Splash Financial Student Loan Refinancing Review [2024]

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If you are looking for a student loan that offers good refinancing options, then splash financial student loans are the ones you should go for. In this article, today we are going to deep dive into the splash financial student loan refinancing review which will help you make better choices when opting for student loans.

Splash Financial allows you to explore your student loan options with multiple lenders simultaneously. However, because each lender has its own policies, it’s crucial to thoroughly evaluate the lender yourself. 

Splash marketplace loans provide fixed rates ranging from 10.95% APR to 35.99% APR (without autopay) and offer terms of 2 to 7 years. Personal loans available through the Splash network come with an origination fee of 0% to 12%, which might be subtracted from the loan amount. 


Achieving the lowest rates may entail enrolling in autopay and possibly settling a portion of existing debt directly. To benefit from the autopay interest rate reduction, you must consent to monthly principal and interest payments via automatic deductions from a savings or checking account. 

This reduction won’t apply if autopay is inactive. Refer to the loan agreement for further details.

Splash Financial Student Loan Refinancing Review

If you are planning to apply for a student loan, then you must know which is the best student loan that offers good refinancing options. Among such student loans, the splash financial student loan refinancing is the one which can turn out to be the best choice that you have made for your career.

Let us go through the splash financial student loans review in detail, including: pros, cons, key takeaways, and company overview.

Also Read:

Verdict of Splash Financial Student Loan Refinancing Review:

Here are the quick verdict of splash financial student loan refinancing:

Splash Financial Student Loan Refinancing Verdict:

Splash Financial is a marketplace that provides student loan refinance loans originated by different credit unions and banks. By filling out a single application on the Splash Financial website, you can receive refinancing offers from these lenders.

Splash Financial, established in 2013, is an online marketplace offering student loan refinance loans from various partner lenders. It’s ideal for borrowers seeking quotes from multiple lenders. 

Splash Financial is a marketplace that offers you refinancing offers from multiple lenders for your student loans.

Pros of Splash Financial Student Loan Refinancing:

Here are the key pros of splash financial student loan refinancing:

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There are no maximum loan limits


There’s a possibility of getting excellent loan options


Repayment plans for medical and dental school loans are made easier


You might have the option to refinance student loans along with your spouse


There are no origination fees, application fees, or prepayment penalties

Cons of Splash Financial Student Loan Refinancing:

Here are the key cons of splash financial student loan refinancing:

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You might have to become a member of a credit union


The loan options differ among lenders


Typically, these loans are only accessible to individuals who have completed their degree

Key takeaways of Splash Financial Student Loan Refinancing Review:

Here are the key takeaways of splash financial student loan refinancing:

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Key Takeaways


Splash Financial doesn’t operate as a direct lender in the traditional sense. Instead, it functions more like one, positioning itself as a marketplace that connects you with particular lenders based on how closely you meet their specific criteria


What sets Splash Financial apart is the possibility of combining your student loans and your spouse’s into one convenient repayment plan through refinancing


Medical or dental students may be eligible for a low or no payment plan until six months after completing their residency or fellowship

Company Overview: Splash Financial

Here is the brief overview of splash financial as a company:


About Splash Financial

About Splash Financial

Splash Financial, a student loan marketplace established in 2013, operates similarly to other loan marketplaces. Here’s how it works: You submit a request for a rate quote, and it compares your details with the eligibility criteria of its partner lenders. 

Then, it presents you with your available options. If you find one you like, you can proceed with your application, collaborating with Splash Financial throughout the approval process until the loan is finalized.

While you can apply for private student loans through Splash Financial, it currently only partners with one lender for that purpose (Earnest). 

However, its focus is more on individuals who have completed their education or are nearing completion and wish to refinance their existing student loans.

Year Founded


Official Website


Loans Offered

Private student loans and student loan refinances

Customer Service

Phone: (800) 349-3938 (Monday through Friday, 9 am to 9 pm EST). Email: contact@splashfinancial.com. Mail. Live Chat

Splash Financial Student Loan Refinancing Rates:

Fixed-rate options range from 5.19% APR (with autopay) to 10.24% APR (without autopay) and will vary depending on application terms and degree level. Our lowest rate option might feature a 0.25% autopay discount for the shortest loan term. 

Your loan’s APR could be higher or lower, and your offers might not include multiple term lengths. Rates may change without prior notice, and not all states offer all rates and amounts. 

The lowest rates are typically reserved for the most creditworthy borrowers. The actual rate is influenced by factors such as credit score, credit usage history, loan term, and others. 

Late payments or additional charges may increase the overall cost of your fixed-rate loan. There are no fees or penalties for early loan repayment.

Variable-rate options range from 5.28% APR to 10.24% APR (without autopay), and they may include a 0.25% autopay discount. These rates are subject to additional terms and conditions, and they can change without prior notice. 

Any changes will affect applications submitted after the effective date of the change. Variable APRs and amounts may increase or decrease.

Variable rates are based on a Variable rate index, calculated by adding a margin to the 30-day average SOFR index published two business days before the calendar month, rounded up to the nearest hundredth of a percent (0.01% or 0.0001). 

The interest rate on a variable rate loan consists of an index and margin added together.

Splash Financial provides the following rates from its partner lenders as of April 2024:

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Loan Limits



Fixed Rates

5.19% – 10.49%


Variable Rates

5.99% – 10.49% (16.00% Cap)



5, 7, 8, 10, 12, 15, 20 or 25 years

Splash Financial Pros Explained:

Let us understand the splash financial student loan pros in brief:

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Pros Explained


There are no maximum loan limits:

Lots of lenders have restrictions on how much you can refinance your loans, which can be frustrating, especially for those who’ve invested heavily in their education, like law or medical school graduates, or for couples wanting to merge their student loans.

That’s where Splash Financial comes in handy because it partners with lenders that don’t impose limits on your refinancing amount.


There’s a possibility of getting excellent loan options:

A few of Splash Financial’s partner lenders provide highly competitive rates, even lower than what you could find on your own. However, the catch is that you’ll need excellent credit and have to meet other criteria to qualify for those low rates.


Repayment plans for medical and dental school loans are made easier:

Medical residents and fellows typically earn a fraction of what licensed doctors do, but they’re still usually required to start making significant payments on their loans. In such situations, Splash Financial provides refinancing options where you only need to make $100 monthly payments while you’re in training and for a six-month period afterward.


You might have the option to refinance student loans along with your spouse:

If you and your spouse manage your finances together, refinancing your loans jointly can streamline repayment and potentially save you money, especially if you qualify for a lower interest rate. However, this option can be inconsistent among lenders if you’re searching independently.


There are no origination fees, application fees, or prepayment penalties:

Splash Financial doesn’t control the rates, fees, or terms of agreements you make with its partner lenders—except for ensuring you won’t have to deal with those annoying fees.

Splash Financial Cons Explained:

Let us understand the splash financial student loan cons in brief:

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Cons Explained


You might have to become a member of a credit union:

Some of the lenders within Splash Financial’s partner network are credit unions, which means you might have to think about becoming a member if you’re approved for a loan. It’s usually not a major issue, but it does mean you’ll have one more bank account to keep track of.


The loan options differ among lenders:

Because Splash Financial isn’t the entity determining the loan terms, it’s essential for you to carefully read the fine print if there are specific aspects you’re concerned about. For instance, each lender differs in their late payment policies and offerings related to loan discharge, forbearance, and deferment.


Typically, these loans are only accessible to individuals who have completed their degree:

If you’ve completed school but didn’t finish your degree, you won’t qualify to refinance your loans with Splash Financial’s partner lenders.

Lenders Available Through Splash Financial:

Splash Financial doesn’t directly provide student loans. Instead, it collaborates with other lenders and evaluates your financial information against the criteria of each lender in its network to find you the most suitable options. 

If you find an offer you like, Splash Financial will assist you in applying for the loan with the lender, who will then handle the process after your loan is approved.

Unfortunately, Splash Financial doesn’t disclose the exact number or identity of lenders in its network. This lack of transparency can make it challenging if you’re still exploring options on your own, as you won’t know if you’re duplicating efforts by checking rates with lenders not included in Splash Financial’s network.

Although we don’t have a comprehensive list of all the lenders partnered with Splash Financial, we can gather some information about its partners from its website and various press releases over time.

  • Earnest
  • Bethpage Federal Credit Union
  • First Tech Federal Credit Union

Loan Eligibility and Approval:

Loan eligibility requirements differ for each lender within Splash Financial’s network. Nonetheless, when we aggregate them, we can provide some general information about who is eligible to apply:

  • Location: You can access this service in all 50 states, as well as in Washington D.C., Puerto Rico, and the U.S. Virgin Islands
  • Residency: U.S. citizens and permanent residents
  • Credit score: We suggest a minimum credit score of 640.
  • Types of loans: This service covers private student loans and refinancing options for both federal and private loans. Additionally, parents can refinance loans they’ve taken out for their child’s education.
  • Degree completion: This is necessary unless you’re pursuing specific associate degrees, you’re in your final semester, and you have a job offer related to your field.

Are Cosigners required?

At the moment, Splash Financial doesn’t accept co-signers. However, you can still refinance your spouse’s loans in your name to consolidate all your student loans into a single loan with one payment.

Is Loan Pre-Qualification Available?

Yes, Absolutely! You can complete a form on Splash Financial’s website in just a few minutes and receive a rate estimate from its partner lenders. Splash Financial conducts a soft credit check for this process, meaning there’s no impact on your credit score.

What is the length of time for Loan Approval and Disbursement?

Finding out if you’re pre-qualified for a loan only takes a few minutes, but after that, Splash Financial doesn’t specify how long it takes to complete the loan approval process. Typically, with most lenders, it’ll only take a few days at most, unless they need to conduct additional verification of your information.

After you’re approved for a refinance, it might take between three days to two weeks before your old student loans are closed out and your new account is set up.

Loan Fees and Repayment Options:

The specific details of the student loans offered through Splash Financial vary, but they do share some common features:

1. Loan Fees:

Splash Financial doesn’t impose any fees itself, and you shouldn’t anticipate any application, origination, or prepayment fees from its partner lenders either. However, each lender may vary regarding additional loan fees, if applicable (such as late fees or returned payment fees).

2. Loan Discounts:

Because Splash Financial doesn’t charge you for its service, it doesn’t have any discounts to offer. However, some of the individual lenders within its network may provide autopay or other discounts. 

You’ll need to confirm this based on the results of your lender match.

3. Repayment Options:

The repayment options specific to you depend on the lender matched with you by Splash Financial, and they could differ. However, we do have some information about what you might expect.

Grace Period: 

If you’re applying for new private student loans, you’ll enjoy a nine-month grace period before you need to start repaying your loans after graduation (usually it’s six months). During this period, your payments are deferred, but interest will still accumulate.

Terms lengths: 

If you’re applying for private student loans while still in school, you might have the option to select loan terms ranging from 5 to 15 years.


You have the option to make interest-only payments while you’re in school and during the six-month grace period after graduation. This helps prevent interest from piling up, which ultimately lowers the total amount you’ll pay over the life of the loan.

Medical and dental school repayment: 

When you refinance your medical or dental school loans, you’ll only need to make fixed monthly payments of $100 while you’re in a residency or fellowship, and for a six-month period after you complete those programs.

4. Rewards

If you’re a fan of Splash Financial and think your friends or family could benefit from it too, you can share a personalized referral link with them.

When they check their rate and get pre-qualified for a student loan refinance (with no obligation to apply), you’ll earn between $10 and $20 per person, depending on how many people use your referral link. If they use Splash Financial to refinance at least $30,000 in student loans, both you and your friend will receive an additional $200.

5. Loan Forbearance and Discharge Options

Each partner lender matched with you by Splash Financial will have different forbearance and discharge policies. It’s crucial to understand the circumstances under which your loan may be discharged, if any, and what forbearance options are available before finalizing any agreements.

For new private student loans, Splash Financial’s partner Earnest will discharge your student loans in the event of your death or permanent disability. Earnest provides forbearance options if you encounter financial difficulties, and you can also skip a payment once a year if you’ve consistently made on-time payments.

Is Student Loan Refinancing Available?

Yes, Absolutely! While Splash Financial does permit you to apply for private student loans through Earnest if you’re still in school, its primary use is by individuals seeking to refinance their existing student loans.

The partner lenders of Splash Financial offer the following terms on student loan refinances:

  • Fixed rates: 5.19%–10.24% APR (with autopay)
  • Variable rates: 5.28%–10.24% APR (with autopay)
  • Term lengths: Varies by lender; you’ll need to apply and see what you’re offered
  • Loan amounts: $5,000 minimum, no upper limit on loan amount

Customer Service and Customer Support

Getting in touch with a live person at Splash Financial is quite straightforward. Customer service is available from 9 a.m. to 9 p.m. Eastern Time, which provides a wide window of availability. Additionally, there are numerous ways to reach out to customer service.

  • By phone: (800) 349-3938
  • By email: contact@splashfinancial.com
  • By mail: Splash Financial, 812 Huron Rd E Ste 350, Cleveland, OH 44115
  • By live chat: On Splash Financial’s website

It’s essential to understand that Splash Financial won’t be your primary point of contact throughout the entire duration of the loan. While its customer service team can assist in navigating the loan application process, your main contact will be the entity that services your student loan after it’s approved.

Reviews for Splash Financial are varied. The company has a strong reputation on Trustpilot, boasting a 4.8 out of 5 rating based on over 600 reviews. 

However, in the past two years, three formal complaints have been filed against the company with the CFPB.

How to Apply for a Splash Financial Student Loan?

To begin, you’ll need to create an account and complete a short pre-qualification form on Splash Financial’s website. Afterward, Splash will show you a variety of pre-qualified offers from lenders in its network. 

You can continue exploring other options on your own, or you can initiate an application for one of your pre-qualified offers.

The exact information and documents required for your application will vary depending on the lender. However, most lenders typically ask for the same few items. Take a few moments to gather these documents before applying to streamline the application process:

  • Your most recent pay stub
  • A copy of your official photo ID
  • Your most recent tax return, if you’re self-employed
  • A Payoff Verification Statement from your current student loan lender

If you’re still in school and seeking private student loan options, don’t forget to complete the Free Application for Federal Student Aid (FAFSA) before considering any private loans. This allows you to apply for federal student loans initially, which typically come with better terms and benefits than private student loan lenders.

What are the Alternate Choices for Splash Financial?

Here are some of the alternatives for splash financial student loans:

Sl No.


Splash Financial

Laurel Road

Education Loan Finance (ELFI)


Loan types offered

Refinance; various student loans through partners

Refinance; refinance for medical professionals

Undergraduate; graduate; parent


Student loan refinance fixed APR


5.19%–9.50% with autopay



Student loan refinance variable APR


5.24%–9.70% with autopay



Origination/administrative fee





Repayment options

Deferred; fixed payment (med and dental students; interest-only; full payment

Fixed payment; variable-rate payment

Deferment; fixed; interest-only; full payment


Refinancing available




Final Verdict

Splash Financial is an excellent choice if you’re pressed for time and want to explore your options for refinancing your student loans. It’s particularly beneficial if you’re a medical or dental student seeking affordable loan options while completing your training.

However, it’s still wise to do some independent research as well. This ensures you get a comprehensive view of your options, rather than just those from lenders partnered with Splash Financial.

Splash Financial, Inc. (NMLS # 1630038) Terms and conditions apply. Products may not be available in all states. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates are subject to change without notice.

Refinancing or consolidating private and federal student loans may not be suitable for everyone. Federal loans offer special benefits not available for loans obtained through Splash Financial, such as public service loan forgiveness and economic hardship programs, as well as fee waivers and principal rebates. These benefits may not be accessible to you after refinancing.

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