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Last update: January 18, 2024

5 minutes read

Splash: Student Loan Refinance Review

Explore Splash Financial's student loan refinance options for students and professionals. Discover competitive rates, transparent terms, and unique incentives.

By Yerain Abreu, M.S.

Edited by Brian Flaherty, B.A. Economics

Splash Financial Review Snapshot

Splash Financial logo

BEST FOR:

Medical and health professionals

Check rate

VARIABLE APR

5.49% - 10.24%¹

FIXED APR

4.96% - 10.24%¹

Thinking about refinancing your student loans? Let's look into Splash Financial, a top player in student loan refinancing. We’ll check out their competitive interest rates designed for medical professionals, special options for health-related fields, who can apply, and find out what makes Splash Financial stand out. Whether you want to simplify your payments or need personalized solutions, our review will help you understand what Splash Financial offers in student loan refinancing.

Our final verdict

Splash Financial is an excellent option for borrowers seeking transparency and competitive interest rates, particularly benefiting medical and health professionals aiming to simplify their student loan management. They offer specialized refinancing options for medical school loans, enhancing their appeal. Notably, their unique referral program and welcome bonuses demonstrate a strong commitment to customer satisfaction. They provide a $100 payment on your refinanced loans during your residency, and 6 months after its completion. If you're exploring efficient ways to manage your student loans, Splash Financial is a noteworthy choice to consider.

    About Splash Financial

    Splash Financial was founded in 2013 in Cleveland, Ohio, and it’s been a trusted player in the student loan refinancing world ever since. It can refinance private and federal student loans, plus parent loans, covering lots of educational financing needs.

    What makes Splash Financial special is how it tailors solutions for medical professionals, including those in residency. Splash offers special rates for medical school loan refinancing, making it a great pick for healthcare professionals managing student debt.

    Splash Financial emphasizes transparency and focuses on customer benefits. When you check rates, it does a soft credit inquiry, so it doesn't hurt your credit score. For perks, Splash Financial has a great referral program with cash bonuses for successful referrals. With a focus on customer-friendly solutions and a commitment to innovation, Splash Financial is a top choice for those wanting to make their student loan repayment easier.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    Splash Financial provides loans that range from $5,000 up to Up to 100% of qualified education loans (aggregate) for undergraduate students. They offer fixed rates from 4.96% to 10.24% or variable rates from 5.49% to 10.24% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    Splash Financial offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      Splash Financial

      Best for: Medical and health professionals

      Splash Financial

      Check My Rate
      VARIABLE APR

      5.49% - 10.24%¹

      FIXED APR

      4.96% - 10.24%¹

      LOAN AMOUNT

      $5,000 up to 100% of qualified education loans

      TERMS LENGTH

      5 to 20-year²

      MIN CREDIT SCORE

      650

      VARIABLE APR

      5.49% - 10.24%¹

      FIXED APR

      4.96% - 10.24%¹

      LOAN AMOUNT

      $5,000 up to 100% of qualified education loans


      TERMS LENGTH

      5 to 20-year²

      MIN CREDIT SCORE

      650

      WHAT WE LIKE

      • Prequalify without a hard credit check

      • No application fees

      • No origination fees

      • No prepayment penalties

      WHAT WE DON'T LIKE

      • Need a degree to be eligible

      • No cosigner release

      • Autopay discount: SplashFinancial offers a 0.25% rate discount for student loan refinancing when student enroll in autopay.

      Eligibility

      Who can benefit from Splash Financial's loan options? Here are the core eligibility requirements for their private student loans:

      1. Location: Splash funds student loans in all 50 states, plus Washington D.C., Puerto Rico, and the U.S. Virgin Islands

      2. School attended: You must be a graduate of a Title IV accredited institution to apply for refinancing with Splash

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare Splash Financial to other lenders

      Unsure if Splash Financial is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      Splash Financial

      Splash Financial

      Disclosures

      Variable APR

      5.49% - 10.24%¹

      Fixed APR

      4.96% - 10.24%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 up to 100% of qualified education loans
      Term lengths: 5 to 20-year²

      Splash Financial

      Splash Financial

      Disclosures

      Variable APR

      5.49% - 10.24%¹

      Fixed APR

      4.96% - 10.24%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 up to 100% of qualified education loans
      Term lengths: 5 to 20-year²

      Splash Financial

      Splash Financial

      Disclosures

      Variable APR

      5.49% - 10.24%¹

      Fixed APR

      4.96% - 10.24%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 up to 100% of qualified education loans
      Term lengths: 5 to 20-year²

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact on your credit score.

      Customer service

      Splash has an A+ rating from the Better Business Bureau (as of December 19, 2023).

      Splash Financial offers multiple ways to contact them.

      • Website: https://www.splashfinancial.com/

      • Email: contact@splashfinancial.com

      • Phone: 1-800-349-3938

      • Hours: Monday through Friday, 9 AM to 9 PM EST

      Frequently asked questions (FAQ)

      Here are some of the most common questions we get asked about Splash Financial.

      Splash isn’t currently partnered with lenders who refinance student loans if you didn't finish your degree. The lenders Splash works with need at least an Associate's degree to consider you eligible for their student loan refinancing services.

      Splash Financial is not just for medical and health professionals—everyone can use them. They've got solutions to help with different student loans, whether they're private or federal.

      While the exact timeline isn’t specified, Splash Financial estimates a 3-14 day disbursement period following final loan authorization. Prequalification is a quick process, and the first payments are typically due within 30-45 days after disbursement.

      Yes, Splash Financial allows borrowers to consolidate both private and federal student loans into a single refinanced loan, streamlining the repayment process.

      Yes, Splash offers refinancing options for people who have graduated with a 4-year degree from a Title IV accredited institution or hold an associate degree in an eligible field.

      In the event of job loss or economic hardship, it is crucial to contact the lender or servicer of your loan immediately to explore available options.

      Defaulting on a student loan can severely affect your personal credit score and complicate discharging the loan in bankruptcy. If you are at risk of missing a payment, it's important to contact your lender or loan servicer right away to arrange a repayment plan.

      In 2022, economic conditions led to rising rates, though rates fluctuate over time. The best way to determine eligibility for a lower rate is through a quick, online rate check.

      Refinancing your student loans multiple times, especially in a short span, can negatively affect your credit score. It’s important to consider this before deciding to refinance repeatedly.

      There's no limit to how often you can refinance your student loans. Refinancing is recommended if there’s a significant improvement in your credit or if interest rates have fallen, as this might lead to a loan with lower interest rates, potentially saving you thousands on your student loans.

      Final thoughts

      Splash Financial is a trustworthy option for refinancing student loans, especially for medical and health professionals. They've been around since 2013 and have a strong online presence, providing borrowers with a clear and friendly experience. They don't mention a minimum credit score and they offer good interest rates and special choices for refinancing medical school loans. Their focus on being clear, easy to use, and offering perks like referral programs and welcome bonuses makes Splash Financial a solid pick for those looking for a personalized and smart way to refinance student loans.

      If you're considering refinancing your student loans, TuitionHero is here to help. In our guide to student loan refinancing, we explore and compare the essential characteristics, terms, and extra perks offered by the top student loan refinancing lenders in the market today.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      Editor

      Brian Flaherty avatar

      Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.

      At TuitionHero, we're not just passionate about our work—we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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