Updated August 30, 2019

Splash Financial Review

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Splash Financial offers competitive rates for student loan refinancing, with an emphasis on medical and dental school loans. Is it right for you? Read on.

Splash
Refinance Student Loans - $300 Bonus

Overall Score

4.5

Customer Service

4.0

Loan Term

5.0

Ease of Use

5.0

Interest Rates

4.5

Payment Flexibility

4.0
5-point scale (the higher, the better)

Pros and Cons

  • No max limit
  • Up to 20 years deferment for medical residency
  • Spouses can refi together
  • Forbearance is limited

Bottom Line

Competitive lender with good benefits, esp for medical and dental residents

Splash Financial Overview

Splash Financial started out as a strictly medical school loan refinancing company. They've since added general student loan refinancing with the mission to help all graduates tackle their student debt.

Here are some basics:

  • No maximum loan amount (minimum of $5,000)
  • Can refinance federal, public, and Parent PLUS loans
  • Loan terms of 5, 7, 8, 10, 12, 15, and 20 years
  • No origination fees or pre-payment penalty
  • Variable or fixed rates

Splash Financial partners with banks and credit unions to bring you attractive rates. If you'd like to accept a credit union offer, you'll need to become a member, but it's free to join. More on this later.

What is student loan refinancing?
Student loan refinancing is when you replace your current loans with one new loan with a new term and interest rate. The lender will look at your credit, income, and other factors for approval. If you can quality for a lower rate, you can save a lot in interest. A better term will also allow you to pay off the loan faster.

Who Should Use Splash Financial

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  • Your credit score has improved. Refinancing is most worth it when you have a better credit score and can qualify for better interest rates and terms.

  • You have multiple loans. Refinancing will combine all your loans into just one loan with one monthly payment. Busy graduates will no longer need to juggle multiple payments with different due dates.

  • You have medical or dental student loans. Splash Financial offers great benefits to medical and dental students, including up to 20 years of deferred payments while in residency.

  • You don't plan to use federal loan programs. If you have federal loans, you could be eligible for federal forgiveness programs or income-driven plans. Refinancing will lose those benefits. Only go this route if you absolutely will not apply for any of these programs.

Contacting Splash Financial

Phone: 1-800-349-3938
Monday - Friday, 9 AM - 6 PM ET.

Text Messaging: 1-216-930-2269
Monday - Friday, 9 AM - 6 PM ET

Email: customers@splashfinancial.com.

Splash Financial Benefits & Features

  • No refinancing fees
    There is no application fee and no origination fee. There is also no pre-payment penalty so you can feel free to make larger payments to pay the loan off early.

  • Up to 20 years deferment for med students
    Medical and dental residents can defer making full payments while in training and for up to 6 months after. You only pay $100/month while in residency and during the grace period. The total loan term including residency, fellowship and grace period can be up to 20 years.

  • Ability to add cosigner
    If your credit and income are not ideal, you can apply with a cosigner to increase your chances of approval and getting a better rate. But not all of Splash Financial's partners may allow cosigners.

  • Two borrowers can refi together
    Married couples (and those in unique situations) can refinance their student loans together into just one loan. This is great if one partner has better credit and income. Both can take advantage of that and get the better rate.

  • No maximum limit
    This is great if you borrowed heavily to get through school (or want to refinance together with your partner).

  • Rate discount with autopay
    Most lenders will give a 0.25% discount off the interest rate when you set up autopay.

  • Cosigner release
    If you applied with a cosigner, you may be able to release the cosigner after 12 on-time monthly payments. This will depend on the lender. There will be a quick re-evaluation on your financial and credit profile to see if you're eligible.

  • Referral bonus
    With each friend you successfully refer to Splash Financial, you both receive a $250 cash bonus.

Downsides

  • You need good credit
    It's best if you have a credit score of at least 660 - even better if it's 700 or more. If your credit score isn't that good, you'll need a cosigner to qualify for a student loan refinance.

  • Not many forbearance options
    If you run into economic hardship, forbearance will depend on the lender's policy. The options may be less robust than other student loan refinance companies.

  • You can't apply if you didn't graduate from college
    If you left college before obtaining a degree, Splash Financial won't be able to refinance your student loans.

Eligibility & How to Apply

Splash Financial's application process is fast and easy and all done online. Here's how the process works.

Who is eligible to apply?
To apply to refinance with Splash Financial, you must:

  • Be a U.S. citizen or permanent citizen
  • Have graduated with a 4-year degree from Title IV accredited schools
  • Or have an associate degree in designated medical professions or be in the final term
  • Or have a Parent PLUS loan and the child has graduated

1. Initial rate check
First get your rate by filling out some basic information, such as personal identifying information, degree type, school, and income.

Splash Financial will conduct a soft credit pull. This does NOT affect your credit. You'll then receive estimated interest rates and terms from their lending partners.

2. Officially apply
If you like your rate, you'll officially apply and upload supporting documents, like your loan statements, pay stubs, and diploma.

Splash will then conduct a hard pull in order to give you the official rate. This will show up on your credit report and have an impact on your score.

If you'd like to accept a credit union offer, you'll need to become a member. But it's free to join. After you submit your application, can sign up for the credit union membership straight from Splash Financial's dashboard.

3. Approve loan
Once the loan is approved, Splash Financial will pay off your student loans - typically within 3-14 days. After that, you will just make one payment to Splash Financial each month.

How It Compares

SoFi:
SoFi has long been the leader in student loan refinancing. It offers very competitive rates. SoFi looks at factors such as your education, income, and financial history to determine your rate.

SoFi also has a Medical Residency Refinance program, where medical students only pay $100/month while in residency. However, this is only up to 54 months, whereas Splash Financial allows this for up to 20 years (including a 6 months grace period).

SoFi allows you to apply with a cosigner too, but it does not have a cosigner release option. It offers forbearance for up to 12 months if you're out of work. And SoFi will even offer complimentary career coaching to help you find a new job.

Earnest:
Earnest is very unique in that it customizes payments based on your budget. This is something other lenders don't offer. You state how much you can afford to pay each month, and Earnest will give you a precise custom term anywhere between 60 to 240 months. This helps you save on interest.

Earnest doesn't just look at your credit score for approval. It considers your financial habits, such as how much savings you have, your credit card debt, spending habits, etc. This may make approval harder, but it's also good for those who are responsible but don't have lengthy credit histories.

Other unique features Earnest offers include the option to skip a payment every year and ability to switch between fixed and variable rates.

Bottom Line

If your student loans feel like they are taking over your life, you may want to explore your refinancing options. Splash Financial offers a great option if your credit score has improved and can get a better rate. If not, you may have better luck with a cosigner.

If you're a medical and dental student, it's hard to beat the benefits offered by Splash Financial. The extended deferment period can really help while you're in residency.

As a reminder, only do this after you exhaust your options with your federal student loans. If you are struggling because of your low starting salary, you may have federal loan repayment options that can lower your payments.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

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