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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 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:

  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of income
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    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 50 states and Washington, D.C.
    • 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 for Late Payment (Days) 6
    No Origination Fee  
    Cosigner Optional  
    Credit Score Range 650 - 850
    850 300 650
    Immigration Status Considered
    • U.S. Citizen
    Minimum Annual Income $15,000
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Unemployed
    Verification Documents Required
    • Proof of Identity
    • Proof of Income
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days) 1 - 7
    Good Student Rewards  
    Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
    Variable APR 4.68% - 8.34%
    Loan Amount Starting at $2K
    Loan Term (Years) 5 - 20
    Up to Cost of Attendance  

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