month after their SFS programs are completed.

Any loan for which payment is late one month or more will be considered in default. Grades will be withheld from any student considered to be in default and the student's co-signer will be expected to assume payment. SFS charges interest on overdue loan balances at the rate of 15% per year, compounded monthly.

Students who are having temporary difficulty meeting their repayment obligation should contact Joan Cluster, Staff Accountant, by email at or at 978.219.5109 to arrange a mutually agreeable, revised payment schedule.

Policy Regarding Outstanding Tuition Balances

No grades will be awarded, nor transcripts issued, until all outstanding tuition monies are paid in full. All outstanding balances must be settled prior to receiving credit for your semester. If your balance is not cleared, your grades will be submitted to U of M as incomplete. Your official transcript will indicate an incomplete (I) grade status. Transcripts will be issued six to eight weeks following the end of the session. Corrected grades will be sent to U of M, or your SFS transcript will be released when your account is settled. All incomplete grades are converted to failing grades within 12 months of program end if full payment has not been submitted.

Policy Regarding Other Outstanding Fees

Students may occasionally incur expenses that are covered by the Center staff and/or faculty. These may include, but are not limited to, medical expenses, phone bills, and charges for damage done to SFS facilities and/or equipment. Students must pay in full for these expenses prior to their departure from the program. No grades will be awarded until all outstanding fees are paid in full.