SCHOLARSHIP LOAN INFORMATION FOR APPLICANTS AND THEIR PARENTS OR GUARDIANS:

The Scholarship fund is made available to the children of qualified Members, Associate Members, and Retired Members in good standing. The applicant’s parent or guardian must be a member in good standing with the Society for a minimum of three years in order to qualify. It is also available to the children of deceased members, who were in good standing at the time of death.

LINK: SCHOLARSHIP LOAN APPLICATION

QUALIFICATIONS:

In order to qualify, the applicant must already be in attendance or accepted for admittance as a full-time student in the next regular term of the indicated institution of higher education.

ACCEPTABLE INSTITUTIONS:

Accredited Colleges which grant degrees: Business Schools, Nursing Schools, and Trade Schools, which restrict admission to high school graduates and which have one of the following accreditations by: The Department of Education of their respective State, The National League for Nursing, National Accrediting Commission for Business Schools, The National Engineering Council for Professional Development.

There are no restrictions on the program of study, except that it lead to a degree or diploma. Furthermore, there are no restrictions on pre-college preparation, except that the student be graduated from a secondary school and be accepted for admission or be enrolled in an approved institution of higher education of his or her choice. This includes graduates of public, private, and denominational secondary schools. Pre-college students are those who have successfully completed high school equivalency examinations. The Board of Directors will determine the maximum amount of each annual loan, and the total amount available to all applicants. The total amount available will be distributed in the order in which applications are approved.

TERMS:

Loans made to deserving applicants will be repayable to the S.M.P.E under the terms of arrangements to be made by the scholarship Committee of the Society. For each loan a note of indebtedness (Promissory Note) must be signed indicating that the note is interest free for a period of five years and is due and payable five years from the date of execution. On notes of indebtedness not paid on the due date, interest on the unpaid balance will be applied at one percent per month on the unpaid balance until the loan is repaid in full. The approved loan will be paid directly by the Society to the school of the applicants choice prior to beginning of the academic school year, providing application is made at least four months prior.

APPLICATION PROCESS:

The Scholarship Committee of the Society will review applications, and seek any verifications it feels necessary. Applicants receiving favorable consideration will be submitted by the committee with their recommendations to the Board of Directors of the Society for their final approval, after which applicants will be notified as to the Board’s action.

Each individual will be entitled to a maximum of four such loans regardless of his or her scholastic position, graduate or undergraduate. Interest will not be charged on these loans prior to the due date. Applicants must re-apply for a loan each school year, as there is no automatic renewal. Repayment of the loans must commence one year after graduation (or after leaving school, if not graduated) unless the student asks for a grace period due to full time postgraduate studies and the Scholarship Committee grants it.

NOTIFICATIONS:

Students and or their Society parents must notify the Scholarship Committee promptly of any change in status from other than full time student. The Society Member parent must remain a member in good standing for the duration of the student’s loans. By co-signing the promissory note, the Society member assumes secondary responsibility for repayment of the loans. The student and co-signing member agree to keep the Society informed regarding changes in his/her address and telephone number.