Review: Refinancing Student Loans with Splash Financial

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September 29, 2020

Splash Financial is a marketplace to find a lender for refinancing student loans and medical school student loans.

Splash is not the lender. Instead, Splash works with lender partners including banks and credit unions. Your lender will depend on the partner they match you with, which could provide the lowest rate. If you’re matched lender is a credit union, you will need to become a member of the credit union. 

As always, carefully consider the pros and cons of student loan refinancing before determining if refinancing is right for you.

Splash offers:

  • No refinancing fees
  • No pre-payment penalties
  • No application fees
  • No origination fees
  • Auto pay discount of 0.25%

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Interest Rates 

Splash offers both fixed and variable interest rates. To check your interest rate, Splash conducts a soft credit check that does not impact your credit score. However, if you continue your application, Splash requests a full credit report (a hard credit pull), which impacts your credit. It takes under three minutes to check your rate. 

To get your rate, you’ll need to list your monthly income and other basic background information. 

Interest rates are determined by your income, degree, school and the information from your credit pull.

The minimum loan amount is $5,000 and there is no maximum. 

Deferment and Discharge

The option to defer (postpone payments) or discharge student loans in the case of disability or death depends on the lender you are matched with.


U.S. citizens are eligible to borrow with a cosigner, who also must be a U.S. citizen.

The ability to add a cosigner depends on the lending partner a borrower qualifies for.

The option for cosigner release also depends on the lender you are matched with. 

Permanent residents are not able to apply with a cosigner.


Here are the eligibility requirements for refinancing with Splash Financial:

  • U.S. citizens and permanent residents
  • Graduates from an accredited school
  • Married couples may be able to combine their student loans, depending on the lender matched with. However, joint consolidation comes with risks, including continued obligation to the loan even in divorce, and you should consider it carefully.
  • Borrowers who are pursuing an Associate’s degree are eligible if they are in their final term in an eligible school, have an offer of employment in the same field, and are in one of the approved programs:
  • Cardiovascular Technologist (CVT)
  • Dental Hygiene
  • Diagnostic Medical Sonograph
  • EMT/Paramedics
  • Nuclear Technician
  • Nursing; Occupational Therapy Assistant
  • Pharmacy Technician
  • Physical Therapy Assistant
  • Radiation Therapy
  • Radiologic/MRI Technologist
  • Respiratory Therapy
  • Surgical Technologist.

For medical school refinancing, borrowers may be able to pay $100 per month during a residency or fellowship plus an additional six months. 

Refinancing Federal Student Loans 

Borrowers can choose to refinance federal student loans with Splash Financial but should do so with caution. Refinancing federal loans into a private loan means a loss in many benefits, including:

  • The option to repay loans based on your income via income-driven repayment plans
  • Potential student loan forgiveness via Public Service Loan Forgiveness, income-driven repayment plans (the remaining balance is taxed as income), or possible future programs from Congress
  • The option to pause payments if you lose your job or are experiencing an economic hardship
  • If you have subsidized student loans, the benefit of having the government pay interest during deferments
  • The option to discharge student loans if you die or become totally and permanently disabled

Learn more about Splash Financial

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At, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn’t influence our evaluations. Our opinions are our own.

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