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 bachelors degree.
They also still are a great option for medical professionals and other graduate degrees.
Studying to become a doctor? By the time you graduate from medical school, you’ll have wracked up $190,000 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.
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 $50,000.
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 Splash
Splash Student Loans Details | |
|---|---|
Product Name | Splash Student Loan |
Min Loan Amount | $5,000 |
Max Loan Amount | No Max |
Variable APR | 1.89% - 6.66% APR |
Fixed APR | 2.63% - 6.63% APR |
Loan Terms | 5, 7, 8, 10, 12, 15, and 20 Year |
Promotions | $500 Bonus |
General Student Loan Refinancing
Splash Financial offers a general student loan refinancing product that targets all borrowers with a bachelors degree or higher (in some cases an associates 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.
They currently offer loans from $5,000 (with no maximum), with no application or origination fees.
Their rates currently are:
- Fixed Rates: 2.63% - 6.63% APR
- Variable Rates: 1.89% - 6.66% APR (rates are capped at 10.00%)
Term lengths are: 5-year, 7-year, 8-year, 10-year, 12-year, 15-year, and 20-year.
Remember, rates are subject to change without notice. These rates are accurate as of May 1, 2020. For current rates and fees, check out Splash Financial.
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.
Sadly, the general student loan refinancing is not on Credible, so you can't easily compare. You would need to go to Splash Financial directly to see this option.
Medical School Student Loan Refinancing
Medical student debt, can be overwhelming and expensive.
If you’re struggling with Medical education debt, look Splash Financial, but be sure to compare the terms and conditions with other lenders before you decide.
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. But before you apply, here’s what you need to know.
We are partners with Splash Financial and you can get a $500 bonus when you refinance over $50,000 with them. Check out Splash Financial here.
Splash Financial charges no origination fees when you refinance your educational debt. For some borrowers (especially people planning to pay off their loans quickly), this can yield a ton of savings.
However, Splash Financial isn’t the only company offering this perk. SoFi, CommonBond and other upstarts are also offering this option, so be sure to compare rates before you commit to any company in particular.
How Does Splash Compare To Other Lenders?
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 | 1.89% - 6.66% | 2.39% - 6.01% | 1.89% - 5.90% |
Fixed APR | 2.63% - 6.63% | 2.79% - 5.99% | 2.80% - 6.00% |
Bonus Offer | Up to $500 | Up to $775 | Up to $200 |
Cell |
Remember, you can always find our picks for the best student loan refinancing lenders here: Student Loan Refinancing Companies.
A Reminder About Refinancing
Refinancing your loans to Splash Financial means you can’t qualify for 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 borrowers.
Also, refinancing means that you lose access to income-driven repayment plans, which could make your payments much higher than you're expecting.
Finally, these are immediate repayment loans - there are no deferments or forbearances. That means payments are due right away and won't stop until the loan is paid off.
Note: Medical and Dental Residents can refinance and pay only $100 per month during their training period.
Should you refinance with Splash Financial?
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, look Splash Financial, but be sure to compare the terms and conditions with other lenders before you decide.
Splash Financial Student Loans Review
- Rates and Terms
- Costs and Fees
- Loan Options
- Ease of Use
- Customer Service
Overall
Summary
Splash Financial is a new student loan lender that offers great rates and loan options.
Pros
- Typically has some of the lowest rates
- Special products to help refinance medical school loans
- Allows for spousal refinancing
Cons
- Disability and death discharge may not be available
- Refinancing Federal loans prevents access to loan forgiveness and income-driven repayment plan options
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 towards 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, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.