Clark Educational Loan is a Waltham tradition for more than 40 years

Application deadline for this year is May 2

A longstanding program offered through the City of Waltham helps newly minted Waltham High School graduates offset the high cost of education.

The program? The Clark Educational Loan, an interest-free loan for post-secondary education awarded to Waltham High grads. 

According to City Treasurer Thomas J. Magno, funds for the loan stem from a $50,000 bequest made in 1980 by city resident George A. Clark. Clark, a longtime owner of a funeral home on Spruce Street, donated the money specifically to create “interest-free loans for deserving Waltham High School graduates who desire to further their education.”

The size of the loans granted each year is based on the earnings of the fund, as the principal stays intact. 

According to Magno, a total of $25,000 should be available for loans this year.. 

Each year school officials determine which applicants are offered loans. Andrea Landry, an assistant to Superintendent Marisa Mendonsa, said the amount awarded per student depends on how many students accept a loan. 

Landry said 25 WHS applicants were eligible for loans in 2024.

Students must sign a promissory note, Magno said. They do not repay the loan until they are out of school; they then have six years to repay the loan.

Students interested in applying can get application forms through the WHS guidance department. Applications must be completed and returned to the guidance department by Friday, May 2. Winners will be determined before the end of the school year.