We are looking into student loans to cover the remaining college cost for our future college student. We received something in the mail from LELA, which is a division of the Louisiana Public Facilities Authority (LPFA). Apparently this is a nonprofit public trust established to bring financing assistance and advantages to the people of Louisiana. The thing is, I can’t find anyone who has used them before or who is currently using them. Any information would be appreciated, their rates are much better than other loans. I just want to know if this is legit and worth going through compared to private financing.

LELA. Org

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Posted by Geauxldilocks

Member since Aug 2018

5542 posts

Posted on 7/10/24 at 7:06 am to Bourre

Would guess it’s not solvent, because if it was in Louisiana the corruption would’ve drained it by now.

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Posted by Bourre

Da Parish

Member since Nov 2012

23200 posts

Posted on 7/15/24 at 1:14 pm to Bourre

Bump for any additional information

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Posted by deltafarmer

Member since Dec 2019

909 posts

Posted on 7/15/24 at 4:19 pm to Bourre

Borrow it all quick. Biden will probably forgive it for you before he gets unelected.

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Posted by Bourre

Da Parish

Member since Nov 2012

23200 posts

Posted on 8/8/24 at 1:53 pm to Bourre

Bump

We went LELA and got a 5.4% rate on a student loan that I co-signed on. The closet rate we got to that was 8.3% from College Ave

Good luck to all your future college students

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Posted by Rick9Plus

Baton Rouge

Member since Jul 2020

2436 posts

Posted on 8/8/24 at 5:25 pm to Bourre

I used them like 15 years ago. If i remember correctly, my loan ended up being sold a few times and wasn’t eligible for the federal forgiveness programs, but i could be mixing them up with the other multiple student loans i got. I would check on that.

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