Find the Best Student Loan Refinance Lenders
Splash Financial specializes in refinancing loans for:
- Federal and private student loan borrowers, including parents.
- Those with completed graduate and professional school degrees.
- Borrowers with undergraduate degrees (from a Title IV-accredited institution).
- Associate degree graduates (or those enrolled in the final term and in specific fields of study).
- Medical degree graduates while completing a residency or fellowship.
Splash Financial is a marketplace for student loan refinancing, so it shops its network of bank and credit union partners to get rates and products for borrowers. If you have already refinanced your student loans, you can still refinance with Splash Financial.
To refinance your student loan through Splash Financial, first prequalify on its website to determine what products and rates are available to you – though keep in mind that rates can change. Then, submit an online application. Splash Financial saves it and any documents so you can return and access them at any time. Once you are approved, finalize the loan by choosing your terms.
It typically takes between three to 14 days for your previous loan servicer to receive payoff funds from Splash Financial.
Splash Financial offers both fixed and variable rates for student loan refinancing with terms from five to 25 years. The minimum and maximum loan amounts will depend on the lending partner you use, but generally the minimum loan is $5,000 and there is no maximum. Borrowers pay no application or origination fees. When autopay discounts are available, they will be displayed with the loan rate. After you refinance, your lender may charge fees for any late payments.
When you receive a rate from Splash, it will include the lending partner’s autopay discount, if there is one. Autopay discounts usually reduce your rate by 0.25 of a percentage point. You can also earn cash by referring friends to Splash – $200 for friends who refinance with Splash, and up to $20 for friends who receive a prequalified rate offer after using your referral link to check their rate.
U.S. citizens can refinance with Splash, and some of Splash Financial’s partners also work with permanent residents. A preapproval rate check is available and doesn’t hurt your credit score. Some of Splash Financial’s lending partners allow U.S. citizens to have co-signers who are also U.S. citizens, and spouses can usually combine their loans with one person listed as a co-signer. Most lenders offer a minimum loan amount of $5,000, but there is no standard maximum.
Splash Financial requires a minimum FICO score of 640 to qualify for refinancing. The lender also considers borrowers’ debt-to-income ratio, which should land between 40% and 45% at the most. To prequalify without a cosigner, you must have an annual salary of at least $30,000.
Splash Financial offers refinancing to American citizens through its roster of credit unions, banks and other lending partners. Splash also has some partners who work with permanent residents.
Splash Financial has an A- rating with the Better Business Bureau and is BBB-accredited. It also has an Excellent rating of 4.8 out of 5 stars with Trustpilot, based on more than 200 reviews.
The Consumer Financial Protection Bureau received three complaints about Splash Financial in 2020. Splash Financial responded to all in a timely manner and closed each with an explanation.
You can contact Splash Financial at 800-349-3938 from 9 a.m. to 9 p.m. Eastern Time Monday through Friday. Customer service is also available via email at [email protected] and through an online chat on the company’s website.
You can check your rate and view offers for which you prequalify on Splash Financial’s website. You can also apply for your rate online by uploading required documents, save your application before and after submission, and check for updates.
Medical and dental students may qualify to pay only $100 per month both during their postgraduate training and for up to six months after a residency or fellowship, as long as the total loan term does not exceed 20 years.
If you suffer from financial hardship, Splash Financial recommends that you contact your lender or loan servicer to see if deferment or forbearance is available.
A co-signer release is usually possible for Splash customers after 12 months of on-time payments.
Federal loans are more likely to offer options for discharge than private loans. If you refinance your federal loans with Splash, you will no longer qualify for federal loan benefits.
- Married couples who want to refinance their student loans together.
- Borrowers who want access to a marketplace of student loan refinancing options.
- Physicians and dentists who need flexible refinancing terms while completing their training.