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.
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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.