Everence is a faith-based credit union founded and managed by the Mennonite Church. The credit union was launched in 1945 and started as a way to offer loans to volunteers. Now it is a full-service credit union that serves members of the Mennonite church or those who attend an Anabaptist church. People can also qualify through a spouse or guardian. Everence has its headquarters in Goshen, Indiana; and has an A+ rating with the BBB and a four-star rating with Bauer Financial.

How Does Everence's Student Loans Work?

Everence offers two types of student loans through LendKey: standard student loans and consolidation or refinance loans for people with student loans. LendKey is a loan marketplace for credit unions and community financial institutions. Loans are only available to those who are already members of Everence's credit union. This is no big deal if you meet the credit union eligibility criteria because you only need to deposit $5 to be considered a member. Everence's student loans are simple, transparent and have competitive rates. Unlike other lenders, students can borrower for their room and board, books, computer and other related expenses. The catch is you must meet Everence's membership eligibility criteria and have a cosigner willing to vouch for your student loan.

Consolidation loans can be arranged as interest-only repayments for up to 4 years, followed by 11 years of principal and interest payments. Cosigners can get released from the loan after 2 years of on-time payments.

What Are Everence's Rates?

Rates vary depending on borrower's credit profile and grades. Students with good grades receive better rates.

  • Everence's variable rate APRs range from 4.44% to 8.5%.

How Much Money Can I Borrow from Everence?

Everence provides loans ranging from $2,000 to $30,000 per academic year for new student loans and $7,500 to $125,000 for student loans refinancing. Borrowers with a graduate degree can qualify for up to $175,000 for consolidation loans. Loan terms extend to up to 20 years, which allows for student loans with modest monthly payments.

Which States Does Everence Operate In?

Everence is available to students and graduates in all 50 states through LendKey, as long as they meet the membership requirements.

What Is Everence's Application Process Like?

To apply, members must also be enrolled in an eligible school and pursue a degree program at least as a part-time student. You can determine whether your school is eligible by filling the first page of the application. The borrower and the cosigner must also be a U.S. citizen or permanent resident.

Borrowers can apply online. The application requires borrowers to provide personal and financial information, and sign Everence's loan agreement. Everence provides quick credit decisions, doesn't charge an origination fee and includes a 30-day no-fee return policy if borrowers change their mind within the first month of receiving the loan. Borrowers must have a cosigner unless they already have an annual income of $24,000 or more.

How Is Everence Better than Other Lenders?

Everence offers competitive rates and does not charge an origination fee. It also offers an interest-only repayment option for up to 4 years, which is attractive to borrowers who are on a tight budget now but who expect to receive a significant income increase in future years. Everence allows cosigners to be released after 24 months of on-time payments and gives a 0.25 discount to borrowers who set up automatic payments.

The only two caveats are that borrowers must be Everence members and that there are only variable-rate loans available.

  • Loan Term (Years)
    5 - 20
  • Min Loan
  • Cosigner Optional
  • Undergraduate Students
  • Graduate Students
  • Grace Period / Deferred Interest
  • No Origination Fee
  • Student Loan Type
  • Funding Time Range (in days)
    1 - 7
  • Good Student Rewards
  • Variable APR
    4.44% - 8.5%
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