Cook elbow macaroni in salted boiling water until al dente, about 7–8 minutes. Drain and let cool slightly.
In a saucepan, melt butter over medium heat. Whisk in flour and cook for 1 minute until lightly golden.
Slowly add milk, whisking constantly until thickened. Stir in cheddar cheese until smooth.
Fold macaroni into the cheese sauce. Season with garlic powder, paprika, salt, and pepper.
Spread mixture evenly in a shallow dish. Cover and refrigerate for at least 1 hour.
Scoop tablespoon-sized portions and roll into balls.
Dip each ball into beaten eggs, then coat with panko breadcrumbs.
Fry in 350°F (175°C) oil for 3–4 minutes until golden brown.
Drain and serve hot with dipping sauces.