The initial monthly payment of the 36 month repayment series is due six (6) months after completion of degree requirements for which the loan is granted or termination of full-time enrollment in that degree program. At the end of this six-month "grace period" the interest rate will commence and repayment must begin
  
Extensions
A one-time Graduate Education Extension may be awarded to qualified students who are enrolled in full-time studies towards a Masters Degree in Mechanical Engineering or Mechanical Engineering Technology.

Loan recipients wishing to request a one-time Graduate Education Extension of repayment must make a written request to the screening committee at least one month prior to the end of the grace period. The written request should include:

1. A transcript of previous work completed.
2. A copy of a letter of acceptance to a graduate school.
3. A summary of the proposed plan for the graduate studies.
4. An estimated date of graduation.
5. Complete information on any other sources of financial assistance.

If the request is approved, the Loan repayment is postponed without interest until after completion or termination of full-time graduate studies. At that time, the repayment schedule begins at the then prevailing interest rate. There is no additional grace period once a Graduate Education Extension has ended.

Requests for an extension of the loan repayment to begin graduate studies will be evaluated based on the following considerations:

1. The availability of funds.
2. The probable success of the applicant.
3. The need of the applicant.
4. The appropriateness of the graduate program proposed.
5. Continued membership in ASME.