The loan must be repaid within five (5) years / (60 months) after the earlier of January 1st following the end of the 4th academic year or upon school severance for any reason.

Students are encouraged to promptly pay back loans, and the MCSLF has established an interest free grace period after graduation or leaving school for any reason to January 1st following the end of the 4th academic year or upon leaving school. During this grace period any loan payments are deducted from the outstanding principal of loans. Grace period extensions requests for students that continue their education beyond four years are considered on a case-by- case basis by the MCSLF Board; grace period extension requests may be denied and in no circumstances will the maturity of the note be extended.

Loan repayment plans are tailored to meet student’s financial situation; the MCSLF requires minimum monthly payments of $160 be established by the earlier of January 1st following the end of the 4th academic year or upon school severance prior to the 4th academic year.

Student loan interest is added to the outstanding balance of the loan on an annual basis on January 1 and is calculated based upon 6% of the outstanding December 31 loan balance.

MCSLF currently offers two methods of payment:

  • ACH (Preferred for students and MCSLF benefit) – this can be implemented by downloading and completing an ACH form and returning it to MCSLF along with a voided check, if available. Debits (withdraws) from students account will be the 20th of each month and initiated in the month the students indicates on the form.

    Download the Direct Payment (ACH Debit) Authorization Form

    If a student desires to change the amount at any time, the student can contact download and complete an ACH form and email completed form to our Assistant Treasurer, Tim Bruckhart at mcslfassistreasurer@verizon.net, or mail completed form to Manheim Central Student Loan Fund PO Box 521, Manheim PA 17545. Adjustments will generally be initiated the month you notify MCSLF if provided prior to the 15th of the month if submitted after the 15 adjustment will be initiated the following month.

  • Alternatively, check can be made payable to Manheim Student Loan Fund and mailed to: Manheim Central Student Loan Fund PO Box 521, Manheim PA, 17545

If the demand note is not paid in accordance with its terms, the parties that signed the demand note agree to pay all costs of collection, including reasonable attorney fees. In the event that any judgment is obtained under the demand note, the parties that signed the note waive, to the extent permissible under law, the benefit of any law exempting their property, or any part of it.