Everence Private Student Loans
Everence Private Student Loans
in Private Student Loans from Everence

Everence Private Student Loans

in Private Student Loans from Everence
SuperMoney Net Recommendation Score +100  


This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

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Community Rating Strongly recommended
Loan Amount Starting at $2,000
Fixed APR 4.89% - 10.39%
Variable APR 5.21% - 10.37%
Number of Reviews 8

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:

  • undergraduate students
  • graduate students

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.

To qualify for private student loans with Everence Private Student Loans, applicants need a minimum annual income of $15,000 or higher. Everence Private Student Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

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 78 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.

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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.


Other Services by Everence


  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • 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
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 6 days
No Origination Fee
Cosigner Optional
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
Minimum Annual Income $15,000
Verification Documents Required
  • Proof of citizenship/residence (Green Card)
  • Proof of Income
  • Proof of Identity
Funding Time Range 1 - 7 days
Good Student Rewards
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
Loan Term Up to 10 years
Up to Cost of Attendance
Fixed APR 4.89% - 10.39%
Variable APR 5.21% - 10.37%
Loan Amount Starting at $2,000

Everence Private Student Loans Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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