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Starting at 3.75%
APR
$300,000
Max. Loan Amount
700
Min. Credit Score
| Product Name | Splash Financial Student Loan Refinancing |
|---|---|
| Minimum Loan Amount | $7,500 |
| Max. Loan Amount | $300,000 |
| APR | Starting at 3.75% |
| Interest Rate Type | Variable |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 15 years |
To qualify for student loan refinancing with Splash, you must meet eligibility requirements that include:
Qualified cosigners must have a credit score of 720 and an annual income of at least $50,000.
If you’re cosigning a loan with your spouse, one spouse must have a credit score of at least 670 and another of at least 700. Your combined income must be at least $42,000 — and one spouse can be unemployed.
To refinance your student loans with Splash, you apply to take out a new loan to replace your existing student loans or combine multiple loans into one, ideally with more favorable rates and terms.
Splash isn’t a direct lender. Instead, it helps borrower navigate the refinancing process. PenFed Credit Union ultimately funds its loans and repayment services.
Splash allows borrowers to refinance both federal and private student loans through a fully online application. If you’re not ready to commit, you can prequalify online for a risk-free estimate of your rates.
If you refinance your federal loans, you’ll lose key benefits that Splash can’t offer, like income-driven repayment plans and loan forgiveness programs for public service.
Before you refinance your federal loans, carefully consider the benefits you’ll lose against any savings you’ll gain.
Splash doesn’t charge fees for applying, so your main cost is the interest you’ll pay on the amount you borrow. Splash offers both fixed and variable interest rate options for general student loan refinancing:
If you choose a variable rate option, you won’t necessarily end up with a rate within the stated range the entire time you’re paying off your loan. To understand why, you need to know how Splash calculates your variable rate.
First, Splash assigns you a small fixed margin rate between 1.58% and 5.36%. It then adds your margin rate to the one-month LIBOR rate, which is set by a third party and fluctuates depending on the lending market. If you qualify for the 1.58% margin, then you’ll always get the lowest rate offered.
To protect borrowers from high LIBOR rates, Splash caps interest rates at 9% for five- and eight-year terms and 10% for 12 – and 15-year terms.
Yes. Splash offers bonuses for people at both end of a referral. If you refer a friend, you can qualify for a bonus of $250. Or apply through another borrower’s referral link for a $250 welcome bonus.
Yes. If you’re late on repayments for general refinancing, you’ll pay a fee equal to 20% of your interest payment — starting at $5 and capped at $25 — if you’re more than five days late. If your payment bounces, you’ll pay a $30 returned check fee.
Splash offers no official deferment or forbearance program on its refinancing loans. However, in extreme cases of economic hardship — like unemployment, temporary injury or illness — you may qualify for forbearance.
If you have a general refinancing loan, reach out to PenFed, which handles your repayments, to discuss your situation and ask about your options.
No, at this time Splash doesn’t offer medical residency refinancing. It used to offer a program for medical professionals but stopped after reaching its lending capacity — it was too popular.
Splash told finder.com that it might bring medical residency refinancing back at some point, but for now its refinancing offers are open to all professions.
We weren’t able to find online customer reviews or comments about Splash. The company earns an A+ rating from the Better Business Bureau (BBB) based on factors like advertising practices and how it handles customer complaints. It isn’t accredited by the BBB, and it doesn’t have a page on Trustpilot.
To get an idea of what to expect, look at customer reviews for the actual lender, PenFed. The credit union’s online reputation is mixed. While customers in forums generally agree that its rates are low, its BBB reviews are nearly all negative, mostly due to mix-ups with repayments.
Splash requires borrowers to prequalify before completing a loan application. Get started at Splash’s site, selecting Get My Rate. Select your highest degree and hit Continue.
Based in Cleveland, Splash Financial was founded to ease the burden of student debt on students just starting their careers. Its board of directors is made up of finance and health professionals who have been in the same position many of its clients are in now.
Reach out to Splash for assistance by calling 800-349-3938, chatting live with a rep on its site, emailing contact@splashfinancial.com or through Facebook and Twitter. If you live in Ohio, see if there’s a Splash office near you.
Splash’s competitive rates can help young professionals with strong credit save on student debt. It doesn’t do all of this work on its own, however, which means it could be hard to keep track of who has your personal information.
To learn more about how refinancing works and compare other lenders, read our comprehensive guide to student loans.
