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LelaCHOICE No Cosigner Loan for Graduates

The LelaCHOICE loan is for graduate students enrolled at least half-time. When financial aid, savings and other income likely won’t be enough to pay all college costs, this no-cosigner loan allows you to reach your goals and choose the in-school repayment options that works with your budget.

Please note: Aspire Servicing Center has a contractual relationship with the Louisiana Education Loan Authority (Lela) wherein Aspire Servicing Center performs certain private student loan (private loan) services for Lela.

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Eligibility Criteria

To be eligible for this private student loan, you must:

  • ┬áBe a Louisiana resident and of majority age (Louisiana- 18 years old), pursuant to applicable law at the time of application or be an emancipated minor.
  • Not have defaulted on any private or government student loan.
  • Be attending any nonprofit, Title IV eligible, degree-granting, and/or non-degree granting, accredited Louisiana college or university.
  • Be accepted, enrolled or attending on at least a half-time basis, as defined by the school, and be making satisfactory academic progress in an eligible education program.
  • Be completing a majority of your coursework on campus (not online).*
  • Be a citizen or permanent resident of the United States.

Underwriting Criteria

To qualify for the LelaCHOICE Student Loan, you or your cosigners must have:

  • A FICO score of at least 670. (The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
  • No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
  • No previous bankruptcies.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • Not defaulted on any private or government student loan.

Note: The list of criteria above may not be exhaustive. The Louisiana Education Loan Authority (Lela) through its servicer, Aspire, may require you to meet additional criteria in order to qualify for a loan. Lela reserves the right to change the list of criteria in any way from time to time.


Repayment Benefits

Interest Rate Reduction
As a LelaCHOICE loan borrower, you can earn a 0.25% interest rate reduction1 when you sign up to have monthly payments automatically withdrawn.

No Capitalized Interest
Lela never capitalizes interest during repayment. That means you never pay interest on interest and can mean lower costs if you need to use forbearance to postpone payments at any point.

Cosigner Release
No Cosigner required.

* Exceptions will be made for on-campus classes shifted to online classes due to COVID-19.

1 The 0.25% interest rate reduction will apply once principal and interest payments begin to be automatically deducted and will remain in effect as long as automatic payments continue without interruption during the repayment period. The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues. The interest rate reduction will be suspended during approved forbearance(s) or if automatic payments are rejected due to insufficient funds. In addition, unlike some lenders, Lela never capitalizes interest during repayment. That means you never pay interest on interest and can mean lower costs if you need to use forbearance to postpone payments at any point.


Repayment Choices

With the LelaCHOICE Student Loan, you choose when to start making payments.

The Immediate Payment option features our lowest rates. This option:

  • Requires monthly principal and interest payments once the loan is fully disbursed.
  • Has a 10-year principal and interest repayment period.

The Interest-Only Payment option:

  • Requires monthly interest payments once the loan is first disbursed.
  • Features a six-month separation period when interest-only payments are required after you graduate, drop below half-time enrollment or leave school.
  • Has a 10-year principal and interest repayment period.

The Deferred Payment option:

  • Postpones repayment until after you graduate, leave school or drop below half-time enrollment.
  • Features a six-month separation period with no required payments.
  • Has a 15-year principal and interest repayment period.

In addition, unlike some lenders, Lela never capitalizes interest during repayment. This means you never pay interest on interest and can mean lower costs if you need to use forbearance to postpone payments at any point.


Loan Amounts

The LelaCHOICE Student Loan must be:

  • No more than the cost of attendance minus other aid annually.
  • No more than $170,000 cumulative for student borrowers
  • At least $1,001.

Please note: Aspire Servicing Center has a contractual relationship with the Louisiana Education Loan Authority (Lela) wherein Aspire Servicing Center performs certain private student loan (private loan) services for Lela.

Change Notice: Lela reserves the right to change the program in any way from time to time without notice.

View a detailed list of Annual Percentage Rate (APR) examples for all options here.

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