Last Updated: 04/18/2025
Everence Private Student Loans
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in Private Student Loans from Everence
Last Updated: 04/18/2025
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Highlights
Community Rating
Strongly recommended
Fixed APR
4.89% - 10.39%
Variable APR
5.21% - 10.37%
Amount Range
Starting at $2,000
Number of Reviews
Everence Private Student Loans Review
Everence Private Student Loans is offered by Everence, a credit union founded in 1945 and based in Berne, IN. Everence Private Student Loans are available in 50 states and Washington, DC.
Everence Private Student Loans FAQ
What rates does Everence Private Student Loans offer for in-school private student loan?
Everence Private Student Loans has a variable APR that ranges from 5.21% up to 10.37% .
It offers a fixed APR that ranges from 4.89% up to 10.39% .
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 Private Student Loans?
Available loan amounts may vary by applicant but Everence Private Student Loans has a minimum loan amount of $2K
Does Everence Private Student Loans charge an origination fee?
No, Everence Private Student Loans 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 Private Student Loans charge prepayment fees?
Yes, Everence Private Student Loans 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 Private Student Loans offer?
Everence Private Student Loans provides repayment terms ranging from to 10 years.
What type of borrowers will Everence Private Student Loans consider?
Everence Private Student Loans considers loans applications from:
What do you need to qualify for Everence Private Student Loans?
Applicants with a credit score of at least 650 and up to 850 may be eligible for Everence Private Student Loans. Everence Private Student Loans does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens are eligible to apply for the services offered by Everence Private Student Loans.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Proof of citizenship or residence permit
Is Everence a legit company?
Everence was founded in 1945, it is a well-established company that has been in business for 81 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from our editor
What We Love About Everence
If you’re looking for a lender that aligns with your faith and you are a Mennonite or Anabaptist, then this lender could be the best choice for you. You’ll find that the lenders have competitive interested rates and standard loan features and limits. The loans offered through Everence should be capable of covering most school costs. It’s available to members in all 50 states.
The requirements to be eligible for the loan are similar to what you would find through other lenders. The application is online, and it’s easy to fill out. Once you have applied, you should find out quickly whether you’ll receive a loan or not. It will generally take two to four weeks to process the loan.
What Everence Could Do Better
While the loan rates are competitive, there are some things that Everence could do better. For example, when applying for loans, the applicants are always required to have a consigner, even if they wouldn’t technically need one. The cosigners can be released after two years of consistent, on-time payments. It’s also important to understand that the loans are only for those who are part of the Mennonite or Anabaptist church.
Something else to note is that the lender requires a minimum payment each month, even when the students are in school. While this isn’t much and shouldn’t pose too much of a problem, it’s different from other lenders, who usually don’t require any payments until the repayment period starts.
Everence’s Backstory
Everence is a faith-based Federal credit union partnered with LendKey to provide members with private student loans and loan consolidation. The company began in 2010 as a joint venture between the Mennonite Mutual Aid and the Mennonite Financial Federal Credit Union.
The Verdict
The loans from Everence are not for everyone, quite literally in this case. You’ll need to be part of one of the aforementioned churches to quality. However, other than that, it could be a good loan option to consider if you’re looking for a standard loan with typical rates.
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SuperMoney users strongly recommend this product, giving it a user recommendation score of +100, or 5 on a 5-point rating scale.
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Everence Private Student Loans Community Reviews
Would you recommend Everence Private Student Loans to your friends?
DR
Danerrion R.
Jan 30, 2023
May or may not recommend
I needed a private student loan and Everance exceeded my expectations. The application process was simple, the interest rates were competitive, and the customer service was excellent. Everance also offers flexible repayment options and an easy-to-use online portal. I highly recommend them for anyone in need of a private student loan.
U
Anonymous
Jun 30, 2022
May or may not recommend
Awesome yes awesome if I receive the loan. I've had hard time finding loan.
AL
Angie L.
Jan 19, 2021
May or may not recommend
Although I’ve never been a fan of or would ever think of getting a student loan, I ultimately decided to get a student loan with Everence. I personally like how there is no original fee involved as well as the low interest rate because both of these are extremely helpful in saving a little bit more money, especially now that COVID has been affecting me financially.
Mady H.
Dec 10, 2020
May or may not recommend
Student loans are never fun to handle, but Everence makes the process bearable. They offer a student rewards program, which is fantastic, and low interest rates (which is a massive relief, compared to other loan providers). Their flexible repayment terms have been a life-saver during this time of COVID-19. I would highly recommend their services!
BY
Barron Y.
Dec 8, 2020
May or may not recommend
When I decided to go back to school I didn’t know where to start. When I learned of this company I was unsure at first but that soon Changed. They where always informative and have a extremely educated staff. I’d reinvent this company to anyone looking to further their education.
PH
Patrick H.
Oct 22, 2020
May or may not recommend
At Everence, borrowers are liable to 0.25% discounts on student loans and student refinancing loans when they opt for the automatic debt repayment plan. Also, the application process is a charge-free and convenient one. As a borrower, I was able to perform the online sign-up process within the comfort of my home. A significant feature of the company’s service that I love is the option of consigners which is ...Show More
SO
Stanley O.
Oct 4, 2020
May or may not recommend
No Origination Fee required. Everence will finance up to $125,000 undergraduate; $175,000 graduate loans. It has Interest-only option for up to 4 years. Your co-signer release after 24 consecutive on time payments.
But, take note, a failed or cancelled automatic payment will result in a rate increase of 0.25%
Shaneka P.
Oct 2, 2020
May or may not recommend
I was in need of student loans and Everence helped me out incredibly! I was able to pay my intuition, room and board , books, etc. Everything that I could possibly need!I love the low interest rates , the application process was 15 minutes or less and I was accepted very quickly . The help that I needed was all assisted to me. You are able to setup payment plans ...Show More
Showing 8 of 8 reviews
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