Mercer Scholarship Fund

Statement of our policy

Money from this fund is available as an interest free loan to qualified students of dentistry and related dental fields. Normally we can only provide a small percentage of total annual costs. Total loan is divided over the number of years of study and is normally disbursed before the beginning of the fall term. A transcript of recent grades must be presented before each loan installment is paid.

In the first year, that years amount is disbursed only after the first semesters grades are provided to the loan committee. (Example: $10,000 loan for four years with school beginning Sept. 2000 --- $2,500 Jan. 01 - $2,500 Aug. 2001 - $2,500 Aug. 2002 - $2,500 Aug. 2003). In a case of poor performance further payments may be cancelled, and the loan outstanding may be immediately due. Prompt repayment is essential to allow other students to benefit from the fund.

Normally, one-year grace period is granted before regular monthly repayments begin. Repayment will normally be over a three to five year period for a hygienist or a dentist loan. Deviation from the repayment schedule will result in application of interest of 7% to the loan. Serious deviation will result in assessment to the borrower of retroactive interest of 7% for the full term of the loan along with any costs incurred for collection. A responsible adult who resides in Bermuda must guarantee every loan.

 

Mercer Scholarship Fund Application