Loan Types Available Through Lela

Federal Stafford Loans

The Federal Family Education Loan Program (FFELP) offers federal subsidized Stafford loans, and federal unsubsidized Stafford loans, with interest rates well below average and special repayment schedules. The money you borrow must be used for school costs such as tuition, fees, books, supplies, and room and board.

Subsidized

The federal subsidized Stafford loan is a low-interest loan made to students who demonstrate financial need. While the borrower is enrolled in school at least half-time, the interest is paid by the federal government. Repayment begins six months after the student graduates, withdraws from school, or drops below half-time status. Repayment can be extended to as many as 25 years based on the total outstanding balance.

Unsubsidized

The interest rate and amounts for this loan are the same as for the subsidized Stafford Loan; however, students are responsible for paying the interest while enrolled in school and during any grace, deferment or repayment periods.This loan is not based on financial need, but federal and school guidelines apply. A student may opt to have the interest deferred and accrued or choose to make the interest payments while enrolled. Students may borrow a combination of subsidized and unsubsidized Stafford loans but may not exceed the annual or maximum loan limits. Repayment terms are the same as for the federal subsidized Stafford loan.

Aggregate Loan Limits

An independent undergraduate's aggregate loan limit including unsubsidized Stafford loans is $46,000, effective 7/1/08. A dependent undergraduate cumulative borrowing limit is $31,000, and a graduate/professional student's limit is $138,500.

Click here for annual loan limits.

Click here for more information on how to apply.

Remember to choose Lela as your lender.

Lender code: 805149

Stafford Loan Benefits

 Effective 5/1/09:

• 0% Federal default fee when selecting a No Fee guarantor*
• 0.25% interest rate reduction with auto debit service.

Students, obtain your federal loan through Lela! When borrowing through Lela, you can take advantage of great dollar-saving incentives and defer all payments while you're in school.

* Currently offered through the Louisiana Office of Student Financial Assistance (LOSFA) and Texas Guaranteed Student Loan Services (TG).

HELP Teachers - Click here for more info

HELP Nurses - Click here for more info

Grad PLUS

Effective 5/1/09:

Graduate students—Lela offers you the opportunity to offset the cost of a college education with federal Grad PLUS loans.

PLUS for Parents

Effective 5/1/09:

• 0% Federal default fee when selecting a No Fee guarantor*

• 0.25% interest rate reduction with auto debit service.

Parents, Lela offers you the opportunity to offset the cost of a college education with Federal Parent PLUS loans.

*0% Federal Default Fee offer is available to Stafford, Grad PLUS, and Parent PLUS borrowers whose loans are guaranteed through the Louisiana Office of Student Financial Assistance (LOSFA) or Texas Guaranteed Student Loan Corporation (TG).

For information on interest rates click here.