Loan Terms

Lela RefiHELP (Higher Education Loan Program) is for creditworthy borrowers. Note: Applicants who do not meet the underwriting and credit criteria on their own may apply with cosigners.

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.

Eligibility Criteria

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

  • Be a Louisiana resident.
  • Be of majority age 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 a citizen or permanent resident of the United States. Cosigners must be citizens of the United States and must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.

Underwriting Criteria

To qualify for the Lela RefiHELP loan, you or your cosigners must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 40% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 25%). All student loan debt will be treated as though it is in repayment.
  • An annual income of at least $25,000.
  • A FICO score of at least 690.
  • No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.
  • Not defaulted on any private or government student loan.

Note: For joint cosigned loans, at least one cosigner must meet all credit underwriting criteria with the exception of 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.

Loan Limits

The Lela RefiHELP loan may only consist of current educational debt and must be:

  • At least $5,000.
  • No more than $175,000.

You may include any private or federal student loan debt in your name that was used to finance your or your child's education. You cannot include debt that is not an education loan (for example, credit card debt or a mortgage) even if it was used to pay education expenses.

Loan Details

The Lela RefiHELP loan allows you to choose between fixed-rate loans with 5-, 10- or 15-year repayment terms. Compare financial information on all Lela RefiHELP loan options. (PDF)

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