We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Starting at 1.99%
APR
None
Max. Loan Amount
660
Min. Credit Score
| Product Name | Splash Financial Student Loan Refinancing |
|---|---|
| Minimum Loan Amount | $7,500 |
| Max. Loan Amount | None |
| APR | Starting at 1.99% |
| Interest Rate Type | Variable |
| Minimum Loan Term | 5 years |
| Maximum Loan Term | 25 years |
Review by
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
Splash Financial offers refinancing that may be able to shave money off your current loans. Boasting competitive rates, a wide range of loan terms and unlimited loan amounts, this lender is ideal for graduates who want to bundle all of their student loans into one and potentially save money in the process. Unlike many providers, you can even refinance parent loans.
However, you’ll need good credit and a relatively high income to qualify — even if you apply with a cosigner. And it’s only open to graduates who completed their degree or are in their final semester.
Still not sold? Compare other refinancing providers that might be a better fit.
To qualify for student loan refinancing with Splash, you need to meet the following criteria:
Qualified cosigners must have an annual income of at least $50,000. While there’s no minimum credit score required for cosigners, most have a score over 700.
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 borrowers navigate the refinancing process by connecting you with one of its lending partners, which consists of banks and credit unions.
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 0.54% and 4.21%. 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 0.54% margin, then you’ll always get the lowest rate offered.
To protect borrowers from high LIBOR rates, Splash caps interest rates between 9% and 16% depending on the loan term.
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.
For general student loan refinancing, Splash offers one standard repayment plan. You pay the same amount each month if you have a fixed rate and varying amounts each month if you have a variable rate.
You can adjust your monthly repayments through the loan term you choose. Splash offers loan terms from 60% to . When choosing a long term, consider that you’ll pay less interest over a shorter term, but with higher monthly repayments. Whereas with longer terms, you’ll likely pay less each monthly but more in interest over the long term.
Longer terms also tend to come with higher rates than shorter terms. To find the right balance, look for a term that gives you the highest monthly repayments you can comfortably afford.
Some of Splash’s lending partners offer formal forbearance programs that allow you to pause repayments due to economic hard, like unemployment, temporary injury or illness. Others might review forbearance requests on a case-by-case basis. Review your loan agreement to see what options your specific lender offers.
Yes, Splash offers student loan refinancing specifically for medical and dental residents. You might be able to pay just $100 a month toward your student loans while in your residency, with terms as high as 20 years.
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 graduates 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.
To learn more about how it all works, read our guide to student loan refinancing.