Recycle the Fund Repay With Purpose
When a borrower repays their loan, those funds recycle to empower another student in need. With JELF's proud 99% repayment rate, our borrowers are contributing to the next generation!
You can set up recurring payments - or gift a repayment to a specific repayer using the One Time Payment link.
Let us know what you need. We are here to help!
How does repayment work?
When does it begin?
Repayment of JELF loans begins 6 months after a student's final graduation, termination of course of study or a status change (i.e. from a full-time to a part-time student).
How long is repayment?
JELF generously offers an eight-year repayment period (although loans can always pay back sooner with no penalty).
What are payments like?
Repayments follow a graduated schedule, allowing borrowers to make smaller payments during their initial repayment years when their income is typically lower. For example, if a borrower took out a $5,000 loan, the chart below illustrates what their repayment amounts would look like over time.
| Repayment Year | Percentage of Total Loan | Annual Amount | Monthly Payment |
|---|---|---|---|
| Year 1 | 5% | $500 | $41.67 |
| Year 2 | 5% | $500 | $41.67 |
| Year 3 | 10% | $1,000 | $83.34 |
| Year 4 | 10% | $1,000 | $83.34 |
| Year 5 | 15% | $1,500 | $125 |
| Year 6 | 15% | $1,500 | $125 |
| Year 7 | 20% | $2,000 | $166.67 |
| Year 8 | 20% | $2,000 | $166.67 |