Business Insider's personal finance team compared Splash Financial Student Loan Refinancing to the best private student loans and found it to be a standard offering with predictable rates, refinancing options, and typical fees. However, certain fees like late fees vary through the student loan marketplace, and if you want to take out a new loan instead of refinancing you only have one partner option.
Before considering a private in-school student loan from Splash Financial, check out federal student loans, scholarships, and grant opportunities. Scholarships and grants are funding options that don't need to be repaid, and private student loans don't carry the same benefits as federal student loans, such as public service loan forgiveness (PSLF) or income-driven repayment (IDR) plans.
Splash Financial Student Loans Overview
Splash Financial is a marketplace rather than a direct lender, and it is best for borrowers who want to refinance their student loans and get a lower rate — especially those who have improved their credit scores since they initially took out a student loan.
Splash Financial recommends a good or excellent credit score of about 700 to qualify for a loan, so only borrowers with good credit are likely to be eligible.
Key Features of Splash Financial Student Loans
Splash Financial has a generous refer-a-friend program you won't find with many lenders. For every person who uses your unique referral link and receives a pre-qualified offer, you could earn up to $20. In addition, when your friend uses your link to refinance a minimum of $30,000 of student loans with Splash Financial, then you both earn $200.
You can contact Splash Financial customer support by phone at (800) 349-3938 Monday through Friday from 9 a.m. to 9 p.m. ET. You can also email the company at contact@splashfinancial.com or start a live chat on their website.
Always consider your federal student loan options before refinancing into any private student loan, including one with Splash Financial, as you can often get better terms and protections through the government.
Types of Splash Financial Student Loans
Splash Financial is known for student loan refinancing, but the online marketplace also offers in-school private student loans and medical school loan refinancing.
Splash Financial Undergraduate Student Loans
While Splash Financial is a marketplace for student loan refinancing, the website only has one lending partner for in-school student loans. Splash Financial offers in-school student loans for undergraduates with competitive fixed- and variable-rate options from Earnest.
Rates start at 4.99% variable and 3.47% fixed, which includes a 0.25% discount for setting up autopay. Repayment terms range from five, seven, 10, 12, or 15 years. What's even more appealing is that this lender doesn't charge any fees.
Splash Financial Student Loan Refinancing
Splash Financial offers student loan refinancing options for private and federal student loans with competitive fixed interest rates, with APR starting at 3.94%. Refinancing your student loans with Splash Financial makes it easy to see what rates you'll qualify for in as little as three minutes and compare multiple lenders at once without impacting your credit.
Additionally, Splash Financial allows you to consolidate your student loans into one monthly payment and avoid spending money on unnecessary fees, such as application fees, origination fees, and prepayment penalties.
Splash Financial Medical School Loan Refinancing
If you're in a medical or dental residency or fellowship program, then you're likely eligible to refinance your student loans with Splash Financial. It's important to remember that, as a healthcare professional, you may lose the benefits of federal student loans when you refinance, such as qualifying for loan forgiveness through the public service loan forgiveness program.
Splash Financial offers competitive rates ranging from 6.14% to 9.84% variable APR and 6.14% to 9.84% fixed APR. You can pay as little as $100 a month while in residency and for up to six months after your program ends as long as the total term does not exceed 20 years.
Variable: 4.86% - 9.99% with AutoPay, Fixed: 3.94% - 10.24% with AutoPay
Depends on lender
640
$5,000 with no max
- No origination fees
- No prepayment penalties
- Low minimum rates
- Offers all in one place
- Late fees
- High maximum rates
Splash Financial Student Loan Refinancing is a great option to refinance student loans, as it comes with no origination fees or prepayment penalties.
- Contact customer support by phone or email
- Depending on the lender, the loan amount range is $5,000 with no max
- Splash Financial operates through a network of lending partners
Compare Splash Financial Student Loans
Variable: 5.99% - 9.99%, Fixed: 4.49% - 9.99% (with all discounts)
Undisclosed
$5,000 to full balance
- No maximum balance you can refinance
- Low minimum interest rate
- Autopay discount
- No origination fee or prepayment penalty
- Third-party loan servicer
SoFi is an excellent lender for borrowers who want competitive APRs and for those who don't want to worry about fees.
SoFi Student Loans- 0.25% AutoPay discount
- Apply through your computer or mobile device
- Customer service available via phone, mail, and social media
- Loan amount from $5,000 to full balance
- Term lengths of five, seven, 10, 15, and 20 years
- Loans are serviced through third-party affiliate MOHELA
5.09% - 14.73% variable and 3.39% - 15.19% fixed (with AutoPay discount, varies by plan)
None
Fair to Excellent
$2,001 - $200,000 ($200,000 aggregate total)
- N/A
- N/A
Ascent provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation.
Ascent- Loan amounts available: $2,001* minimum, up to $200,000 for undergraduates, and $400,000 for graduates
- *The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Repayment options available:
- Deferred: No payments for up to nine months after leaving school
- Interest only: Only make payments on the loan's interest while in school
- Partial payments: Pay $25 per month while in school
- Immediate Repayment:Begin making full payments (principal + interest) on the loan right away
6.99% - 13.99% variable and 6.99% - 13.99% fixed (with AutoPay discount, varies by program)
Late fee of $25 or 5% of payment, whichever is less
Undisclosed
$5,000 to $300,000
- Low maximum interest rate
- No origination fee
- No prepayment penalty
- Many repayment term lengths
- Lower maximum refinancing amount
- Late fee
- High minimum interest rate
College Ave is a great lender for borrowers who want multiple options for repayment term lengths and are after a low APR. College Ave also offers many options for contacting customer support.
College Ave Student Loan Refinancing- Eleven different term lengths, from five to 15 years
- Loan amount range between $5,000 to $300,000
- Contact customer support by text, email, phone, live chat, or physical mail
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
How to Apply for Splash Financial Student Loans
Eligibility Criteria
To get a student loan from Splash Financial, you must meet the following qualifications:
- A low debt-to-income ratio (no more than 30%)
- A history of on-time payments
- Good to excellent credit (preferably 700 or higher)
- Be a U.S. citizen (some lenders may accept permanent residents)
- Be a graduate with a four-year degree from an accredited Title IV institution or a professional with an eligible associate degree
Step-by-Step Application Process
- Apply on Splash Financial's website. Enter your email address, name, phone number, education level, Social Security number, and income history. You'll receive an estimated monthly payment and rate range with no impact on your credit score.
- Sign the loan agreement and get your new loan. After you sign the loan agreement, you may get your new loan soon after with Splash Financial. Remember, refinancing a loan means replacing your old loan with a new one.
- Work loan payments into your budget. Figure out how to adjust your budget to accommodate your new loan payments. Make sure you have enough money to cover all of your financial responsibilities.
Required Documentation
When applying for a loan with Splash Financial, you should be prepared with proof of a checking or savings account, pay stubs or other proof of income, a valid ID, and your reasoning for the loan.
Splash Financial Student Loan Interest Rates and Fees
Current Interest Rates
Splash Financial has competitively low interest rates on its student loans and refinancing options, which makes it a desirable borrowing option. It's worth noting that interest rates listed on Splash Financial's website may include a 0.25% discount for autopay.
For undergraduate loans, there is a fixed APR range between 3.47% to 16.49% and a variable APR of 4.99% to 16.85%.
For student loan refinancing, rates start at 3.94% fixed APR and reach up to 10.24% APR. For variable-rate loans, APR ranges between 4.86% to 9.99%.
For medical school student loan refinancing, interest rates currently range from 6.14% to 9.84% for both fixed and variable APRs.
Repayment Plans
Loans from Splash Financial are available with payment plans ranging between five and 15 years and will not charge any prepayment penalties for those looking to pay off their loan balance early.
Deferment and Forbearance Options
Student loan deferment is a temporary freeze on your monthly loan payments. During this freeze, interest will not accrue on a subsidized loan. The federal government offers deferment for a maximum of 3 years. Forbearance is a temporary pause on student loan payments, but interest will still accrue.
Loan Forgiveness Opportunities
If you have a federal student loan, you may be eligible for student loan forgiveness through the government. There are no available student loan forgiveness programs with Splash Financial or other private lenders.
Splash Financial Student Loans Pros & Cons
Splash Financial Student Loan Pros
- No origination fees. Splash Financial doesn't charge origination fees — which are additional costs taken out of your overall loan proceeds. Other student loan refinancing lenders do make you fork over these extra costs.
- No prepayment penalties. You can pay off your loan at any time without any additional fees.
- Low minimum rates. Splash Financial's minimum rates are competitive with other lenders in the student loan refinancing space.
- Offers all in one place. As Splash Financial is a student loan refinancing marketplace, you'll receive multiple offers simultaneously, helping you easily compare different lenders.
- Lucrative refer-a-friend program. You can earn money by having friends use your referral link to check their rates, and you both earn $200 when your friends refinance at least $30,000.
Splash Financial Student Loan Cons
- Late fees. Splash Financialdoesn't disclose its late fees, but it's safe to say that if you fall behind on your payments, you'll incur significant additional charges.
- High maximum rates. While Splash Financial's minimum rates are top-notch, its maximum rates (which are often offered to borrowers with worse credit) aren't as good.
- Limited options for private student loans. If you're not interested in refinancing, Splash Financial only has one lender available.
Splash Financial Student Loan Alternatives
Splash Financial Student Loans vs. Laurel Road Student Loans
Both refinanced and new student loans from Laurel Road have repayment terms of five, seven, 10, 15, or 20 years. Splash Financial, however, has terms ranging between five and 15 years.
Laurel Road also offers an introductory rate decreaseof up to 0.30% when you open a Laurel Road Linked Savings account at the time of student loan refinancing.
Laurel Road Student Loan Review
Splash Financial Student Loans vs. Earnest Student Loans
Neither Splash Financial nor Earnestcharges any origination, prepayment, or late payment fees.
Earnest's loans have a unique perk: the ability to skip one payment yearly. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Splash Financial Student Loan Customer Experience
Splash Financial has excellent ratings from online customer reviews on Trustpilot. The student loan marketplace was rated 4.8 stars out of five. Several customers claim the loan process went smoothly, and they received their money within just a few days.
On the other hand, customers commonly complained about difficulties with customer service. Some reviews also claimed to have been denied for a loan despite receiving pre-approval on Splash Financial's website.
Is Splash Financial Trustworthy?
Splash Financial has an A+ rating from the Better Business Bureau. The BBB is a nonprofit organization focused on consumer protection and trust. It determines its grades by focusing on a business' response to consumer complaints.
The lender hasn't been involved in any recent controversies, so you may feel comfortable borrowing from it.
Why You Should Trust Us: How We Rated Splash Financial Student Loans
We rate all student loan products in our reviews and guides on a 1 to 5 scale. The overall rating is a weighted average that considers seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily.
Read more about how we rate student loans »
Splash Financial Student Loan FAQs
The interest rates from Splash Financial are competitive and vary based on the loan type and borrower's credit profile. Visit the official website for the latest rates
You can apply online for a loan through the Splash Financial website by completing the application form and submitting the required documents.
Yes, you can refinance existing student loans with Splash Financial. It offers options for both federal and private student loans.
Splash Financial provides various repayment options depending on the lender you choose and the terms you qualify for. For private student loans, Splash Financial works with Earnest, a lender that offers repayment plans such as standard, interest-only, extended term, and more.
Splash Financial typically does not charge fees for originating loans or for prepayment. However, always review the loan terms for any additional charges.
