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Splash Financial Review: Consolidate And Refinance Student Loans

By Kevin Mercadante Leave a Comment - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited February 27, 2020.

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Are you confused at the growing number of lenders available to refinance student loans?

It can be difficult to know which lender to work with, let alone going through several in an effort to find the right one.

But what if you could work with a single platform that will enable you to refinance student loans with several eligible lenders at the same time?

That’s exactly what you can do with Splash Financial. It’s an online student loan refinance marketplace, where a single application can give you access to many different banks and credit unions that specialize in refinancing student loans. It will give you the best opportunity to not only get your application approved, but also to do it at the lowest possible interest rate.

Splash Financial Review - Homepage
Splash Financial review

Quick Summary

  • Refinance student loans with quotes from multiple lenders.
  • No application or origination fees.
  • Married couples can get a single loan.
  • Pre-qualification on a soft credit pull.
Learn More
Quick Navigation
Quick Summary
About Splash Financial
Splash Financial Features and Benefits to Refinance Student Loans
How Splash Financial Works to Refinance Student Loans
Should I Consolidate My Student Loans?
Splash Financial Student Loan Programs
Student Loans
Medical School Student Loan Refinancing
Splash Financial Rates and Fees
Variable Rate Loans
Fixed Rate Loans
How to Apply with Splash Financial
Splash Financial Pros and Cons
Who Will Splash Financial Work Best For to Refinance Student Loans?

About Splash Financial

Founded in 2013 and based in Cleveland, Ohio, Splash Financial specializes in providing student loan refinances. The company’s goal is to both lower your monthly payments and enable you to pay off your loan in less time.

The company’s stated mission: help hard-working college graduates put their student loans behind them, so they can make their Splash in the world.

Splash Financial Logo

Splash Financial offers private student loan refinances funded by credit unions and banks. The company neither acts as a direct lender nor does it service your loan. Actual servicing will be handled by the lender who provides your loan.

The company has a rating of “A+”, which is the highest rating on a scale of A+ to F by the Better Business Bureau. In fact, there is only a single customer complaint filed with the BBB and it was resolved by Splash Financial. This is clearly a company that takes its reputation seriously.

Splash Financial Features and Benefits to Refinance Student Loans

Minimum and maximum loan amounts: The minimum is $5,000, and there is no maximum loan amount. You can refinance the full amount of your current student loan indebtedness, including student loan consolidation of multiple debts.

Availability: All 50 states.

Loans eligible for refinance: Both federal and private student loans, as well as Parent PLUS loans.

Cosigner permitted: Yes, but it depends on the specific lender providing your refinance. Eligible cosigners include a spouse, parent, relative, or any other adult that meets a lender’s criteria of having US citizenship or permanent resident status. Adding a cosigner will not only improve your chance of loan approval, but it can also result in a lower interest rate.

Cosigner release: Not guaranteed, but if offered by the funding lender, you may request a cosigner release after 12 consecutive on-time payments. An evaluation will be performed on the primary borrower’s financial and credit profiles. This is a review and does not require reapplication.

Loan servicing: Will be determined by the individual lender you obtain your refinance through. Though servicing may be handled by your lender, it may also be transferred to a third-party service designated by the lender.

Refinance frequency: There’s no limit to the number of times you can refinance your student loans through Splash Financial

Splash Financial security: The website uses secure socket layer verification to protect your identity, as well as encryption to provide a secure connection between your computer and the company website.

Mobile app: Not offered.

Customer service: Available by phone, live chat or email, Monday through Friday, from 9:00 am to 6:00 pm, Eastern time.

Forbearance due to economic hardship: Though it isn’t true of all participating lenders on the platform, some may offer forbearance due to economic circumstances, such as the loss of a job. If forbearance is available, the specific details will depend on the policies of the individual lender. Be sure to check the forbearance policy with any lender you choose to refinance with.

Splash Financial Referral Program: If you refer friends and family members to the service, you’ll each receive a $250 cash bonus if the referred party successfully refinances. And since there’s no limit on the number of referrals you can make to earn the bonus, the earnings are unlimited. As well, you don’t have to be a Splash Financial customer to participate in the bonus.

Splash Financial Refer Users To Earn

How Splash Financial Works to Refinance Student Loans

To qualify for a student loan refinance, you must be a US citizen or permanent resident alien and have graduated from a Title IV accredited institution with either a two or four year degree. For parents refinancing student loans for their children, however, refinances are possible even if the child hasn’t graduated yet.

One other exception on graduation are applicants who are pursuing an associate’s degree. You’ll be eligible to apply if you’re in the final term of your program and have an offer of employment in the same field as your major.

However, to qualify you’ll need to be pursuing an associate’s degree in one of the following fields:

  • Cardiovascular technologist
  • Dental hygienist
  • Diagnostic medical sonography
  • EMT/paramedics
  • Nuclear technician
  • Nursing
  • Occupational therapy assistant
  • Pharmacy technician
  • Physical therapy assistant
  • Radiation therapy
  • Radiologic/MRI technologist
  • Respiratory therapy
  • Surgical technologist

Splash Financial offers two types of refinances, Student Loan Refinancing and Medical School Student Loan Refinancing, both of which we’ll discuss in some detail in the next section.

As described earlier, Splash Financial serves as an online student loan marketplace, rather than as a direct lender. You’ll complete an application on the platform, and the participating banks and credit unions will offer loan quotes based on your qualifications.

When you make application with Splash Financial, a soft credit pull will be performed so that your credit score won’t be impacted. You’ll then be presented with rates and terms from interested lenders before you make a formal application. Once you do, a hard credit pull will be performed.

Married couples. One of the features unique to Splash Financial is that married couples can refinance their student loans under a single loan. For example, either both can include their respective student loans under a single refinance, or one spouse can refinance the other’s student loan(s) into a single loan in one name.

If the student loans of both partners are included under one spouse’s loan, the couple will need to execute an affidavit acknowledging the transfer of those loans to the spouse on the new refinance.

Loan payoff schedule: Once you complete your refinance, it will take between three and 14 days for your current student loan debts to be paid off. If payments will be due on any loans prior to the payoff date, you may want to make those payments to avoid both late fees and negative credit entries.

If there is an overpayment as a result of the combination of the payoff and your latest monthly payment, it will be refunded to you. If it’s refunded to Splash, the funds will be applied toward your new loan.

Should I Consolidate My Student Loans?

In some cases, you may find refinancing doesn’t lower either your monthly payment or your average interest rate on multiple loans. But even if it doesn’t, it may still be worth doing a refinance just to roll your many payments into a single monthly payment. This is what’s known as a loan consolidation.

That will not only simplify your financial life, but it will give you a better opportunity to concentrate on paying off a single loan as quickly as possible. And who needs the stress of having to make several monthly payments for what is essentially the same obligation? At a minimum, a student loan consolidation – even if it doesn’t lower your total monthly outgo – can be a step forward in the process of ultimately eliminating your student loan debts.

Splash Financial Student Loan Programs

There are two types of student loan programs.

Student Loans

Splash Financial has variable rate and fixed rate loans, and each has its own loan parameters and interest rate structure. Loan terms range from five to 20 years, and you can refinance up to the total amount of existing student loan indebtedness you have.

Medical School Student Loan Refinancing

Refinancing is available for medical school student loans, that allows you to refinance your loans and pay just $100 per month during training, plus an additional six months.

Splash Financial Medical Student Loan Refinance

Deferments and forbearance on medical school student loans will be determined by the individual lender. But typically if you are in medical or dental training, you can defer making full payments on your loan for up to six months after your residency or fellowship. However, the total loan-term including residency and fellowship in any grace period cannot exceed 20 years.

Splash Financial Rates and Fees

Your interest rate will be determined by the information you provide on your initial questionnaire. It will be determined by your income, degree, the school you graduated from, and the credit information from your soft credit pull.

Your rate will be locked when you submit a full application for approval. Rate information provided in the pre-qualification phase is based on the information you supply. Your final rate will be determined by any new information obtained during full application.

Should you decide you don’t like the rates being offered, you can save your application and any documentation you uploaded. You can then check rates periodically, accessing the platform with your email address and the password you create. You can reapply at any time, such as after you’ve had time to improve your credit score.

Once your loan has been approved and funded, your first payment will be due 30 days later.

Variable Rate Loans

Interest rates on variable-rate loans start at 2.27% APR on student loan refinances, and 2.80% APR on medical school student loan refinances. Variable-rate loan terms are in increments of 5, 8, 10, 12, 15, and 20 years.

Variable-rate loans will fluctuate over the life of the loan. They are made up of an index, like the one-month LIBOR, plus a margin spelled out in your loan documents. That means your loan rate could change on a monthly basis.

Fortunately, variable-rate loans have rate caps that limit how high or low the rate can go. The typical rate floor is 2%. If your rate starts out at 3%, the lowest it can ever go is 1%.

The rate ceiling depends on loan term, and will typically be as follows:

  • 9% on 5, 8 and 10 year loans
  • 10% on 12, 15, and 20 year loans

Fixed Rate Loans

For student loan refinancing, rates are available as low as 3.48% APR, or as low as 3.76% APR for medical school student loan refinances. The maximum loan term is 20 years, with a minimum of five years.

Most participating lenders will provide a 0.25% discount on your rate if you sign up for automatic payments.

Fees: There are no prepayment penalties, origination fees, or application fees charged by any lenders participating in Splash Financial.

How to Apply with Splash Financial

You’ll start by checking your rates by entering your email and clicking the Get My Rate button on the website, like shown below. 

Splash Financial Get A Rate Quote

You’ll fill out a brief questionnaire, which will request basic information, like your monthly income.Your rates will appear in under three minutes of when you submit your request.

If you decide to proceed with a formal application, you’ll be required to provide screenshots or photos of documents to your lender of choice.

Typical documentation requirements include:

  • Income verification, in the form of pay stubs or income tax returns
  • Photo ID, such as a driver’s license, passport, or state-issued ID card
  • Payoff verification statements from each existing servicer, which must include a statement projecting payoff balances in 10, 15, or 30 days
  • Graduation verification, such as a photocopy of your diploma or transcripts

You can upload your documentation with your application.

Note on loans from credit unions: Many of the participating lenders on Splash Financial are credit unions. To qualify for a refinance through credit union you will need to become a member of that organization. However, credit unions are free to join, and typically require only that you open a checking account or other qualifying account.

Splash Financial Pros and Cons

Pros

  • Student loan marketplace offering loans from many different banks and credit unions.
  • Multiple lenders increase the chance of approval at the lowest rate.
  • No application or origination fees and no prepayment penalties.
  • Married couples can apply for a single refinance for the debts of both spouses.
  • Get prequalified with a soft pull on your credit, that will not affect your credit score.
  • $250 referral fee paid for an unlimited number of referrals.

Cons

  • Student loan refinances only, no in-school loans available.
  • Not a direct lender.
  • No mobile app, but mobile app may be available with your individual lender.
  • Forbearance is uncertain.

Who Will Splash Financial Work Best For to Refinance Student Loans?

Splash Financial is an excellent choice for anyone who wants to either refinance student loans or do student loan consolidation. The reason is the platform’s student loan marketplace concept. Splash Financial is student loan aggregator, with participation from multiple lenders. Those lenders include banks and especially credit unions, who tend to be more accommodating than other lenders with student loan refinances.

With a single pre-qualification, you can receive loan quotes from multiple lenders. That will give you an opportunity to select the loan that will best meet your needs, as well as provide the most favorable interest-rate.

Student loan consolidation alone can be an important advantage. If you’re currently juggling multiple student loan repayments, just having those consolidated into a single loan with one payment can be a serious stress reliever. If it also results in a lower interest rate and monthly payment it will provide a dual advantage.

Why Refinance Student loans

Chances are you’re going to refinance student loans shortly after graduation. If so, doing it through a student loan marketplace is the best place to start. There will be less risk of loan rejection, or of pre-approval for a student loan that makes no sense financially.

One caveat however is that if you have federal student loans, be careful when refinancing with Splash Financial or any other private lending source. Federal loans come with valuable student loan relief programs, like income-driven repayment plans and public service loan forgiveness (PSLF) that will be lost if you refinance those loans into private loans.

For alternatives to Splash Financial, please see our guide 10 Best Places to Refinance Student Loans.

If you’d like more information, or you’d like to refinance student loans, visit the Splash Financial website.

Get Your FREE Refinance Rate Quote From Splash Financial

Find free student loan refinance rate quotes from other providers via our table below!

Company

Loan Types

Terms

Eligible Degrees

Rates

Variable & Fixed

5 to 25

Undergrad & Graduate

Check Rates
soFi

Variable & Fixed

5, 7, 10, 15, 20

Undergrad & Graduate

Check Rates

Variable & Fixed

5, 7, 10, 15, 20

Undergrad & Graduate

Check Rates
LendKey

Variable & Fixed

5, 7, 10, 15, 20

Undergrad & Graduate

Check Rates
CommonBond

Variable & Fixed

5, 7, 10, 15, 20

Undergrad & Graduate

Check Rates
Earnest

Variable & Fixed

5 to 20

Undergrad & Graduate

Check Rates
Credible

Variable & Fixed

Varies by lender

Undergrad & Graduate

Check Rates
College Ave

Variable & Fixed

5 to 20

Undergrad & Graduate

Check Rates
FitBUX Student Loan Refinance

Variable & Fixed

Varies by lender

Undergrad & Graduate

Check Rates
Figure Student Loan Refinance

Variable & Fixed

5 to 20

Undergrad & Graduate

Check Rates

Splash Financial

FREE
Splash Financial
9.5

Rating

9.5/10

Pros

  • Multiple lenders likely to get lowest rate
  • No application or origination fees
  • Married couples can take a single loan
  • Prequalification on a soft credit pull
  • $250 referral fee for unlimited referrals

Cons

  • Not a direct lender
  • Student loan refinances only
Get Your Rate
Splash Financial Review: Consolidate And Refinance Student Loans

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Last Edited: 27th February 2020 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Education, Get Out of Debt, Review

About Kevin Mercadante

Kevin Mercadante is a follower of Jesus Christ, a husband, father, and freelance professional personal finance blogger for hire, and the owner of his own personal finance blog, OutOfYourRut.com. He has backgrounds in both accounting and the mortgage industry.

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