Federal Perkins Loan

The Perkins Loan is a need based, long-term, low-interest, fixed rate loan. This loan is partially funded by the government 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.

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.

You may repay all or part of the principal and interest at any time without any penalties.

Perkins Loan Entrance Counseling

If awarded a Perkins loan by the Financial Aid Office, you will be required 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 responsibilities as a borrower will be explained to you. This interview is mandatory. You will not receive the Perkins loan without completing this process.

New Borrowers: Entrance Counseling to be held on the dates and times shown below. Sessions will begin every 30 minutes on the hour and half hour.  (For example: First session starts at 11am., second sessions starts at 11:30am, etc.)

Thursday      September 4    11am-2pm    Last Session 1:30pm     Campus Center 215
Monday September 8    12pm-2pm    Last Session 1:30pm     Campus Center 214

Returning Borrowers:  Entrance Counseling to be held on the dates and times shown below.
Returning borrowers can come at any time during the hours listed to sign their documents. 

Friday        September 5    11am-2pm Campus Center 215
Monday        September 8    10am-2pm Campus Center 214

 

Perkins Loan Exit Counseling

As a Macalester College Federal Perkins Loan borrower, you are required to attend a group loan exit interview session before graduation. During the one-hour session you will receive a summary of your rights and responsibilities, an overview of repayment, deferment and cancellation options, and information on the consequences of delinquency and default on your Federal Perkins and/or Direct Loans. Please Note: Diplomas will be held until you have attended the group Exit Interview Session and completed a short on-line exit session.

Perkins Exit Counseling Sessions for Spring 2015

Tuesday                TBD         4:45 - 6:15 p.m.    CC JBD Lecture Hall
Wednesday           TBD         4:30 - 6:00 p.m.    CC JBD Lecture Hall

Contact Information for Perkins Borrowers Currently Enrolled at Macalester

John Rapos
Loan Officer
Perkins and Institutional Loans
Macalester College
77 Macalester Street
1600 Grand Avenue
Saint Paul, MN 55105-1899
USA

Telephone: 651-696-6578
Facsimile: 651-696-6631
Email:

Contact Information for Perkins Borrowers Not Currently Enrolled at Macalester

John Rapos (see above)
Questions and applications for Graduate School Deferment, Unemployment/Economic Hardship Deferment, Economic Hardship Forbearance, Loan Forgiveness may be directed to the Loan and Collections Coordinator

University Accounting Services (UAS)
(Macalester College's Loan Servicer)
Questions and correspondence regarding your loan may be directed to:

University Accounting Service, LLC.
PO Box 932
Brookfield, WI 53008-0932
Phone: (800) 999-6227

If you do not receive a statement, you are still responsible for making your payment (Be sure to notify the Loan and Collections Coordinator). Make your check or international money order payable to Macalester College with your loan account number  in the memo section of your check and mail to:

University Accounting Service, LLC.
PO Box 5291
Carol Stream, IL 60197-5291

  • UAS website
    Set up automatic withdrawal of payment with UAS; set up an ECHO account to view the status of your loan account, schedule on-line payments and have your statement sent electronically.
  • Free Annual Credit Report
    AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. This central site allows you to request a free credit file disclosure, commonely called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion.

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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.

The MCISL has a 6.8% fixed interest rate for the life of the loan.  The loan will be disbursed directly to the student account.  No interest accrues on the loan while the borrower is enrolled at least half-time at the college.  There is a 6 month grace period after a borrower graduates or are no longer enrolled half-time at the college.  No interest accrues during the grace period and the borrower is not obligated to make any payments during grace.  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.

MCISL 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.  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.

New Borrowers: Entrance Counseling
11 a.m. - 1 p.m. on the days shown below.

Tuesday September 9 11a.m.-1p.m. Last Session 12:30 p.m. CC215
Wednesday September 10 11a.m.-1p.m. Last Session 12:30 p.m. CC215

Note: Sessions will begin every 30 minutes on the hour and half hour.
(For example: First session starts at 11 a.m., second sessions starts at 11:30 a.m. etc.)

Returning Borrowers: Signing of New Disclosure Statement
10 a.m. - 2 p.m. on the days shown below. Borrowers can come at any time during the hours listed.

Wednesday September 3 10 a.m.-12 p.m. 1p.m.- 2 p.m. Student Accounts Office, 77Mac Room 102E
Thursday September 4 10 a.m.-12 p.m. 1p.m.- 2p.m. Student Accounts Office, 77Mac Room 102E

 

MCISL Exit Counseling

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

MCISL Exit Counseling Sessions

Wednesday    TBD                      12:00- 1:00 p.m.   CC 214
Thursday        TBD                      12:00 - 1:00 p.m.  CC 205

Contact Information for MCISL Borrowers Currently Enrolled at Macalester

Trine Flinn
Loan Officer
International Student Loan
Macalester College
77 Macalester Street, Room 102E
1600 Grand Avenue
Saint Paul, MN 55105-1899
USA

Telephone: 651-696-6660
Facsimile: 651-696-6631  
E-mail:

Contact Information for MCISL Borrowers Not Currently Enrolled at Macalester

Trine Flinn (see above)
Questions and applications for Graduate School Deferment, Unemployment/Economic Hardship Deferment, Economic Hardship Forbearance and Repayment Grant may be directed to the MCISL Coordinator.

University Accounting Services (UAS)
(Macalester College's Loan Servicer)
Questions and correspondence regarding your loan may be directed to:

University Accounting Service, LLC.
PO Box 932
Brookfield, WI 53008-0932
USA
Phone: 800-999-6227

If you do not receive a statement, you are still responsible for making your payment (Be sure to notify the MCISL Coordinator).  Make your check or international money order payable to Macalester College with your loan account number (735-60- Macalester ID#) in the memo section of your check and mail to:

University Accounting Service, LLC.
PO Box 5291
Carol Stream, IL 60197-5291
USA

  • UAS website
    Set up automatic withdrawal of payment with UAS; set up an ECHO account to view the status of your loan account, schedule on-line payments and have your statement sent electronically.
  • Free Annual Credit Report
    AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion.

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Institutional Loan

The Henry Strong and Macalester Loan are institutional loan programs funded by the Henry Strong Educational Foundation and Macalester College and are administrated by Macalester College. These loans must be repaid.

Henry Strong loans have a 0% interest rate while you are enrolled in college at the half-time level or above and during a 6 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 6.0%. You are eligible for an interest-free deferment while you are enrolled as at least a half-time undergraduate or graduate student.  A six-month grace period will follow each deferment period.  You may apply for forbearance.  Interest accrues and must be paid during periods of forbearance. You may apply for up to 36 months of forbearance during the life of the loan. You may repay all or part of the principal and interest at any time without any penalties.

The Macalester Loan has a 0% interest rate while you are enrolled at Macalester College at the half-time level or above and during a 6 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 6%. Due to the limited amount in this loan fund, Macalester College is not able to offer any deferments for repayment.  You may apply for forbearance.  Interest accrues and must be paid during periods of forbearance. You may repay all or part of the principal and interest at any time without any penalties.

Henry Strong and Macalester Loan Entrance and Exit Counseling

If awarded a Henry Strong or Macalester loan by the Financial Aid Office, you will be required to attend an entrance interview after you have completed a loan application. Individual entrance interviews will be scheduled by the by the Loan and Collections Coordinator.

You are also required to attend a loan exit interview session before graduation. During the session you will receive a summary of your rights and responsibilities, an overview of repayment, and information on the consequences of delinquency and default. Please Note: Diplomas will be held until you have attended the Exit Interview Session and completed a short on-line exit session.

Contact Information for Institutional Loan Borrowers Currently Enrolled at Macalester

John Rapos, Loan Officer, Perkins and Institutional Loans
Macalester College
77 Macalester Street
1600 Grand Avenue
Saint Paul, MN 55105-1899
USA

Telephone: 651-696-6578
Facsimile: 651-696-6631
Email:

Contact Information for Institutional Loan Borrowers Not Currently Enrolled at Macalester

John Rapos, Loan Officer, Perkins and Institutional Loans
Questions and applications regarding loan repayment options may be directed to the Loan Officer.

University Accounting Services (UAS)
(Macalester College's Loan Servicer)
Questions and correspondence regarding your loan may be directed to:

University Accounting Service, LLC.
PO Box 932
Brookfield, WI 53008-0932
Phone: (800) 999-6227

If you do not receive a statement, you are still responsible for making your payment (Be sure to notify the Loan and Collections Coordinator). Make your check or international money order payable to Macalester College with your loan account number  in the memo section of your check and mail to:

University Accounting Service, LLC.
PO Box 5291
Carol Stream, IL 60197-5291

  • UAS website
    Set up automatic withdrawal of payment with UAS; set up an ECHO account to view the status of your loan account, schedule on-line payments and have your statement sent electronically.
  • Free Annual Credit Report
    AnnualCreditReport.com is the official site to help consumers to obtain their free credit report. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion.

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