Loan Entrance Counseling for Fall Semester 2012
Macalester College International Student Loan
New Borrowers: Entrance Counseling to be held from 11:00 a.m. - 1:00 p.m. on the days shown below.
| Tuesday |
September 11 |
11:00am |
Last Session 12:30pm |
CC215 |
| Wednesday |
September 12 |
11:00am |
Last Session 12:30pm |
CC215 |
Note:Sessions will begin every 30 minutes on the Hour and Half Hour.
(For example: 1st session starts at 11:00 a.m., 2nd sessions starts at 11:30 a.m. etc.)
Returning Borrowers: Signing of New Disclosure Statement from 10:00 a.m. - 2:00 p.m. on the days shown below. Borrowers can come at any time during the hours listed.
| Thursday |
September 6 |
10:00am - 2:00pm |
Student Accounts Office, 77Mac |
Room 102E |
| Friday |
September 7 |
10:00am - 2:00pm |
Student Accounts Office 77Mac |
Room 102E |
General Information
Macalester College International Student Loan (MCISL)
The MCISL is a need based, long-term, fixed rate loan. It is awarded to international students attending Macalester College by the Financial Aid Office. This loan is funded by Macalester College. Macalester College is the lender and administrator of this loan program. The loan must be repaid.
Interest Rate and Repayment Terms
The MCISL has a 7.0% fixed interest rate for the life of the loan. Interest begins to accrue as soon as the loan has been disbursed to the student’s billing account. There is a 6 month grace period after a borrower graduates or are no longer enrolled half-time at the college. Interest continues to accrue during the grace period, but the borrower is not obligated to make any payments during grace. At the end of the grace period, accrued interest will be capitalized (added the total loan amount). Repayment begins after the grace period ends. The repayment period is ten years. A borrower may repay all or part of the principal and interest at anytime without any penalties. A borrower may apply for graduate school deferment, unemployment, and economic hardship deferment/forbearance. Under certain circumstances a borrower who is experiencing repayment difficulties may apply for a repayment grant.
Entrance Counseling
Students who have been awarded the MCISL by the Financial Aid Office and who have completed the MCISL application will be requested to attend an entrance counseling session. At the beginning of the Fall Semester, the MCISL Coordinator will contact the students by email and send a notice to the Student Post Office Box (SPO) announcing the date and time for the entrance counseling session. At the counseling session, students will be requested to sign the Promissory Note and the Disclosure Statement and the rights and responsibilities as a borrower will be explained. The counseling session is mandatory. Students will not receive the loan without completing this process.
Perkins Loan General Information
Signing of Federal Perkins Promissory Note/Entrance Counseling
| Thursday |
September 6 |
9:00am |
Last Session 3:00pm |
CC214 |
| Friday |
September 7 |
9:00am |
Last Session 3:00pm |
CC214 |
| Monday |
September 10 |
9:00am |
Last Session 3:00pm |
CC214 |
| Tuesday |
September 11 |
9:00am |
Last Session 3:00pm |
CC214 |
Note:Sessions will begin every 30 minutes on the Hour and Half Hour.
Federal Perkins Loan
The Perkins Loan is a need based, long-term, low-interest,
fixed rate loan. This loan is partially funded by the governement
and by Macalester College. Macalester College is the lender and
administrator of this loan program. This is a Title IV program.
The loan is governed by federal regulations set by the Department
of Education. The loan must be repaid.
Interest Rate and Repayment Terms
Perkins loans have a 0% interest rate while you are enrolled
in college at the half-time level or above and during a nine month
grace period after you leave school. Repayment begins at the end
of the grace period and lasts for a period of ten years, during
which interest is charged at 5.0%. You can apply for a deferment
if you enroll in graduate school, become unemployed, or meet other
conditions specified on your promissory note.
Entrance Interviews
If awarded a Perkins loan by the Financial Aid Office,
you will be requested to attend an entrance interview after you
have completed a Perkins loan application. Watch for a notice in
your SPO for the dates and times. At this interview you will be
requested to sign the Promissory note and your rights and responsibilities
as a borrower will be explained to you. This interview is mandatory.
You will not receive the Perkins loan without completing this process.
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