Financing Options for International Students

• Available to international students studying on a valid, non-immigrant visa who applied and qualified for need- based financial aid.

• Annual loan limits are based on the student’s year in school and are outlined in the four-year financial aid letter.

Macalester understands the idea of taking on a loan can be concerning for many families and therefore takes great care to ensure the MCISL loan is as favorable as possible, including:
1) The Macalester College International Student Loan is provided directly to students and does not require a student’s family to co-sign or assume responsibility for the loan. Therefore, a student’s family will have no obligation and will not be burdened by the loan.
2) The MCISL has a fixed interest rate of 6% (meaning the interest rate will not increase suddenly over time), and the loan will not add interest while a student is enrolled at least half-time at Macalester. Therefore, when students leave Macalester, the balance will include the loan principal only (assuming no interruptions in study that cause the loan to enter repayment period).
3) Like the U.S. student loan program, when students do leave Macalester, they will not be expected to make payments immediately. Students have a 6 month grace period before they start repaying the loan.
4) The standard repayment period is 10 years.
5) MCISL payments can be deferred (with no interest accrual), while a student is in graduate school.
6) Because the loan is administered by Macalester, and not a bank or government, we can be much more flexible in working with graduates should they ever have trouble making monthly payments. Macalester will work with graduates on a case-by-case basis to determine what will be most helpful in their current situation.
7) Each year, students may choose to take all, some, or none of the offered MCISL amount, depending on how financial circumstances change over four years.

Note: Students choosing not to accept the full MCISL amount in a given year are responsible for making up the difference. Macalester cannot replace the MCISL with additional scholarship. Information is available at: https://www.macalester.edu/financialaid/loans/mcisl/.

Generally awarded to students who are in need of funds beyond the limits of the MCISL.

• No payments are required and no interest accrues while half-time enrollment is maintained.
• Required payments begin six months following graduation or withdrawal from Macalester.
• Interest rate during repayment is fixed at 6%.
• Standard repayment period is ten years.

Additional information is available at: www.macalester.edu/financialaid/loans/macloan/

While not common, in some cases, your country’s government or local bank may offer their own loans which could be used for education purposes. These are often referred to as alternative, supplemental, or private loans. Students/families will need to check with their local bank/financial institution. Private loans should be seen as an option of last resort.

This optional plan allows families to make multiple payments each semester.
• Available to families with Automatic Bank Payment (requires a U.S. Bank Account) OR a credit card.  Note: There is a 2.75% transaction fee for payments made with a credit card.
• Families may pay all or part of educational costs through the payment plan.
• $85 annual non-refundable enrollment fee.
• Option of making 9 to 12 monthly payments.
• Starting date ranges from April 1 to August 3, depending on the plan.
• Automatic deduction occurs on the 5th of the month.
The first monthly payment is due according to an established schedule for each plan. For more information, visit mycollegepaymentplan.com/macalester-college.