Cook macaroni according to package instructions until al dente.

Drain the macaroni and rinse with cold water to stop the cooking process.

Let the macaroni cool completely.

In a large bowl, combine the cooled macaroni, diced green pepper, chopped onion, and shredded carrots.

In a separate bowl, whisk together the Eagle Brand condensed milk, vinegar, mayonnaise, salt, and pepper.

Pour the dressing over the macaroni mixture and stir well to combine.

Cover the bowl and refrigerate overnight to allow the flavors to meld.