Splash Financial Student Loan Refinance Review
Splash Financial Student Loan Refinancing
Splash Financial offers relatively low fixed rate or variable rate loan refinancing at a wide range of repayment terms. While their refinance loans have no origination, application, or prepayment fees, Splash Financial does charge late fees.
How does this loan compare?
Splash Financial is a marketplace to find a lender for refinancing student loan debt.
Splash is not the lender. Instead, Splash works with lender partners including banks and credit unions. Your lender will depend on the partner they match you with, which could provide the best rate. If you’re matched lender is a credit union, you will need to become a member of the credit union.
Splash Financial offers student loan refinancing at competitive rates, particularly when taking advantage of the 0.25% autopay discount for borrowers enrolled in autopay for monthly payments. There are also no origination, application, or prepayment fees. Splash Financial does charge late fees and does not offer a grace period for refinance loans.
Options for repayment terms range from 5-25 years, with more intervals than many lenders. Cosigner release is available after 12 months. To qualify for refinancing through Splash Financial, borrowers must have graduated with at least an associate degree. There’s also a minimum income requirement of $25,000 and a minimum credit score of 650. The minimum refinance loan amount is $5,000.
The option to defer (postpone payments) or discharge student loans in the case of disability or death depends on the lender you are matched with.
U.S. citizens are eligible to borrow with a cosigner, who also must be a U.S. citizen. The ability to add a cosigner depends on the lending partner a borrower qualifies for. The option for cosigner release also depends on the lender you are matched with. Permanent residents are not able to apply with a cosigner.
Splash Financial - Private Student Loan Details
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 7, 8, 10, 12, 15, 20, 25 years
- Minimum Borrowing Limit: $5,000
- Yearly Borrowing Limit: None
- Aggregate Borrowing Limit: None
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 640
- Minimum Annual Income: $25,000
- Maximum Debt-to-Income Ratio: .65
- Citizenship Restriction: Available to citizens, residents, or visa holders
- Minimum Enrollment Restriction: None
- List of States where Loan is Not Available: None
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: None
- Fixed Monthly Repayment: None
- Interest-Only Repayment: None
- Full Deferment: None
- Length of Grace Period: None
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 12 months on-time payments
- Disability Discharge: Not specified by lender
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Evenings
- Application Timeline: Time to process applications varies based on individual borrower profile- typically reviewed within one day
- Scholarship Search Tool: None
- Sponsors a Scholarship: None
- Job and Career Assistance: None
- Financial Literacy Training: None