Splash Financial has made a "splash" in the student loan refinancing market over the last year by offering some of the best rates and best student loan bonuses available.
They started out focusing on medical school loan refinancing, but they now have expanded and offer an general student loan refinancing product open to anyone with a bachelor's degree.
Check out our review of Splash Financial and see why we list them on our Best Places To Refinance Student Loans guide.
Splash is currently offering College Investor readers a $500 bonus if you refinance at least $50,000⁴. That's a great bonus, and you can apply here to get started.
Quick Summary
- Student loan refinancing company with excellent rates
- High refinancing limit works well for medical grads or advanced degrees
- A $500 bonus when you refinance through Splash⁴
Splash Student Loans Details | |
|---|---|
Product Name | Splash Student Loan |
Min Loan Amount | $5,000 |
Max Loan Amount | No Max |
Variable APR | 5.72% - 10.24% APR¹ |
Fixed APR | 4.96% - 10.24% APR¹ |
Loan Terms | 5 - 20 Years² |
Promotions | $500 Bonus⁴ |
Who Is Splash Financial?
Splash Financial launched in 2013 as a direct lender with a strong focus on medical professionals. However, in 2018, Splash began to shift its strategy. At that time, it announced a partnership with Pentagon Federal Credit Union (PenFed) to help it compete with some of the larger players in the refinancing industry.
Since then, Splash has worked hard to develop partnerships with other banks and credit unions. Today, Splash is actually a lender marketplace. In other words, it connects borrowers to lenders rather than servicing loans itself. With this in mind, Splash is now more of a direct competitor with marketplaces like Credible or LendKey than individual lenders like ELFI or First Republic.
General Student Loan Refinancing
Splash Financial offers a general student loan refinancing product that targets all borrowers with a bachelor's degree or higher (in some cases an associate degree in certain healthcare fields). This product is highly competitive, with some of the best rates we've seen compared to the other top student loan refinancing companies.
Splash Financial's partners currently offer loans from $5,000 (with no maximum). Their rates currently are:
- Fixed Rates: 4.96% - 10.24% APR¹
- Variable Rates: 5.72% - 10.24% APR¹
Term lengths are: 5 to 20 years². Remember, rates are subject to change without notice. For current rates and fees, check out Splash Financial.
Medical School Student Loan Refinancing
Studying to become a doctor? By the time you graduate from medical school, you’ll have wracked up $200,000 in educational debt on average.
Sure you’ll have high earning potential and stable job prospects, but that kind of debt is a tough pill to swallow- especially during residency when you’re not earning much, but you have to start making payments on your debt.
In the past, medical professionals often had to struggle through residency before finding refinancing options. Today, medical residents and medical students have a myriad of low-cost refinancing including Splash Financial, a company that was founded with a focus on debt for medical professionals.
If you’re in medical school, residency, or just starting your career, refinancing your loans with Splash Financial could be a savvy move. It offers reduced payments of $100 during training and for 6 months after for a total of 84 months.
However, Splash Financial isn’t the only company offering this perk. Laurel Road, SoFi, and other upstarts are also offering this option. So be sure to compare rates before you commit to any company in particular.
We are partners with Splash Financial and you can get a $500 bonus when you refinance over $50,000 with them⁴. Check out Splash Financial here.
How Does Splash Compare?
This is always the important question - because when you're shopping to refinance your student loans, we're firm believers that you should always shop around. It's why we recommend everyone use a comparison tool like Credible to see what the best loans are you might qualify for!
With that being said, here's how Splash compares to ELFI and Laurel Road, two other companies that offer strong refinancing options for student loans:
Header | |  |  |
|---|---|---|---|
Rating | |||
Variable APR | 5.72% - 10.24%¹ | 5.28% - 8.99% | 5.49% - 10.89% |
Fixed APR | 4.96% - 10.24%¹ | 5.48% - 8.94% | 5.74% - 10.99% |
Bonus Offer | Up to $500⁴ | Up to $1,100 | Up to $200 |
Cell |
Remember, you can always find our picks for the best student loan refinancing lenders here: Student Loan Refinancing Companies.
What Borrower Protections Are Available?
Refinancing your loans to Splash Financial means you can’t qualify for income-driven repayment or Public Student Loan Forgiveness (an option for many medical professionals who work in not-for-profit hospitals).
But Splash offers some peace of mind for medical residents by offering up to 84 months of deferment with low $100 payments. Forbearance and death or disability discharge may be available depending on the financing partner, but is not guaranteed. Check your loan agreement to be certain.
Who Qualifies To Apply?
You must be a graduate of a Title IV accredited institution to apply for refinancing with Splash. However, while many private student loan lenders require at least a bachelor's degree, Splash says that associate degree graduates may be be eligible to refinance as well. To qualify, the associate degree must be in one of the following fields:
- Cardiovascular Technologist (CVT)
- Dental Hygiene
- Diagnostic Medical Sonography
- EMT/Paramedics
- Nuclear Technician
- Nursing
- Occupational Therapy Assistant
- Pharmacy Technician
- Physical Therapy Assistant
- Radiation Therapy
- Radiologic/MRI Technologist
- Respiratory Therapy
- Surgical Technologist
Parents are eligible to refinance Parent PLUS loans as long as their child earned their degree. Minimum credit score requirements will vary by lender.
Keep in mind that PenFed only offers student loan refinancing to its members. Thankfully, non-members can view their PenFed pre-qualified rates. But if you happen to receive an offer from the credit union that you like, you'll need to join before you can move forward with your full loan application.
Are There Any Fees?
Splash Financial says that none of its partners charge origination fees or prepayment penalties. But most lenders do charge late fees and/or returned check fees. To find out whether these fees apply and how they're calculated, check with the lender that will be servicing your loan.
Is It Safe And Secure?
Splash Financial says that its servers adhere to industry-standard security measures. Its site is also SSL encrypted and verified. To learn more about how Splash uses your personal information and how long your data is kept on its servers, you can review its online privacy policy page.
How Do I Contact Splash Financial?
You can contact Splash Financial's customer support team at 1-800-349-3938, Monday - Friday, 9 AM - 9 PM EST or by email at contact@splashfinancial.com. But keep in mind that if you have a billing question or concern, you'll likely need to reach out to the bank or credit union that funded your loan.
Is It Worth It?
Medical student debt, can be overwhelming and expensive. Splash Financial can make it easier to handle during your training. The company offers decent rates, and amazing terms. If you’re struggling with medical education debt, Splash Financial is worth a look. But be sure to compare the terms and conditions with other lenders before you decide.
Splash Financial FAQs
Let's answer some common questions about Splash Financial.
What is Splash Financial?
Splash Financial is a lender marketplace that connects student loan borrowers with banks and credit unions.
Is Splash Financial legit?
Yes, although Splash is still relatively young company, it has partnered with several major financial institutions and none of its partners charge junk fees.
Which banks and credit unions have partnered with Splash?
Splash is currently partnered with PenFed, Laurel Road, and Nelnet, but is actively looking to grow its lender network.
Will applying with Splash hurt my credit score?
No, checking your pre-qualified rates with Splash won't impact your credit score since it will conduct a soft credit pull. But when you submit a full loan application, a hard credit inquiry will be completed which is likely to have a slight negative affect on your credit scores in the short-term.
Splash Financial Features
Min Loan Amount | $5,000 |
Max Loan Amount | No max |
Rate Type | Fixed or variable |
APR |
|
Autopay Discount | Varies by lender. Most offer a discount of 0.25% |
Loan Terms | 5 - 20 years |
Origination Fees | None |
Prepayment Penalty | None |
Late Payment Fee | Varies by lender |
Cosigners Allowed | No cosigners allowed for student loan refinancing |
Cosigner Release | Varies by lender, but most customers can request a cosigner release after 12 consecutive on-time monthly payments |
Grace Period | Varies by lender |
Eligible Schools | Title-IV accredited schools |
Associate Degree Refinancing | Yes, for professionals in certain healthcare fields |
Customer Service Phone Number | 1-800-349-3938 |
Customer Service Hours | Mon–Fri, 9 AM–9 PM (EST) |
Customer Service Email Address | contact@splashfinancial.com |
Loan Servicer | Varies by lender |
Promotions | $500 bonus⁴ |
See disclaimers at: https://www.splashfinancial.com/disclaimers/
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of June 5, 2023. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
1Autopay Discount. Rates listed include a 0.25% autopay discount.
Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed APR options range from 4.96% (with autopay) to 11.24% (without autopay). Variable APR options range from 4.99% (with autopay) to 11.14% (without autopay). Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).
2Payment Disclosure. Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.
3Credit Pull Disclosure. To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4Bonus Disclosure. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.
Splash Financial Student Loans Review
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Summary
Splash Financial is a student loan refinancing marketplace that offers great rates and loan options.
Pros
- Typically has some of the lowest rates
- Flexible medical resident refinancing
- Allows spouses to combine loans
Cons
- Benefits and protections vary by lender
- Credit union membership may be required to accept offers from certain lenders
- No cosigner allowed for student loan refinancing
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak
