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For

Undergraduate Students

LelaCHOICE is a supplemental education loan for undergraduate students who need additional funds to pay for college.

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Click here for the answer to Common Questions for Students

For

Graduate Students

LelaCHOICE offers supplemental education loans for graduate students and professionals students with or without cosigners options.

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Click here for the answer to Common Questions for Students

For

Parents and Family

LelaCHOICE is a supplemental Loan for parents or family members to borrow for their students to help with college costs.

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Click here for the answer to Common Questions for Parents

Which LelaCHOICE option is best for you?

Loan Name: LelaCHOICE for Undergrad Students LelaCHOICE for
Grad Students
LelaCHOICE
for No-Cosigner Graduates
LelaCHOICE
for Parents
Primary Borrower Student Grad Student Grad Student Parent
Rate Options Fixed Fixed Fixed Fixed
Upfront Processing Fees NO NO NO NO
Auto Debit Option Reduction YES YES YES YES
Transparent underwriting & cosigner option YES YES YES YES
Capitalized Interest Charged NO NO NO NO
Higher Cumulative Loan Limits YES YES YES YES
Extended Period for Prior Past Due Balances YES YES YES YES
Internship Residency Forbearance N/A YES YES NO
Cosigner Necessary Usually; But Not Required for Creditworthy Borrowers Usually; But Not Required for Creditworthy Borrowers N/A Not required but allowed
Cosigner Release Option YES YES N/A YES
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Benefits of selecting LelaCHOICE

  • FIXED low rate from 4.25-6.37% APR (with auto-pay)
  • Flexible repayment plans
  • No application or origination fees
  • No pre-payment penalties
  • No capitalized interest ever
  • Cosigner options available
  • Easy online application process, instant credit decisions
  • Interest rate reduction benefit for selecting Auto-debit
  • Knowledgeable and friendly LelaCHOICE team is available to assist you!
  • (Coming in April 2022) Graduates offered:
        • Higher loan limits
        • New No Cosigner Loan option for 2022-23
        • Extended prior debt period
        • Residency internship forbearance offered, upon request

See How LelaCHOICE compares with other Lenders*

LelaCHOICE Student Loan Comparison Chart

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LelaCHOICE Parent Loan Comparison Chart

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*The U.S. Department of Education does not provide APR calculations for federal loans. As a guide for comparing costs, however, the costs of the Federal Direct PLUS Loan is approximately equivalent to an APR of 6.25%, which is based on borrowing $10,000, a 4.236% origination fee and a fixed interest rate of 5.30% during the 120-month principal and interest repayment period.

Lela is here to assist you!


For FAFSA related questions, call the Lela FAFSA HELPline for assistance:

(844) GO FAFSA or (844) 463-2372