LELA

Repayment Plans

Your Lela RefiHELP loans will be placed on a Standard Repayment Plan when you begin repayment. If your financial circumstances change and you need to lower your monthly payment amount, you may be eligible for the Graduated Repayment Plan or the Select 2 Repayment Plan if your loan has a 10-year or 15-year repayment term.

Standard

The Standard Repayment Plan is the basic repayment plan that will pay off your loan:

  • In the shortest amount of time.
  • With the least amount of interest.

The minimum monthly payment amount under the Standard Repayment Plan will be equal to the amount necessary to repay the loan in full by the end of the repayment term. Your repayment term may vary. Please refer to your credit agreement for term information about your specific loan or contact us to determine your repayment term.

Graduated

The Graduated Repayment Plan lets you begin with lower payments that increase by 10% every two years. Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

Select 2

The Select 2 Repayment Plan lets you make mostly interest-only payments during the first two years of repayment. The amount increases to a standard amount for the remainder of repayment term, which may vary. Using this plan, you will pay more in interest over the life of the loan because the principal balance will decrease at a slower rate.

Find the Best Plan for You

If your payment amount under the Standard Repayment Plan is unmanageable, call us at (800) 243-7552 to speak with an experienced customer service representative to find the best plan for you.

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