Students may apply for and receive more than one ASME loan over a period of time. The total amount allowed is dependent on financial need, as reflected on the student's loan application.

The total borrowed shall not exceed an amount set by the Board of Directors, ASME Center for Education. (Current maximum is $3,000 per academic year; or $9,000 total per undergraduate borrower.  An additional $3,000 is available for qualified, full-time graduate students; in that case the total is $12,000.)