Splash Financial Student Loan Refinance Review [2024]: Competitive Rates and No Fees

When you’re refinancing student loans, finding the best interest rate could help save you money in the long run. Splash Financial¹ <p>Splash Financial, Inc. (NMLS # 1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545. Equal Housing Lender. Terms and conditions apply. Products may not be available in all states. Splash reserves the right to modify or discontinue products and benefits at any time without notice.</p> is an online marketplace² <p>The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers.&nbsp;</p> that lets you compare loan offers from multiple lenders at the same time without impacting your credit.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p>

In this review, we’ll look at how Splash Financial works, what types of refinancing options it offers, and how to find a lender that offers the rates and terms that work for you.

What is Splash Financial Student Loan Refinance?

Splash Financial was created in 2013 to help borrowers save money on their education debt through refinancing. This Cleveland-based fintech company partners with banks and credit unions to match you with both new and refinance student loans.

To get started, simply create a Splash Financial account, provide a few basic pieces of information, and start shopping for loan options. Comparing loan rates is free, and there’s no obligation to apply for any offer. If you see an offer you like, you can submit a full loan application to begin the refinancing process.

Which products does Splash Financial offer?

Splash Financial provides general student loan refinancing as well as refinancing for borrowers with medical school loans:

• Student loan refinancing: Splash Financial offers federal and private student loan refinancing⁴ <p>Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, including, but not limited to, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance.</p> to help you lower your interest rates.
• Medical school loan refinancing: If you have medical school debt, you can refinance it with the help of Splash Financial. Qualified borrowers may only be required to make payments of $100 per month throughout their training and for the next six months.

Student loan refinancing

Splash Financial can help you find variable or fixed interest rate student loan refinancing offers from its partner lenders, which include banks and credit unions. You can shop for low rates through Splash using a soft credit check, which won’t impact your credit.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p>

Splash Financial can only help you prequalify for a loan. Your rates are not guaranteed or locked in until you finish the loan application process, consent to a hard credit pull, and get approved by a lender.² <p>The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers.&nbsp;</p> All offers come with no application fees, origination fees, or prepayment fees.

Here are some more details about Splash Financial student loan refinancing:

Loan amount	Minimum of $5,000 Maximum varies by lender
Loan terms	5-20 years (fixed)5 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p> 5-25 years (variable)5 <p class="">Student Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.<br></p>
APR	Fixed rates from 4.99%-10.89% (as of August 3, 2023)6 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p> Variable rates from 5.28%-10.24% (as of 07/01/24)6 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Minimum credit score	640

If you can’t qualify for student loan refinancing on your own, some of Splash Financial’s lending partners will let you apply with a cosigner. Adding a creditworthy cosigner can help you qualify, get a lower interest rate, or have better repayment terms.⁷ <p>Savings over the life of your loan assumes the same or shorter loan terms and/or interest rates on your refinance, and may not be representative of your situation. Actual savings, if any, may vary based on interest rates, balances, remaining repayment of terms and other factors.</p>

Some of Splash’s lending partners also offer a cosigner release option after one year of on-time payments. If you’re approved for cosigner release, you can let your cosigner off the hook and assume full responsibility for the debt.

In addition to meeting a lender’s underwriting eligibility requirements, you also must be a U.S. citizen or permanent resident to qualify for Splash refinancing. Eligibility requirements also include being a graduate with a four-year degree from a Title IV school — a school that can access U.S. federal financial aid — or a professional with a specific associate degree.

If you’re pursuing an associate’s degree, Splash Financial requires that you be in your final year at a Title IV school, have an offer of employment in the field in which you’re studying, and are pursuing one of 13 medical programs, including nursing, dental hygiene, and EMT/paramedics.

Parents are also eligible to refinance educational loans taken out under their name to finance their child’s education and their child’s educational loans.

Medical school loan refinancing

Splash Financial offers medical school loan refinancing to medical school graduates who are in a residency or fellowship program. Parents with Parent Plus loans can also qualify for medical school loan refinancing. As with its regular student loan refinancing product, Splash Financial lets you shop for refinancing with both fixed and variable APRs.

Eligible medical school borrowers also have the option of paying just $100 per month on their refinanced student loan while they’re in training and for six months afterward. To qualify, borrowers must be employed full-time as an intern, resident, fellow, or a similar postgraduate trainee at the time of the loan disbursement.

Here are some additional details about medical school loan refinance with Splash Financial:

Loan amount	Minimum of $5,000 Maximum varies by lender
Loan terms	5-20 years (fixed)8 <p class="">Medical School Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, a refinance loan with a fixed 6.13% APR on a $100,000 principal balance, assume that borrower will make $100 monthly payments during the residency period of 36 months before the full repayment term begins, will have a 60-month repayment term after training is complete with payments of $2,253.06 per month, resulting in $138,783.53 of total payments.<br></p> 5-25 years (variable)8 <p class="">Medical School Loan Refinance: Fixed loans feature repayment terms of 5 to 20 years depending on the lender and your qualifications. For example, a refinance loan with a fixed 6.13% APR on a $100,000 principal balance, assume that borrower will make $100 monthly payments during the residency period of 36 months before the full repayment term begins, will have a 60-month repayment term after training is complete with payments of $2,253.06 per month, resulting in $138,783.53 of total payments.<br></p>
APR	Fixed rates from 6.39%-9.84% (as of 07/01/24)6 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p> Variable rates from 6.39%-9.84% (as of 07/01/24)6 <p>Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require autopay. The 0.25% autopay discount will not be applied if autopay is not in effect. See loan agreement for details.</p>
Minimum credit score	650

Before refinancing your federal student loans with Splash Finance (or any lender), it’s worth noting that doing so means forfeiting access to federal repayment options, forgiveness programs, and other protections.⁴ <p>Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, including, but not limited to, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance.</p>

If you need access to federal programs (or think you will in the future), it might not make sense to refinance your federal student loans with a private lender.

What Splash Financial customers are saying

Overall, Splash Financial seems to have many satisfied customers. On TrustPilot, 90% of its 551 reviewers give the company a rating of Excellent, and another 6% give it a rating of Great for an overall rating of 4.8 out of 5 stars.

That said, there are a handful of bad reviews, too. One dissatisfied reviewer on TrustPilot called Splash Financial’s preapproved rates “false and misleading.” However, it’s important to note that Splash Financial doesn’t guarantee its preapproval rates. Your actual rate will be determined once you submit a full loan application and agree to a hard credit pull.

Although Splash Financial only has a handful of reviews on the Better Business Bureau (BBB), a reviewer there complained about the “bait and switch” of getting a higher rate than they were initially preapproved for.

FAQs about Splash Financial Student Loan Refinance

How to get started with Splash Financial Student Loan Refinance

If you’re wondering how to get a loan through Splash Financial, you can do so in a matter of minutes. Here are the steps you’ll need to take:

• Select your loan type. Splash Financial offers student loan refinancing and medical student loan refinancing, as well as in-school private student loans and personal loans.
• Check your rates. Click on the “Check My Rate” button and sign up for an account with your email address and a password.
• Provide a few personal details. Splash Financial will ask for a few basic pieces of information and run a soft credit check, which won’t impact your credit report.³ <p>To check the rates and terms you qualify for, Splash conducts a soft credit pull that will not affect your credit score. To obtain a loan, a hard credit pull will be requested by the lender which may affect your credit.&nbsp;</p>
• Review your offers. If you qualify, you’ll see various offers from multiple lenders. Remember that these rates are not guaranteed, and you’re not obligated to accept any of them.² <p>The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers.&nbsp;</p>
• Choose your lender. If you see an offer you like, you can select it and submit a full application. At this point, you’ll provide more information, upload supporting documentation, and consent to a hard credit check, which could impact your credit.
• Wait for approval on your refinanced student loan. Once your loan is approved, you’ll sign your loan agreement. Make sure your new loan is up and running before you stop making payments on your old loans.

The bottom line on Splash Financial Student Loan Refinance

Splash Financial makes it easy to compare student loan refinancing offers from multiple lenders at the same time to find the best rate.² <p>The information you provide to us is an inquiry to determine whether Splash’s lending partners can make you a loan offer, but does not guarantee you will receive any loan offers.&nbsp;</p> All you need to do is provide a few pieces of basic information, and Splash will show you offers from its lending partners.

Splash Financial offers refinanced student loans with no application, origination, or prepayment fees. Plus, you have the option of applying with a cosigner, and some lenders offer autopay discounts.

Another refinancing option is Laurel Road. The company offers student loan refinancing at competitive rates for both student and parent borrowers. It also specializes in medical school loan refinancing and offers special rates to healthcare professionals and reduced payments to doctors in training.

Read our review of the best student loan refinancing companies for more options.