November 21, 2018 12:00 PM PT

Splash Financial Review

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Drowning in student loans doesn't have to haunt you for the next 10 years. The average college graduate has $37,172 in debt and the average medical student has a whopping $192,000 in student loans. Those are staggering numbers that could make you feel as if you'll never see the end of it.

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Splash Financial has set out to make getting rid of these loans affordable and simple. Keep reading to see how they work.

Splash Financial started out as strictly a medical school loan refinancing company. They've quickly added general student loan refinancing to their repertoire, though, after being open for barely one year.

What sets Splash Financial apart from many other student loan refinance companies is their partner - a credit union. This is probably how Splash Financial is able to offer attractive interest rates and terms that you won't readily find elsewhere.

Keep in mind that in order to refinance your general student loans with Splash Financial, you will have to become a member of the Pentagon Credit Union - that's the credit union partner working with Splash Financial. What Splash Financial offers you is a technologically-friendly version of a credit union.

Do they live up to their promises? We help you determine that answer below.

Who Should Use Splash Financial

  • You have a credit score higher than 700. Splash Financial makes it very apparent that borrowers with a credit score lower than 700 need not apply. If you know your credit score is over 700, though, Splash Financial offers a variety of options that make refinancing affordable and worth it.

  • You have exhausted your options through the federal government. The Department of Education offers a variety of repayment options that may help make your loans more affordable. If, however, you refinance your federal loans into a private loan with Splash Financial, you give up those options. If you've exhausted those options, though, and still need to save money, Splash Financial may have an option for you.

  • You have medical student loans. Splash Financial started out with medical residents in mind. They only offered student loan refinancing options for medical students for their first year of operation. They have more variety and benefits to offer medical students than they do those refinancing general student loans.

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.

Reasons We Like Splash Financial

  • You can apply online in as little as 15 minutes. You can find the Splash Financial application online. It's a quick and easy application that shouldn't take very long to complete. You don't have to provide documentation or look up answers to difficult questions right away. You answer basic questions and submit your application.

  • You don't have to provide your Social Security number to get a rate. If you are just testing the waters and want to see your potential interest rate, you can do just that. All you need to provide Splash Financial with is your personal identifying information, your degree type, school, and estimated credit score. You'll also need to note if you will use a cosigner. Splash Financial will provide you with potential interest rates and various terms for your loan.

  • You can check your rate without hurting your credit. Because you don't have to provide your Social Security number until you are ready to process the loan, checking your rate doesn't hurt your credit. You can play around with the numbers as much as you want until you figure out the right loan for you. Once you provide your Social Security number and accept the loan, your credit report will get hit with an inquiry.

  • You can play around with the numbers to see which loan makes the most sense. When you are still in the "check my rate" stage, you can see how much you would save on your monthly payments as well as over the life of the loan. This can help you see the big picture regarding what refinancing your student loans will really do for you.

  • You can have a cosigner. Some student loan refinance programs don't allow the use of a cosigner. This can limit your ability to qualify for a new loan, especially if you are just starting out in your career. Splash Financial allows - and even encourages - the use of a cosigner to help increase your chances of approval.

  • If you went to medical school and are in residency or fellowship, you can defer your loans. Splash Financial allows you to defer your loan payments and pay only $1 a month until the end of your residency or fellowship. 90 days after your residency or fellowship ends, your regular payments will become due.

  • Splash Financial doesn't charge an origination fee. When you are refinancing your debts, the last thing you want is to pay money to refinance. That's why it's so nice that Splash Financial doesn't charge origination fees to refinance your student loans.

  • Splash Financial doesn't charge a prepayment penalty. If you are able to make larger payments towards your student loans, feel free. You can pay your loan off earlier than its intended maturity date and you won't pay a penalty for doing so. In addition, you only pay interest that accrued on the loan up until the day that you pay it off in full.

  • You can apply for a cosigner release after 12 months. If you needed a cosigner to get the loan but you have improved your credit since then, you may be able to release the cosigner. You must have 12 on-time monthly payments in order to qualify for this, though. Splash Financial will also do a quick evaluation (not like applying all over again) to make sure it's worth releasing the cosigner's liability.

  • You may earn a bonus if you refer a friend. If you refer a friend to Splash Financial and they refinance their student loans, you both get $250 from Splash Financial. This is an incentive to share your experience with Splash Financial.

Reasons You May Want to Look Elsewhere

  • You need a cosigner if you have a credit score lower than 700. If you don't think you have at least a 700 credit score, you will need a cosigner to qualify for a student loan refinance. Your cosigner will need a credit score of at least 720 in order to help you qualify, though. This can make it hard to qualify for the student loan refinance.

  • Splash Financial doesn't offer many forbearance options. While you don't want to assume something bad will happen in the future, it's nice to know that you have protection. Splash Financial does offer the option to apply for forbearance should you have financial trouble, but their options are much 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 your bachelor's degree, Splash Financial won't be able to refinance your student loans.

How It Compares

  • SoFi:
    SoFi has long been the leader in student loan refinancing. They allow borrowers private and federal loans to refinance their debts. They require at least an associate's degree to qualify, though. SoFi does not have the cosigner release option that Splash Financial offers, and they have a forbearance option but only for 12 months, maximum.

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 you meet their credit score requirements. If not, but you have a cosigner who has a high credit score, you may want to take advantage of what Splash Financial has to offer.

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 even more than a private student loan refinance can offer.

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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