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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 loans in 50 states (and Washington, DC).
What rates does Everence offer for in-school private student loan?
Everence has a variable APR that ranges from 4.68% up to 8.34%.
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. Everence will also consider borrowers who are unemployed as long as they have an annual income of $15,000 or higher.
Only U.S. citizens can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- 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|
|Credit Score Range||
650 - 850
850 300 650
|Immigration Status Considered||
|Minimum Annual Income||$15,000|
|Employment Statuses Considered||
|Verification Documents Required||
|Funding Time Range (in days)||1 - 7|
|Good Student Rewards|
|Variable APR||4.68% - 8.34%|
|Loan Amount||Starting at $2K|
|Loan Term (Years)||5 - 20|
|Up to Cost of Attendance|