MCISL 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.
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.
Macalester College requires that all MCISL borrowers attend an exit counseling session prior to leaving school. Details about your loan will be discussed at length. Failure to complete Exit Counseling will result in a HOLD being placed on your transcript records and your diploma. Exit counseling is scheduled in the spring semester for seniors and on an individual basis for others. Please contact the MCISL Coordinator (see loan contact information) if you are leaving school and an exit counseling session has not been scheduled.
Topics Discussed at Exits:
- How to Repay the Loan
- Deferment, Forbearance and Repayment Grant
- The Consequences of Delinquency and Default