ASME Foundation Student Loans are made possible through the generous support of The ASME Foundation.

Please review the APPLICATION and GUIDELINES

Deadlines

Applications and all supporting materials must be sent by mail or express delivery together in one packet using the following posting deadlines for the corresponding school period. [NOTE: "Postmark" refers to the date the package is sent.]

SUMMER Applications will be accepted with a postmark no later than April 20.

FALL Applications will be accepted with a postmark no later than July 20.

WINTER Applications will be accepted with a postmark no later than October 20.

SPRING Applications will be accepted with a postmark no later than January 20.

 

Loan Amounts & Interest Rate

  • ASME is pleased to offer Foundation Student Loans at 1% below federal Stafford Loans. The current rate is 2.86%.
  • Students may apply for and receive more than one ASME Foundation 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 on Education as outlined below.
  • a. The current maximum is $3,000 for each academic year; or $9,000 total for each undergraduate borrower.
  • b. An additional $3,000 is available for qualified, full-time graduate students; in that case, the limit is a total of $12,000.

Eligibility for ASME Foundation Student Loans

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

  • Be an ASME student member in good standing
  • Be enrolled in full-time academic studies in the United States, Canada, or Mexico, making satisfactory progress in his or her degree program in mechanical engineering, mechanical engineering technology, or a closely related program
  • Have a minimum cumulative grade point average (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 demonstrated financial need

Not yet an ASME student member? You may apply for membership while applying for a loan or scholarship.

 

Evaluation Criteria

Preference for loans is to be given to qualified:

  • Undergraduate: Upper-division Students
  • Graduate: 2nd-year master's degree students
  • Undergraduate: Lower-division students
  • 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 funds available for loans in a given year need not be awarded. If the demand exceeds the capacity of the loan fund, then preference for loans may be given to qualified applicants.

 

Application Requirements

Please read and follow the application instructions at the beginning of the application very carefully:

ASME Foundation Student Loan Applications

The ASME Foundation Student Loan Fund operates in accordance with Society Policy P-13.2 using the following qualifications and procedures:

  • You must be a current ASME student member to login to the online application system. (Click here to join ASME or renew your dues.) If you haven't received or have forgotten your student member number, please request it at CustomerCare@asme.org or call 1-800-THE-ASME (1-800-843-2763).
  • You must complete the entire application.
  • The application must have a co-signer who must be someone who will be able to provide ASME with your address if you have relocated, i.e., a parent, guardian, or relative. Co-signers must be North American permanent residents. The borrower's spouse and other students are not acceptable as co-signers.
  • The recommendation and signature of the Department Head is required. The academic institution and Department Head bear no financial liability under this program and principally attest to the applicant's academic status and performance.
  • Two copies of the completed loan application must be returned along with one official transcript. The official transcript must be from the college or university you are currently attending, and show your GPA plus your current enrollment status. Loan applications and transcripts must be postmarked by the deadline dates above, and sent to:

ASME Foundation
Attn: Roseann Piccoli, Administrator, Student Loans
22 Law Drive
Fairfield, NJ 07007-2900

  • To confirm that your loan application has been received, please send an e-mail to loans@asme.org.
  • If approved, you will receive a loan letter with a loan note, which must be completed and returned to ASME. All information on the loan note must be properly completed. Please be sure that you and your co-signer read the instructions carefully, sign, and return the loan note.
  • Once the completed note is received by ASME, the loan note will be checked and you will be notified via e-mail informing you when your loan check will be sent to you.
  • If you have any questions, please send them to loans@asme.org.

 

Repayments

The initial monthly payment of the 36-month repayment series is due six 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.

The ASME Foundation Student Loan Fund was started by a grant from the ASME Board of Governors, and it is sustained by student members repaying the loans after they've graduated. So it is truly engineers helping student members — members helping members!

Why does the fund work so well? Simply put, your fellow student members and colleagues who have graduated make it work well.

 

Repayment Extensions

A one-time Graduate Education Extension may be awarded to qualified students who are enrolled in full-time studies toward a master's 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:

  • A transcript of previous work completed
  • A copy of a letter of acceptance to a graduate school
  • A summary of the proposed plan for the graduate studies
  • An estimated date of graduation
  • 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:

  • The availability of funds
  • The probable success of the applicant
  • The need of the applicant
  • The appropriateness of the graduate program proposed
  • Continued membership in ASME