I found this years ago in a Judds cookbook. My family loves it!! It's nice and creamy when you put in the velvetta cheese. I have to make it every year during the holidays for my nephew. haven't found another receipe as good as this one southern style!
Heat oven to 350 degrees. Cook macaroni. Melt butter in saucepan, whisk in flour to make a paste, gradually whisk in milk. Bring to a simmer over medium heat until thickened about 1 minute. Add cheese, salt and pepper. Stir macaroni into cheese sauce. Put in a baking dish and bake uncovered 20-25 minutes. Last 5 minutes add shredded cheese to the top and bake until golden brown.