Intro

Splash Financial was founded in 2013 to match borrowers with student loan refinance offers from a network of banks, credit unions and other lending partners. Since its founding, Splash has taken $6 billion worth of refinancing requests. Its marketplace business model forces lenders to compete for borrowers’ attention, bringing down the interest rates. Exact loan conditions vary from lender to lender. For example, some lenders allow you to bring a cosigner (and get a cosigner release) while others don’t. It all depends which lenders you qualify for.

Splash Financial at a Glance

Loan types: Refinance federal and private loans

APRs: Variable rates start from 1.88%, fixed rates start from 2.49%

Repayment terms: 5-20 years

Refi amount: From $5,000 up to full balance of your student loans

Origination fees: No

Refinance Rates and Fees

As a marketplace, Splash forces lenders to drive down their rates to win your business. It shows, with variable rates starting from 1.88% APR and fixed rates starting from 2.49% APR (after 0.25% autopay discount).

The APRs are higher for medical student loan refinancing, starting at 2.28% variable APR and 2.81% fixed APR.

Splash’s lenders never charge any application fees, origination fees, or prepayment penalties.

Repayment Options

Splash doesn’t provide any information about repayment terms. However, as a general rule, student loan refinance providers offer repayment terms ranging from 5-20 years (or sometimes 5-15 years or 10-20 years) so we assume Splash is no different.

People who refinance medical student loans with a Splash partner pay only $100 per month during their residency and the six months following the end of residency.

Discounts and Rewards

Splash has a generous refer-a-friend program where you earn:

• $20 for each friend who checks and receives a pre-qualified student loan refinancing rate
• $200 for each friend who successfully refinances their student loans through Splash.

Application Process

Splash helps you refinance your student loan(s) in three quick and easy steps:

1. Fill out a simple form to get offers from Splash’s lending partners.

2. After selecting an offer from Splash’s network of partners, secure your new rate by submitting a complete application.

3. Wait for final approval and documents, after which your lender will pay off your old loans and you will begin paying off your new loan.

Eligibility requirements vary slightly from lender to lender, but as a general rule you must:

• Be a U.S. citizen or permanent resident;
• Be 18 years of age or older;
• Have graduated from a Title IV accredited institution;
• Pass minimum credit and income requirements.

Cosigner Options

Some, but not all, of Splash’s partnering lenders allow borrowers to bring a cosigner. Some, but not all of the lenders that allow cosigners have a cosigner release option.

Unfortunately, there’s no way of applying only for Splash partners that allow cosigners. According to Splash, “your ability to add a cosigner will depend on the lending partners you qualify for.”

Contact Splash Financial

Splash only takes applications online. It offers customer support by phone from Monday to Friday, 9 am to 9 pm Eastern. It's email and phoen can be found on their website.

Summary

If you’re just starting out your search for a student loan refinance, then Splash is a good place to start. Rather than go out and apply for multiple lenders one-by-one, Splash allows you to apply for multiple lenders with one form. The Splash platform is free to use, it won’t affect your credit score (until you move forward with a formal application), and you can apply as many times as you want.