Splash Financial Review: Student Loan Refinancing

We’ve determined Splash Financial to be a great option for comparing multiple offers in one location.

Offers individuals in a medical residency or fellowship a manageable $100 monthly payment option.
Application process is easy and automated.
Zero fees.
Splash keeps your sensitive information secure.

In 2013, Splash Financial embarked on a mission to help medical residents and fellows manage their student loan debt. An online marketplace that offers student loan refinance loans from multiple partner lenders, Splash has expanded its portfolio to provide a wider range of student loan refinancing solutions.

Splash’s partners’ general refinance loans are available to graduates who have earned at least an associate degree from an accredited institution. The medical school refinance loans are tailored to medical residents, fellows, and practicing doctors.

With its easy application process, competitive rates, and partnership with various lenders, Splash Financial is committed to helping borrowers streamline their student loans and potentially reduce their interest costs.

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Our Splash Financial refinance student loan review
More about Splash Financial

Our take on Splash Financial’s refinance student loans

Type of student loan	Best for	Editorial rating (out of 5)
Refinance student loan	No designation	4.5
Medical school student loan refinance	No designation	4.5

Our take on Splash Financial’s student loan refinance is based on exhaustive editorial research into student loan refinance products. Each company’s product is unique; therefore, no two earn the same best-for designation.

Here’s why we singled out Splash Financial for its merits:

The partnership with multiple banks and credit unions provides borrowers a vast array of choices.
Its partners offer competitive interest rates, making Splash an affordable choice for borrowers with a solid credit score.
With an easy online application and swift prequalification, Splash Financial stands out for its user-friendly process.
For medical students or residents, Splash Financial’s $100 monthly payment during residency is a major advantage.
Splash Financial’s loan refinance is available to those with an associate degree or higher, making it accessible to a wide range of graduates.

Note: Splash advertises an in-school student loan on its website. Its exclusive partner for private student loans is Earnest. Find out more in our Earnest student loans review.

Rates, terms, and more

Splash Financial sails ahead with its partners’ competitive rates and terms in the sea of student loan refinance options. With fixed rates ranging from 4.96% to 10.99% and variable rates from 4.99% to 10.89%, Splash Financial stands on par with many industry leaders.

Here’s a breakdown of its terms and features:

Loan amounts: Because of its partnerships, Splash Financial doesn’t cap its loan amounts, with loans starting at $5,000. This openness might appeal those with significant student debt.
Rates (APR): Fixed rates are between 4.96% and 10.99%. Variable rates run from 4.99% to 10.89%.
Repayment terms: It offers a broad range, from five to 25 years. The terms depend on what you prequalify for with specific lenders.
Cosigner release: Not applicable (no cosigner option).
Fees: None.
Unique features: Splash Financial provides quotes from multiple lenders, enabling you to compare and choose what fits best.
Rate discounts: Some of its lending partners offer an autopay discount on refinanced student loans, typically 0.25%.
Repayment assistance: Assistance may be available through the lender Splash Financial connects you with.

Who’s eligible to refinance student loans with Splash Financial?

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 do you repay Splash Financial refinanced student loans?

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.

When does repayment begin?

The repayment on a refinanced loan from one of Splash Financial’s partners starts after the lender has disbursed the loan. The exact terms may vary based on the lender you refinance your loan with.

Borrowers can’t choose when repayment begins, but they can select their repayment term. The choices depend on what the lenders you match with offer but can range from five to 25 years.

How long does repayment last?

The length of repayment depends on the term you select when refinancing. 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 6% fixed APR 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

Does Splash offer repayment assistance programs?

Repayment assistance programs offer a safety net for borrowers struggling with repayment. They’re not uncommon in the student loan landscape. These programs can offer short-term relief but may lead to longer loan terms and more interest paid over time.

Failing to adhere to the terms of these programs can have negative impacts on a borrower’s credit score. Splash Financial does not offer repayment assistance, but its lending partners may offer various forms of support.

Does Splash Financial offer unique refinance student loans?

Yes, Splash Financial caters to the specific needs of medical professionals by offering specialized refinance options for medical school loans through its partner lenders. These account for the unique financial circumstances and career trajectories of medical professionals.

Here’s what sets the medical school loan refinancing apart:

Medical school loan refinancing
Terms	Same as general student loan refinance unless otherwise noted
Fixed rates (APR)	5.49% – 8.24%
Variable rates (APR)	5.49% – 8.24%
Rate discounts	Autopay discounts available, vary by lender
Loan amounts	Start at $10,000
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:

Eligibility for medical school loan refinancing
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 can Splash Financial improve its student loan refinancing?

Splash Financial offers several advantages but could improve in several areas to better cater to its customers’ needs.

Area for improvement	Lender to consider instead
Splash Financial’s offerings are not uniform, leading to differences in terms across lenders	Earnest SoFi Citizens Bank
No cosigner option for general refinance and medical school refinance loans	Citizens Bank ELFI
You need a degree to refinance with Splash Financial	Citizens Bank
State restrictions for medical school refinancing	Citizens Bank

Also remember: If you refinance federal student loans with any private lender, including Splash Financial, you’ll forfeit access to federal benefits, including the option to qualify for income-driven repayment and loan forgiveness programs. This is a significant trade-off.

How have Splash Financial student loans evolved over the years?

Splash Financial’s evolution since its establishment in 2013 include the following milestones:

Focus on medical professionals (2013): Initially, Splash catered to medical residents and fellows, helping them manage their student debt by allowing $1 per month payments during their training.
Loan amount adjustments: In 2017, Splash advertised a minimum loan amount of $25,001 and a maximum of $243,902. Today, borrowers can refinance starting from $5,000, and there’s no longer a maximum limit, providing enhanced flexibility.
General refinance launch (2018): Splash expanded its reach by offering general student loan refinancing to serve a wider audience.
Payment increase (2019): The minimum monthly payment during the medical residency period increased from $1 to $100, adjusting to the financial realities facing medical professionals.
Exclusive partnership (2023): For in-school student loans—which it just began offering in 2022—Splash shifted to an exclusive partnership with Earnest, consolidating its relationships to offer a more cohesive service.

Splash Financial’s journey illustrates an ongoing commitment to adapt and improve its offerings. This continued evolution is sure to be a significant part of its strategy moving forward.

Is Splash Financial a reputable lender?

Splash Financial’s reputation in the eyes of its customers is positive.

Trustpilot is a consumer review website where users can post reviews for businesses worldwide, providing a platform for customers to share their experiences and companies to connect with their clientele.

Its users, the largest group of Splash reviewers, rate Splash 4.8 out of 5 stars. A common theme in these reviews is how “easy,” “fast,” and “painless” the refinancing process is. These reviews also commend the company’s professionalism.

Source	Customer rating (out of 5)	Number of reviews
Trustpilot	4.8	794
Google	4.6	298
Better Business Bureau	1	2

Collected on July 21, 2023

On Google, the sentiment is similar, with a rating of 4.6 out of 5 stars. Reviewers here often mention Splash’s excellent customer service.

However, it’s essential to balance these positive impressions with the fewer reviews on the Better Business Bureau (BBB). While only two reviews were on the BBB website at the time of writing, they gave Splash a much lower rating of one star. One customer mentioned being denied a refinance loan due to poor credit.

Despite this discrepancy in reviews, Splash is BBB-accredited since 2019 and holds an A+ rating with the bureau. This accreditation indicates the company has met the BBB’s standards, including a commitment to resolving consumer complaints. Over the last three years, Splash has closed seven complaints, with no complaints closed in the past 12 months.

As you interpret these reviews, remember satisfied customers may not always leave reviews. However, these ratings can provide insight into the experiences of those who chose to share their feedback.

Does Splash Financial have a customer service team?

Splash Financial’s customer service team is at your disposal to assist with any questions or concerns you might have about your student loan refinancing.

Based in the United States, the team handles inquiries about the application process, loan terms, and overall loan management.

Splash Financial is your initial point of contact and helps set up the loan, but it doesn’t service the loans internally. Once your loan is in place, Splash passes off repayment management and communication to one of its servicer partners.

Here are the ways you can get in touch with the Splash Financial customer service team:

Phone: You can reach them at 800-349-3938, Monday through Friday, from 9 a.m. to 9 p.m. Eastern.
Email: You can send inquiries to [email protected].
Chat: Click “chat” on Splash’s homepage for 24/7 support.

Splash Financial doesn’t provide a mailing address for customer support. However, its website features a comprehensive FAQ section that addresses many common queries.

If you have any concerns or need additional help, don’t hesitate to reach out to the customer service team. Its goal is to ensure your loan experience is as seamless and straightforward as possible.

How to apply for a Splash Financial refinance student loan

Applying for a student loan refinance with Splash Financial is designed to be fast and easy, with most of the work done online.

Here’s a step-by-step guide to apply:

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, which means it won’t affect your credit score.
Create an account: You’ll need to create an account to proceed. This involves providing your email address and creating a password.

Source: Splash Financial

Answer several questions: Splash Financial will ask you a series of questions to assess your eligibility. These might include details about your current student loans, income, and education.
Browse refinancing offers: If you qualify, you’ll be able to browse through various refinancing offers across Splash Financial’s network of lenders.
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.
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, it’s important to have all your documents and information handy to speed up the process.

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

What if I’m denied a student loan refinance from Splash Financial?

If your application for a student loan refinance from Splash Financial is denied, it’s a setback but not the end of the line. Upon denial, Splash Financial will provide the reasons for rejection, often related to the following:

Low credit score
Insufficient income
High debt-to-income ratio

Understanding these reasons can guide you in improving your financial profile for future applications.

Options after denial

Address the issues and reapply: Improve your credit score, increase your income, or pay down other debts. You can reapply with Splash Financial once you’ve made these improvements.
Explore other lenders: If you’re eager to refinance sooner, consider lenders with more flexible qualifying criteria or those allowing a cosigner.

Helpful resources

Resource	Ideal for
Best refinance companies	Quick overview of top-rated lenders
Earnest review	Detailed review of our best overall refinance lender
ELFI review	Detailed review of our best refinance lender for transferring Parent PLUS loans
LendKey review	Detailed review of our best refinance lender to get matched with community banks and credit unions
Citizens Bank review	Detailed review of our best large bank to refinance student loans with

Remember, each lender has its own eligibility criteria, so a single rejection shouldn’t discourage you from pursuing a student loan refinance that suits your needs.

Splash Financial FAQ

Does Splash Financial offer private or federal student loans?

Splash Financial specializes in private student loan refinancing. It doesn’t originate new student loans, federal or private. However, it partners with Earnest, which offers in-school private student loans.

Does applying with Splash Financial hurt my credit?

Applying for a 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.

However, once you choose an offer and proceed with the full application, Splash performs 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 Citizens Bank or ELFI.

How long does it take to receive funds from Splash Financial?

The time it takes to receive funds from Splash Financial varies, but you can expect the process to take two to three weeks. This period includes the time for approval, finalizing the loan terms, and paying off your current loans.

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

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 the lender at the new interest rate and term you’ve agreed upon. This process consolidates your student loans into one manageable monthly payment.

Can Splash Financial student loans be forgiven?

No, private student loans from Splash Financial are not eligible for loan forgiveness programs.

Refinancing federal student loans with a private lender such as one of Splash’s partnersl means you forfeit federal benefits, including access to income-driven repayment plans and loan forgiveness programs. Always consider this trade-off before refinancing federal student loans.

How we rated Splash Financial student loans

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

In our most recent evaluation, we compared Splash Financial to several lenders across several factors, including rates, repayment terms, customer reviews, and benefits. We weighted, scored, and combined each factor to produce a final editorial rating.

This rating is expressed on a scale from one to five, with five being the highest possible score. We rounded all ratings to the nearest tenth decimal place.

Student loan	Best for	Our rating
General student loan refinance	No designation	4.5 out of 5	View rates
Medical school student loan refinance	No designation	No designation	View rates