Updated: December 6, 2021

Splash Financial Student Loan Refinance Review

Splash Financial Student Loan Refinancing

Advertising disclosure
Refinance
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
2.30% - 6.31%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.88% - 6.15%
Repayment Terms
5, 7, 8, 10, 12, 15, 20, 25 years
Important Information

Rewards: 0.25% interest rate reduction with autopay

Eligibility: Minimum credit score of 650 and income of $25,000

Overall Limits: $5,000 (minimum)

The bottom line:

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. 

Pros

  • No origination, application, or prepayment fees
  • 0.25% interest rate deduction with autopay
  • Cosigner release available

Cons

  • Late fees
  • Does not offer grace periods
Splash Financial SoFi LendKey
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
2.30% - 6.31%
Variable:
1.88% - 6.15%
Fixed:
2.49% - 6.94%
Variable:
2.25% - 6.59%
Fixed:
2.95% - 7.63%
Variable:
1.90% - 5.25%
Loan repayment terms (Years) 5, 7, 8, 10, 12, 15, 20, 25 years 5, 7, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 12 months on-time payments None Yes, after 12 months on-time payments

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

Interest Rates, Fees and Terms
  • 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
Requirements to Qualify
  • 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
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: None
  • Full Deferment: None
Repayment Details
  • 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
Customer Service
  • 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
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: None
  • Job and Career Assistance: None
  • Financial Literacy Training: None
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
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