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Everence

in Private Student Loans

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Everence

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in Private Student Loans

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Overview

Where does Everence do business?

Everence is based in Berne, IN. It was founded in 1945 and offers student loans in 50 states (and Washington, DC).

What rates does Everence offer for in-school private student loan?

Everence offers variable rate APRs that range from 4.68% to 8.34% APR. Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from Everence?

Available loan amounts may vary by applicant but Everence has a minimum loan amount of $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 repayment terms ranging from 5 to 20 years.

What type of borrowers will Everence consider?

Everence considers loans applications from:

  • undergraduate students
  • graduate students

What do you need to qualify for a loan with Everence?

Applicants with a credit score of at least 650 can apply for a loan via Everence.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

Borrower or cosigner must have a minimum income of $15,000 to qualify.

Only U.S. citizens can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of income
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    Other Services by Everence

    Availability

    Available in 50 States and Washington, DC
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Grace Period / Deferred Interest (Months)
    6
    No Origination Fee
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Unemployed
    Minimum Annual Income
    $15,000
    Cosigner Optional
    Immigration Status Considered
    • U.S. Citizen
    Credit Score Range
    650 - 850
    850 300 650
    Verification Documents Required?
    • Proof of Identity
    • Proof of Income
    • Proof of citizenship/residence (Green Card)
    Student Loan Type
    • Private
    Funding Time Range (in days)
    1 - 7
    1 28
    Good Student Rewards
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Variable APR
    4.68% - 8.34%
    3% 12%
    Loan Amount
    Starting at
    $2,000
    Loan Term (Years)
    5 - 20
    1 30
    Up to Cost of Attendance

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