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 is offered in 50 states (and Washington, DC).

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 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 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 5 to 20 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 are 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. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

Only U.S. citizens can apply for a loan.

To qualify, applicants may need to provide the following documentation:

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