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The LelaCHOICE Parent Loan is a private loan option for parents and others who wish to help undergraduate and graduate students with college costs. Applicants who do not meet the underwriting and credit criteria on their own may apply with cosigners. Students cannot apply for or cosign an application for the LelaCHOICE Parent Loan. The student has no obligation to repay this loan, and it is not transferrable to the student after he or she leaves school.
To be eligible for this private education loan, you must:
The student for whom the funds are being requested must:
To qualify for the LelaCHOICE Parent Loan, you or your cosigners must have:
Note: For joint cosigned loans, at least one cosigner must meet all credit underwriting criteria with the exception of the debt-to- income ratio, which the cosigners may combine debt and income to calculate the debt-to-income ratio. For loans with only one cosigner, either the applicant or cosigner must meet all credit underwriting criteria with the exception of the debt-to-income ratio, which the applicant and cosigner may combine debt and income to calculate the debt-to-income ratio.
Change Notice: Please note that the list of criteria above may not be exhaustive. Lela may require you or your cosigners 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 without notice.
As a LelaCHOICE Parent Loan borrower, you can earn a 0.25% interest rate reduction1 when you sign up to have monthly payments automatically withdrawn.
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 notlower 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.
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.
With the LelaCHOICE Parent Loan, you choose when to start making payments.
The Immediate Payment option features our lowest rates. This option:
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.
For more information, view the detailed examples on the following pages.
The LelaCHOICE Parent Loan must be:
The LelaCHOICE Parent Loan is subject to credit approval.
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.