Loans are available only to juniors, seniors, and graduate students.
The face of the loan, plus interest, is payable monthly beginning three months after leaving school. Applicant must be a member in good standing of a chartered Sigma Phi Epsilon chapter. Qualification is based on scholarship, participation in SigEp, college and community activities, and financial need. When 2 applications are sent to all chapters in late January each year. Additional applications are sent on request.