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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.

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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.

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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
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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