has made a big impact in the student loan market by offering some of the lowest rates and best bonuses for student loans. Splash Financial Student Loans Review
They started out focusing on medical school loan refinancing, but they now have expanded and offer a marketplace of general student loans to anyone with an associate’s degree or higher.
Check out our review of Splash Financial and see why we list them on our Best Places To Refinance Student Loans guide.
Splash is currently offering College Investor readers a $500 bonus if you refinance at least $50,000.⁴ That’s a great bonus, and you can apply here to get started.
Bottom Line: Splash can be a great option for student loan refinancing with unique programs for medical schools. It would be beneficial to obtain a quote and compare it to other lenders as part of your shopping experience. Splash Financial Student Loans Review.
Pros
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Competitive rates compared to other refinancing lenders
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Special refinancing support for medical residents with $100 monthly payments for up to 84 months
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$500 refinance bonus for College Investor readers (with $50,000+ balance)
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Federal loan benefits like IDR and PSLF are lost after refinancing
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Bonus is smaller than some competitors (e.g., ELFI up to $1,100)
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Customer service and protections depend on partner banks or credit unions, not Splash directly
Who Is Splash Financial? (Splash Financial Student Loans Review)
Splash Financial launched in 2013 as a direct lender with a strong focus on medical professionals. However, in 2018, Splash began to shift its strategy. At that time, it announced a partnership with Pentagon Federal Credit Union (PenFed) to help it compete with some of the larger players in the refinancing industry.
Since then, Splash has worked hard to develop partnerships with other banks and credit unions.
Today, Splash is actually a lender marketplace. In other words, it connects borrowers to lenders rather than servicing loans itself. With this in mind, Splash is now more of a direct competitor with marketplaces like Credible or LendKey than individual lenders like ELFI or SoFi. Splash Financial Student Loans Review.
General Student Loan Refinancing
Splash Financial offers a general student loan refinancing product that targets all borrowers with a bachelor’s degree or higher (in some cases an associate degree in certain healthcare fields). This product is highly competitive, with some of the best rates we’ve seen compared to the other top student loan refinancing companies.
Splash Financial’s partners currently offer loans from $5,000 (with no maximum). Their rates currently are:
- Fixed Rates: 4.20% – 10.24% APR¹
- Variable Rates: 4.74% – 10.24% APR¹
Term lengths are 5 to 25 years.². Remember, rates are subject to change without notice. For current rates and fees, check out Splash Financial.
Medical School Student Loan Refinancing
Are you pursuing a career in medicine? By the time you graduate from medical school, you’ll have wracked up $200,000 in educational debt on average.
While you may have high earning potential and stable job prospects, managing such debt can be challenging, particularly during residency when your income is typically low and you must begin making payments on your debt.
In the past, medical professionals often had to struggle through residency before finding refinancing options. Today, medical residents and medical students have a myriad of low-cost refinancing options, including Splash Financial, a company that was founded with a focus on debt for medical professionals.
That’s why we named Splash one of the Best Medical School Student Loan Refinancing Lenders.
If you’re in medical school, residency, or just starting your career, refinancing your loans with Splash Financial could be a savvy move. It offers reduced payments of $100 during training and for 6 months after for a total of 84 months.
However, Splash Financial isn’t the only company offering this perk. Laurel Road, SoFi, and other upstarts are also offering this option. So be sure to compare rates before you commit to any company in particular.
We are partners with Splash Financial, and you can receive a $500 bonus if you refinance an amount over $50,000 with them. Check out Splash Financial here.
How Does Splash Compare?
This is always an important question – because when you’re shopping to refinance your student loans, we’re firm believers that you should always shop around. It’s why we recommend everyone use a comparison tool like Credible to see what the best loans are that you might qualify for!
With that being said, here’s how Splash compares to ELFI and Laurel Road, two other companies that offer strong refinancing options for student loans:
Remember, you can always find our picks for the best Splash Financial Student loan refinancing lenders here: Student Loan Refinancing Companies.
What Borrower Protections Are Available?
Refinancing your loans to Splash Financial means you can’t qualify for income-driven repayment or Public Student Loan Forgiveness (an option for many medical professionals who work in not-for-profit hospitals).
However, Splash provides a sense of comfort to medical residents by providing a deferment period of up to 84 months with minimal payments of $100. Forbearance and death or disability discharge may be available depending on the financing partner but is not guaranteed. Please check your loan agreement to confirm the details.
Who Qualifies To Apply?
You must be a graduate of a Title IV accredited institution to apply for refinancing with Splash. However, while many private student loan lenders require at least a bachelor’s degree, Splash says that associate degree graduates may be eligible to refinance as well. To qualify, the associate degree must be in one of the following fields:
- Cardiovascular Technologist (CVT)
- Dental Hygiene
- 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
Parents are eligible to refinance Parent PLUS loans as long as their child earned their degree. Minimum credit score requirements will vary by lender.
Are There Any Fees?
Splash Financial says that none of its partners charge origination fees or prepayment penalties. But most lenders do charge late fees and returned cheque fees. To find out whether these fees apply and how they’re calculated, check with the lender that will be servicing your loan. Splash Financial Student Loans Review.
Is It Safe And Secure?
Splash Financial says that its servers adhere to industry-standard security measures. Its site is also SSL encrypted and verified. To learn more about how Splash uses your personal information and how long your data is kept on its servers, you can review its online privacy policy page. Splash Financial Student Loans Review.
Contact
You can contact Splash Financial’s customer support team at 1-800-349-3938, Monday – Friday, 9 AM – 9 PM EST or by email at [email protected]. But keep in mind that if you have a billing question or concern, you’ll likely need to reach out to the bank or credit union that funded your loan. Splash Financial Student Loans Review.
Why Should You Trust Us
I am America’s Student Loan Debt Expert™ and have been actively writing about and covering student loans since 2009. I and the team here at The College Investor have been actively tracking student loan providers since 2015 and have reviewed, tested, and followed almost every provider and lender in the space.
Furthermore, our compliance team reviews the rates and terms on these listings every weekday to ensure they are accurate. That way you can be sure you’re looking at an accurate and up-to-date rate when you’re comparison shopping. Splash Financial Student Loans Review.
Who Is This For, And Is It Worth It?
Medical student debt can be overwhelming and expensive. Splash Financial can make it easier to handle during your training. The company offers decent rates and amazing terms. If you’re struggling with medical education debt, Splash Financial is worth a look. But be sure to compare the terms and conditions with other lenders before you decide. Splash Financial Student Loans Review.
Common Questions (Splash Financial Student Loans Review)
Let’s answer some common questions about Splash Financial.
What is Splash Financial?
Splash Financial is a lender marketplace that connects student loan borrowers with banks and credit unions.
Is Splash Financial legit?
Yes, although Splash is still a relatively young company, it has partnered with several major financial institutions, and none of its partners charge junk fees.
Which banks and credit unions have partnered with Splash?
Splash is currently partnered with a variety of credit unions and banks and is actively looking to grow its lender network.
Will applying with Splash hurt my credit score?
No, checking your pre-qualified rates with Splash won’t impact your credit score since it will conduct a soft credit pull. But when you submit a full loan application, a lengthy credit inquiry will be completed, which is likely to have a slight negative effect on your credit scores in the short term. Splash Financial Student Loans Review.
|
Min Loan Amount |
$5,000 |
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Max Loan Amount |
No max |
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Rate Type |
Fixed or variable |
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APR |
|
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Autopay Discount |
Varies by lender. Most offer a discount of 0.25% |
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Loan Terms |
5 – 25 years |
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Origination Fees |
None |
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Prepayment Penalty |
None |
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Late Payment Fee |
Varies by lender |
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Cosigners Allowed |
No cosigners allowed for student loan refinancing |
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Cosigner Release |
N/A |
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Grace Period |
Varies by lender |
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Eligible Schools |
Title-IV accredited schools |
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Associate Degree Refinancing |
Yes, for professionals in certain healthcare fields |
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Customer Service Phone Number |
1-800-349-3938 |
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Customer Service Hours |
Mon–Fri, 9 AM–9 PM (EST) |
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Customer Service Email Address |
|
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Loan Servicer |
Varies by lender |
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Promotions |
$500 bonus⁴ |