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LelaCHOICE offers better student loan options for undergraduates and graduate students.
Choose Quality. Choose Community. Choose Lela!
Offering better rates and options for Undergraduates, Graduates and Parents
4.25 – 6.37% APR*
Supplemental Loans for Graduates and Professional Students
Financing options to help students earn their advanced education degrees.
LelaCHOICE Graduate Student Loan
This Loan is for graduate students, and cosigners can help students meet the credit requirements. Available to Louisiana residents or students attending eligible Louisiana colleges at least half-time and meeting specific criteria.
Click here for the answer to Common Questions for Students
NEW
LelaCHOICE No-Cosigner Loan for Graduates
This specialized loan is a fixed-rate option for Louisiana residents or grad students attending eligible Louisiana colleges at least half-time and meeting specific criteria.
Click here for the answer to Common Questions for Students
Which LelaCHOICE option is best for you?
| Loan Name: | LelaCHOICE for Undergrad Students | LelaCHOICE for Grad Students |
No-Cosigner LelaCHOICE for Grad Students |
LelaCHOICE for Parents and Family |
|---|---|---|---|---|
| Primary Borrower | Student | Grad Student | Grad Student | Parent/Family Member |
| Rate Options | Fixed | Fixed | Fixed | Fixed |
| Upfront Processing Fees | NO | NO | NO | NO |
| Auto Debit Rate Option | YES | YES | YES | YES |
| Transparent underwriting | YES | YES | YES | YES |
| Capitalized Interest Charged | NO | NO | NO | NO |
| Higher Cumulative Loan Limits | YES | YES | YES | YES |
| Extended Period for Payment of Prior Past Due Balances | YES | YES | YES | YES |
| Internship Residency Forbearance | N/A | YES | YES | NO |
| Cosigner Necessary | Usually; But Not Required for Borrowers Meeting Underwriting Criteria | Usually; But Not Required for Borrowers Meeting Underwriting Criteria | 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 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!
- New for 2022-2023, Graduates offered:
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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*
*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 2022–2023 is approximately equivalent to an APR of 8.53%, which is based on borrowing $10,000, a 4.228% origination fee and a fixed interest rate of 7.54% during the 120-month principal and interest repayment period. For Full Details
For FAFSA related questions, call the Lela FAFSA HELPline for assistance: