Splash Financial Student Loan Refinance Marketplace: Solid Option for Creditworthy Borrowers [2025 Review]

4.5 _/5

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Student Loan Refinance

• Competitive rates 
• Compare offers from several lenders at once 
• Special options for medical school loan refinance

• Can’t apply with a cosigner 
• Terms and features will vary by lender
• Must have graduated with your degree

Rates (APR)	4.89% – 9.99%
Loan amounts	$5,000 and up
Repayment terms	5 – 25 years

Splash Financial is a student loan refinancing marketplace that lets borrowers compare multiple lender offers with a single application. You can check your rates without affecting your credit score, making it easy to explore options before committing.

Since Splash doesn’t allow cosigners, it’s best suited for creditworthy borrowers looking to secure a lower rate or refinance to remove a cosigner. It also offers specialized refinancing options for medical professionals, catering to their unique career and repayment needs.

However, Splash doesn’t disclose its full network of lenders and typically requires borrowers to have graduated, which may be a drawback for those who prefer more transparency or haven’t completed their degree. Here’s what you need to know.

Table of Contents

1. How does Splash Financial work?
2. Pros and cons of Splash Financial
3. Refinancing medical school loans with Splash Financial
4. How do Splash Financial refinance student loans compare to other marketplaces?
5. Is Splash Financial legit?
6. How to apply for Splash Financial refinancing

How does Splash Financial work?

Splash Financial partners with student loan companies to connect you with student loan refinancing offers. It’s an online marketplace that allows you to check your offers from multiple lenders at once in three minutes or less after you answer a few basic questions. 

If you prequalify for student loan refinancing offers (a process that won’t ding your credit score), Splash Financial will show you offers from its network of lenders. You can review the rates and terms of each offer to see if any work for you. If you decide to move forward, you can go on to submit a full application.

Splash Financial isn’t a direct lender, so you may need to check with individual lenders for their unique requirements. Along with student loan refinancing, Splash can also connect you with in-school student loans and personal loans. 

Plus, it has a special option for borrowers looking to refinance medical school loans. Specifically, you can choose to pay $100 per month on your loans during training and for six months afterward if you refinance them through Splash. 

Pros and cons of Splash Financial

When considering Splash Financial’s student loan refinancing, it’s important to weigh both its advantages and potential drawbacks. Here’s a look at the pros and cons to help you decide if it’s the right fit for your financial needs.

Pros

• Compare offers from multiple lenders at once

• Prequalifying won’t ding your credit score

• Competitive interest rates starting at 4.89%

• Special options for refinancing medical school loans

Cons

• No option to apply with a cosigner

• Splash doesn’t disclose which lenders are in its partner network

• Specific requirements and terms may vary by individual lender

• Requires that you graduated with a four-year degree from a Title IV school or associate degree in an eligible field

Rates, borrowing limits, and fees 

The lenders in Splash Financial’s network offer rates starting at 4.89% and going up to 9.99%. You generally must refinance at least $5,000 in student loans, but there’s no stated maximum limit. Cosigner release is not applicable, as Splash’s partner lenders don’t accept student loan refinancing applications with a cosigner. Here are the full details: 

Feature	Details
Loan amounts	$5,000 and up
Repayment terms	5 – 25 years
Cosigner release?	Cosigners not accepted

What are the eligibility requirements?

Various borrowers are eligible to refinance student loans with Splash Financial, but it doesn’t offer a cosigner option. Some lenders might recommend a cosigner to bolster your chances of approval or secure better rates, but Splash Financial focuses on the individual applicant’s credentials.

Here’s a snapshot of the basic eligibility requirements:

Requirement	Details
Citizenship	U.S. citizen or permanent resident
State of residence	Applicants from all 50 states may apply (but certain partner lenders aren’t available in all 50 states)
Graduation status	Borrowers must have a degree (associate degree at minimum)
Minimum credit score	640 (TransUnion and FICO Score 9, which includes medical debt and rent payments and disregards paid collections)
Minimum income	$30,000

How does repayment work?

Repaying a refinance student loan from a Splash Financial partner is contingent on the terms you prequalify for. Not all refinanced student loans carry the same terms. They hinge on individual borrower factors, including creditworthiness and income. 

How long does repayment last?

With Splash Financial’s partners, you can choose a term that suits your financial capability. 

You can pay off the loan early without penalty, saving you on interest costs in the long run. Remember, the longer your term, the lower your monthly payments, but the higher your overall cost due to accrued interest.

Here’s what repayment of a $50,000 refinance loan at a 6% fixed rate might look like:

Repayment term (years)	Monthly payment	Total repayment cost
5	$966.64	$57,998.40
10	$555.10	$66,612.00
15	$421.34	$75,840.60
20	$358.22	$85,972.80
25	$323.05	$96,915.00

Refinancing medical school loans with Splash Financial

Splash Financial offers specialized refinancing options for medical professionals, recognizing their unique financial challenges and career paths. Medical school graduates often have high student loan balances, extended training periods, and income growth potential, which require different refinancing considerations than traditional borrowers.

Many medical professionals begin their careers in residency or fellowship, earning lower salaries while managing substantial student debt. Some lenders in Splash’s network offer deferred or reduced payments during training, making it easier to manage cash flow until income increases.

Additionally, because doctors often see significant income jumps after residency, refinancing with flexible repayment options or lower initial payments can be particularly beneficial. Splash isn’t the only marketplace to offer medical school loan refinancing—Credible and Sparrow have partners that will work with these borrowers, too.

As you’re comparing your options, here’s what to know about Splash’s medical school loan refinancing rates and terms:

Term	Details
Rates (APR)	6.39% – 9.84%
Rate discounts	Autopay discounts available vary by lender
Loan amounts	Start at $10,001
Repayment terms	Up to 25 years (based on prequalification)
Repayment assistance	$100 minimum monthly payment during residency

In addition to the general eligibility requirements above, here’s what you need to qualify for this refinance loan:

Requirement	Detail
State of residence	All except Mississippi and Montana
Graduation status	Must have graduated from medical school and matched to a residency or fellowship program at the time of application

How do Splash Financial refinance student loans compare to other marketplaces?

Student loan refinance marketplaces help borrowers compare multiple lenders at once, but they vary in transparency, lender selection, and borrower benefits. While Splash Financial offers competitive rates, it lacks lender transparency and doesn’t allow cosigners. Here’s how it compares to other leading marketplaces.

Marketplace	Rating
Credible	4.8/5
Splash	4.5/5
Sparrow	4.4/5
LendKey	4.2/5

Splash vs. Credible

Credible is the most transparent refinance marketplace, clearly listing all the lenders in its network. Borrowers can prequalify with a soft credit check and compare multiple offers without hidden surprises.

Unlike Splash, Credible also allows cosigners, which can help borrowers secure lower rates. If knowing your lender upfront is important, Credible is the better choice.

Splash vs. Sparrow

Sparrow stands out for its unique matching process, which personalizes lender recommendations based on borrower preferences and qualifications. While it provides lender transparency like Credible, Sparrow’s more tailored approach may appeal to borrowers who want a curated list of options rather than sorting through every available lender.

Splash vs. LendKey

LendKey connects borrowers with credit unions and community banks, which often provide lower rates and more personalized service than large national lenders. Unlike Splash, it allows cosigners, making it a better choice for borrowers who need help qualifying.

Because credit unions and smaller banks tend to offer more flexible eligibility criteria and repayment options, LendKey may be a good fit for those who don’t meet stricter requirements at major lenders or want more adaptable loan terms.

Is Splash Financial legit?

Splash Financial is a legitimate loan marketplace that protects your data with SSL verification and encryption. Since its founding in 2013, Splash has opened over 100,000 accounts and managed over $6 billion in refinancing requests. 

Splash has largely positive reviews on TrustPilot and Google, receiving ratings of 4.8 and 4.7 stars out of five, respectively. Satisfied customers say the loan application process was simple, straightforward, fast, and stress-free. 

The marketplace does have a few negative reviews. Some customers complained about unwanted advertisements, while others were unable to get the interest rates they wanted. Overall, though, Splash has positive feedback from thousands of online customer reviews. 

Source	Customer rating	Number of reviews
Trustpilot	4.8/5	1,348
Better Business Bureau	1/5	1
Google	4.7/5	821

Does Splash Financial have a customer service team?

Splash, headquartered in Cleveland, Ohio, offers customer support over the phone, email, and web chat. For general information, call (800) 349-3938, Monday to Friday, 9 am to 9 pm EST. Existing borrowers can call (928) 550-6295, Monday through Friday, 9 am to 6 pm EST. 

Alternatively, you can email [email protected] for general questions or [email protected] for help with a current loan. Live web chat is also available on the Splash website Monday through Friday, 9 am to 8 pm EST.

How to apply for Splash Financial refinancing

With most work done online, applying for a student loan refinance with Splash Financial is fast and easy.

Here’s a step-by-step guide to apply:

1. Check your rate: Click the “Check your rate” button on the Splash Financial website. This process is quick and will take about three minutes. It’s a soft credit check, so it won’t affect your credit score.
2. Create an account: To proceed, you’ll need to create an account. This involves providing your email address and creating a password.

3. Answer several questions: Splash Financial will ask you questions to assess your eligibility. These might include your current student loans, income, and education details.
4. Browse refinancing offers: If you qualify, you can browse through various refinancing offers across Splash Financial’s network of lenders.
5. Choose your loan: Once you’ve found a loan that suits your needs, select it and proceed with the application with the lender. Splash Financial will continue to guide you.
6. Get refinanced: If your application is approved, the Splash partner you selected will pay off your student loans. You’ll then have a new loan with a single monthly payment.

Every step of the process is designed to be fast and easy. Still, having all your documents and information handy is important to speed up the process. 

You’ll need details about your current student loans, proof of income, and any other information to help Splash Financial assess your eligibility.

FAQ

Does Splash Financial offer private or federal student loans?

Splash Financial is not a direct lender, but it can connect you with student loan refinancing offers from various private lenders. Splash also partners with Earnest to offer in-school private student loans. 

Does applying with Splash Financial hurt my credit?

Applying for student loan refinance with Splash Financial involves a soft credit check to provide you with a preliminary rate quote. This soft check doesn’t affect your credit score. 

If you choose an offer and proceed with a full application, however, Splash will perform a hard credit inquiry. Hard inquiries can lower your credit score by a few points.

Does Splash Financial require a cosigner?

Splash Financial does not require a cosigner—or even offer a cosigner option—for refinancing applications. A cosigner can be beneficial if your credit score or income isn’t sufficient to secure approval on your own. If you want to refinance with a cosigner, consider ELFI.

Is Splash Financial responsible for paying off my current student loans?

Yes. When you refinance your student loans with one of Splash Financial’s lender partners, the new lender pays off your loans with the loan amount you’re approved for. You then repay at the new interest rate and term you’ve agreed upon. This process consolidates your student loans into one monthly payment.

How we rated Splash Financial 

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loan refinancing. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Splash Financial Ave to several student loan refinance companies, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our ratings, recapped below.

Product	Our rating
Splash Financial student loan refinancing	4.5/5