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LelaCHOICE offers better student loan options for undergraduates and graduate students.
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Offering better rates and options for Undergraduates, Graduates and Parents
2.94% – 6.37% APR*
For
Undergraduate Students
LelaCHOICE is a supplemental education loan for undergraduate students who need additional funds to pay for college.
Click here for the answer to Common Questions for Students
For
Graduate Students
LelaCHOICE offers supplemental education loans for graduate and professionals students with or without cosigners options.
Click here for the answer to Common Questions for Students
For
Parents and Families
LelaCHOICE is a supplemental Loan for parents or family members to borrow for their students to help with college costs.
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 |
| Apply Now | Apply Now | Apply Now | Apply Now |
Benefits of selecting LelaCHOICE
- FIXED low rate from 2.94 %-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!
- Added Benefits for Graduate Students:
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- Higher loan limits
- New No Cosigner Loan option
- Extended prior debt period
- Residency internship forbearance offered, upon request
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See How LelaCHOICE compares with other Lenders*
*Many lenders only offer limited information about their actual rates upfront. They do not provide all the rate details within the range of rates depicted on these graphs. The specific rate an applicant is offered will be determined by the loan type selected and the applicant’s or, if applicable, the cosigner’s credit history and credit score. APRs were retrieved from the lenders’ websites on May 16, 2023, for fixed-rate loans for student borrowers while the student is enrolled at least half time and for parent or family borrowers while the student for whom the loan being requested is enrolled at least half time. The ranges contain rates offered to applicants with a wide range of credit scores and for a variety of repayment options and terms. Because each lender offers different in-school repayment options and different repayment terms, an identical loan comparison between lenders is not possible. However, the APRs in the chart are listed as the highest and lowest rates for each lender and include potential rate reductions that may not apply to every borrower. For example, a 0.25% automatic payment interest rate reduction (repayment benefit) has been included for the lowest rate displayed for all private lenders as well as the highest rate for Lela and SoFi. For complete details on how APRs were calculated, visit the lenders’ websites. The U.S. Department of Education does not provide APR calculations for federal loans. As a guide for comparing costs, however, the expected costs of the Federal Direct PLUS Loan for 2023–2024 is approximately equivalent to an APR of 9.05%, which is based on borrowing $10,000, a 4.228% origination fee and a fixed interest rate of 8.05% during the 120-month principal and interest repayment period. For Full Details
For FAFSA related questions, call the Lela FAFSA HELPline for assistance: