Splash Financial refinancing review for student loans

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    Splash finances has “blown” the student loan refinancing market for the last year by offering some of the best interest rates and best student loan bonuses available.

    They initially focused on refinancing medical school loans, but have now expanded to offer a general student loan refinancing product that is open to anyone with a bachelor’s degree.

    Check out our review of Splash Financial and see why we include them on our list Guide to Refinancing Student Loans.

    Splash is currently offering College Investor readers a $ 500 bonus when you refinance at least $ 50,000.

    That’s a great bonus, and you can Apply here to get started.

    • Refinancing company for student loans with excellent conditions
    • A high refinancing limit works well for medical graduates or advanced degrees
    • A $ 500 bonus when you refinance through Splash

    Splash student loan details

    5, 7, 8, 10, 12, 15 and 20 years

    Who is Splash Financial?

    Splash Financial was founded in 2017 as a direct lender with a strong focus on healthcare professionals. However, in 2018, Splash began changing its strategy. Back then, it announced a partnership with the Pentagon Federal Credit Union (PenFed) to compete with some of the bigger players in the refinancing industry.

    Since then, Splash has worked hard to partner with other banks and credit unions. Today Splash is actually a lender Marketplace. In other words, it connects borrowers with lenders rather than servicing loans itself. Against this background, Splash is now more of a direct competitor with marketplaces such as Credible or LendKey than individual lenders such as ELFI or First Republic.

    Splash Financial how it works

    General refinancing of the student loan

    Splash finances offers a general student loan refinancing product aimed at all borrowers with a bachelor’s degree or higher (in some cases, an associate’s degree in specific healthcare fields). This product is very competitive, with some of the best rates we’ve seen compared to the other leading student loan refinancing companies.

    Splash Financial partners currently offer loans starting at $ 5,000 with no cap. Your prices are currently:

    • Fixed prices: 2.49% – 6.25% APR
    • Variable rates: 1.88% – 6.15% effective annual interest rate (rates are limited to 10.00%)

    The terms are: 5, 7, 8, 10, 12, 15 and 20 years. Remember that prices are subject to change without notice. Current prices and fees can be found at Splash finances.

    Refinancing of the student loan for medical students

    Studying to become a doctor? By the time you graduate from medical school, you will have amassed an average of $ 200,000 in educational debt.

    Certainly you have high earning potential and stable job prospects, but this type of debt is a tough pill – especially during residency when you’re not making a lot but you need to start paying off your debt.

    In the past, medical professionals often had to struggle through residence before finding refinancing options. Today medical students and medical students have a wide variety of low-cost refinances available, including Splash Financial, a company founded with a focus on medical debt.

    If you’re getting a medical degree, residency training, or are just starting your career, refinancing your loans with Splash Financial could be a smart move. It offers reduced payments of $ 100 during training and for 6 months thereafter for a total of 84 months.

    Splash medical school refinancing

    Splash Financial isn’t the only company to offer this advantage, however. Laurel Road, SoFi, and other upstart also offer this option. So be sure to compare prices before deciding on a particular company.

    We’re a Splash Financial partner and you can get a $ 500 bonus when you refinance over $ 50,000. Check out Splash Financial here.

    How does Splash compare?

    This is always the important question – because we firmly believe that you should always look around when shopping to refinance your student loan. This is why we recommend everyone use a comparison tool like Credible to see which loans you can best qualify for!

    With this in mind, Splash compares with ELFI and Laurel Road, two other companies that offer strong student loan refinancing options:

    Remember, you can always find our picks of the best student loan refinancing providers here: Student Loan Refinancing Companies.

    What protections for borrowers are available?

    When you refinance your loans with Splash Financial, you may not qualify for income-based repayment or public student lending (an option for many health professionals who work in nonprofit hospitals).

    But Splash gives doctors some peace of mind by offering up to 84 months of grace with low payments of $ 100. Forbearance and death or disability relief may be available depending on the funding partner, but are not guaranteed. Check your loan agreement to be on the safe side.

    Who is eligible to apply?

    To apply for refinancing with Splash, you must be a graduate of a Title IV accredited institution. However, while many private lenders require at least a bachelor’s degree for student loans, associate degree graduates may also be eligible for refinancing. To qualify, the associate degree must be in one of the following areas:

    • Cardiovascular Technologist (CVT)
    • Dental hygiene
    • Diagnostic medical sonography
    • EMT / paramedic
    • Nuclear technician
    • maintenance
    • Assistant for occupational therapy
    • Pharmacy technician
    • Physiotherapy assistant
    • radiotherapy
    • Radiologist / MRI technician
    • Respiratory therapy
    • Surgical Technologist.

    Parents can refinance Parent PLUS loans as long as their child has graduated. The minimum creditworthiness requirements vary depending on the lender.

    Remember that PenFed only offers student loan refinancing to its members. Fortunately, non-members can Check out their pre-qualified PenFed plans. However, if you get a quote from the credit union you like, you will need to sign up before you can proceed with your full loan application.

    Are there any fees?

    Splash Financial says none of its partners charge origination fees or prepayment penalties. However, most lenders charge late fees and / or returned check fees. To find out if these fees apply and how they are calculated, check with the lender servicing your loan.

    Is it safe and secure?

    Splash Financial says its servers adhere to industry-standard security measures. His website is also SSL encrypted and verified. To find out more about how Splash uses your personal information and how long your information is stored on its servers, please visit the online privacy policy page.

    How do I contact Splash Financial?

    You can contact Splash Financial’s customer support team at 1-800-349-3938 Monday through Friday, 9:00 a.m. to 9:00 p.m. EST, or by emailing contact@splashfinancial.com. Keep in mind, however, that if you have any billing questions or concerns, you will likely need to contact the bank or credit union that funded your loan.

    Is it worth?

    Medical student debts can be overwhelming and expensive. Splash finances can make handling easier during exercise. The company offers reasonable prices and amazing terms. If you’re struggling with medical education debt, Splash Financial is worth a look. But be sure to compare the terms with other lenders before making a decision.

    Splash Finance FAQs Financial

    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, while Splash is still a relatively young company, it has worked with several large financial institutions and none of its partners have junk fees.

    Which banks and credit unions have partnered with Splash?

    Splash is currently a partner of PenFed, Laurel Road and Nelnet, but is actively looking to expand its network of lenders.

    Will applying to Splash damage my creditworthiness?

    No, checking your pre-qualified installments with Splash doesn’t affect your credit score as it performs a gentle credit pull. However, submitting a full loan application completes a tough loan application that is likely to have a slight negative impact on your creditworthiness in the short term.

    Splash finance features

    • Firmly: 2.49% – 6.25%
    • Variable: 1.88% – 6.15%

    Varies depending on the lender. Most offer a 0.25% discount

    Some affiliate lenders allow co-signers

    Varies by lender, but most customers can request co-signer approval after 12 consecutive on-time monthly payments

    Title IV accredited schools

    Associate Degree Refinancing

    Yes, for professionals in certain health areas

    Customer service phone number

    Mon-Fri, 9 a.m.-9 p.m. (EST)

    Customer service email address

    contact@splashfinancial.com

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