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Where does Everence do business?
Everence is a credit union based in Berne, IN. It was founded in 1945 and offers student loan refinancing in 50 states (and Washington, DC).
What APRs does Everence offer on its student refinancing loans?
The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate.
Everence offers variable rate APRs that range from 4.68% to 8.5%.
How much can you borrow via Everence?
Loan amounts start at $2,000.
Does Everence charge an origination fee?
No, Everence does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Everence charge prepayment fees?
Yes, Everence charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.
What terms does Everence offer?
Everence provides refinancing loans of 5 to 20 years.
What type of borrowers will Everence consider?
Everence considers loans applications from:
- undergraduate degree holders
- graduate degree holders
What do you need to qualify for a Everence student loan refinance?
Everence doesn’t disclose its credit score minimum.
Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
To qualify, applicants must provide the following documentation:
- Recent pay stubs
- Proof of income
- Proof of graduation
- Loan payoff statements
What is the estimated funding time for a student loan refinance via Everence?
Everence will typically fund loans within 1 and 7 days of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Grace Period for Late Payment (Days)||6|
|No Origination Fee|
|Minimum Annual Income||$15,000|
|Employment Statuses Considered||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Variable APR||4.68% - 8.5%|
|Loan Amount||Starting at $2K|
|Loan Term (Years)||5 - 20|