Splash Financial Student Loans and Refinancing Review in 2020

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Splash Financial Student Loans and Refinancing Review in 2020

Splash Financial is a leading online lender of student loan refinancing products, based in Cleveland, Ohio, and currently operating in all 50 states. The lender works together with Laurel Road, PenFed (Pentagon Federal Credit Union), U-Fi, and other banks and credit unions to offer loans at highly competitive interest rates.

Splash Financial offers refinance options for undergraduate, graduate, MBA, law, dental, and medical school loans.

In addition to the above, the company also offers refinancing for Parent PLUS loans.

All in all, the company is great for anyone looking to gain financial freedom from student loan debt or figure out how to pay for college.

Keep reading this Splash Financial review to learn more about the company, what it offers, and whether or not it’s right for you.

Let’s get started.

Splash Financial Private Student Loans

As of now, Splash Financial doesn’t offer any private student loans.

It only specializes in providing refinancing for a wide range of loans, including both private and federal loans.

Splash Financial Student Loan Refinancing

Splash Financial is one of the leading names when it comes to student loan refinance options.

You can get refinancing for your existing student debt at the best rates and at an appropriate loan term.

Similar to other online marketplaces, such as Credible, Splash Financial works with multiple lending partners to offer refinancing.

By going through a simple application process on SplashFinancial.com, you can easily find out if you qualify for the loans, or not.

Splash Financial Student Loan Refinancing Details and Interest Rates

Let’s take a quick look at some of the specific details of Splash Financial’s student loan refinancing:

  • Loan Terms: Splash Financial is very flexible with their loan terms. The company offers loan terms of 5, 7, 8, 10, 12, 15, and 20 years. Though it also offers a loan term of 25 years, it’s only available to those that opt for variable rates.
  • Loan Amounts: At minimum, the borrowers can get $5,000. There’s no fixed maximum upper-limit for how much you can borrow.
  • Loan Types: Refinancing is available for almost all types of loans, including both private and federal loans. As highlighted earlier, this includes loans for dental, medical, law, undergraduate, graduate, and law school, as well as, for Parent PLUS loans.
  • Minimum Income Requirement: The minimum annual income to be eligible is $42,000.
  • Minimum Credit Score Required: Applicants need a minimum credit score of 670. If you don’t qualify, try improving your credit report.
  • Residency Requirements: To qualify, you must be a US citizen. As of now, permanent residents are not eligible to refinance student loans through Splash Financial.
  • Loan Transfer/Death Discharge: Surprisingly, Splash Financial doesn’t offer discharge upon death or disability.
  • Fees: There are no application or origination fees.
  • Penalties: There is no prepayment penalty imposed by Splash Financial.

Certain Splash Financial lenders offer discounts with auto-pay.

The discount varies from lender to lender, however, it typically sits somewhere around 0.25%.

Furthermore, Splash Financial offers co-signer release after 12 consecutive monthly payments.

The company doesn’t offer any academic or military deferment, which is a huge downside.

Splash Financial Student Loan Refinancing Review

With the specifics out of the way, let’s take a deeper look into Splash Financial’s student loan refinancing options:

Qualifying for Refinancing

Besides the requirements already mentioned (minimum income requirements, credit score, residency, etc.), there’s also a maximum debt-to-income ratio that ranges anywhere from 35% to 50% – depending on multiple factors.

You’re also able to qualify for student loan refinancing if you’ve filed for bankruptcy. However, in that case, you’ll need to apply with a co-signer (who hasn’t filed for bankruptcy).

Repayment Terms

Unfortunately, Splash Financial doesn’t offer any academic or military deferment. In addition, it doesn’t have any policy for forbearance. However, the lender might offer you some leverage/relief in the event of a death or illness. Decisions vary from case to case.

Splash Financial Student Loan Refinancing Competitors

Here are some Splash Financial alternatives that you can consider for student loan refinance:

PenFed Credit Union: While PenFed Credit Union is one of the lending partners of Splash Financial, you may refer to the company to get student loan refinancing.

Laurel Road: The minimum credit score requirement is 660. Laurel Road is perfect for medical and dental residents who want to refinance their student loans.

LendKey: LendKey is a huge marketplace that connects potential borrowers with the leading credit unions and community banks. It offers a forbearance term of 18 months, which is longer than most lenders. Overall, LendKey is perfect for those who want to borrow from a small lender, and not a large financial institution.

SoFi: As of now, SoFi stands as one of the leading providers of refinancing. The student loan refinancing company doesn’t disclose a fixed minimum credit score requirement, as it varies from case to case.  In addition to refinancing, the company offers benefits like career planning and support for entrepreneurs.

College Ave: College Ave doesn’t have a forbearance policy in place, though it does let borrowers choose any loan term between 5 and 20 years. The minimum credit score requirement lies somewhere in the upper 600s. Finally, their student loan refinancing is available in all US states except for Maine.

Pros and Cons of Splash Financial

Splash Financial has its strengths and weaknesses. Let’s take a look at them one by one to help you make a better decision.


There are a lot of benefits of opting for Splash Financial’s student loan refinancing. Here are a few that are worth mentioning:

  • First of all, you can check whether you qualify for the student loan refinancing, or not, along with what rate you’ll get – all without a hard credit check. This means that your credit score won’t be affected.
  • Another great thing about Splash Financial is that married couples can collectively refinance their student loans into a single loan.
  • Like most lenders, Splash Financial doesn’t impose a prepayment penalty.
  • The company offers a user-friendly and convenient way of applying for student loan refinancing.
  • Splash Financial offers special student loan refinancing for medical school. Dental and medical residents can pay only $100 per month.

Considering the simple application process and the benefits for certain borrowers, it’s safe to say that SF offers a decent platform for refinancing.


Like all marketplaces and companies, Splash Financial has its weaknesses. Here are its major drawbacks:

  • First and foremost, there are no policies for forbearance and deferment. Lenders could offer temporary relief to borrowers going through crises, however, there’s no guarantee and their decision depends on the case.
  • Unlike most other lenders, Splash Financial doesn’t offer discharge upon death or disability.
  • In some cases, a borrower may need to become a member of a credit union in order to qualify for refinancing.

By having a formal policy for deferment/forbearance and offering discharge upon death/disability, Splash Financial could significantly improve its standing in the market.

Should You Go for Splash Financial Student Loans and Refinancing?

To conclude, Splash Financial is perfect for those who want to obtain quotes from multiple lenders from a single platform.

It is also perfect for married couples who want to refinance their loans together. However, to do that, they’ll need to opt for refinancing through PenFed.

Furthermore, if you’re a medical or dental resident, you should most definitely consider opting for Splash Financial.

By just filling out a single application on their website, you can get offers from multiple lenders.

In case you’re planning on joining the military or expecting deferment, you’re better off selecting a different lender since Splash Financial doesn’t have any formal policies for that.

If you’re still confused, you can check out reviews of other student loan refinancing companies on FutureFuel.io and discover how to pay off student loans.