To be considered for a loan, a student must satisfy the following criteria:

• Be an ASME Member or Student Member in good standing.
• Be enrolled in full-time academic studies in the U.S., Canada or Mexico and making satisfactory progress in his or her degree program in Mechanical Engineering, Mechanical Engineering Technology or closely related program.
• Have a minimum cumulative GPA of:
       2.20 on a 0 to 4.00 scale (undergraduate students)
       3.20 on a 0 to 4.00 scale (graduate students)
• Have a demonstrated financial need.

Evaluation Criteria

Preference for loans is to be given to qualified:

1. Undergraduate: Upper Division Students
2. Graduate: 2nd Year Masters Degree Students
3. Undergraduate: Lower Division Students
4. Other Students

This is not meant to discourage qualified freshmen, sophomores and graduate students from applying, but indicates that loans are first made to qualified undergraduate, upper-class students. For evaluation purposes, no distinction is to be made between "academic year" loans and "summer term" loans.

The following guidelines are used to evaluate and rank the applicants:

• Financial need
• Academic performance
• Participation in ASME activities
• Assessment of risk of default

All monies available for loans in a given year need not be awarded, if the number of qualified applicants is insufficient.