Splash Financial Student Loan Refinance Review

Updated on September 10, 2020
By Trish Sammer

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Whether you want a lower monthly payment, a faster repayment, or more time to pay, refinancing is often a good way to save money and simplify student loan repayment.

Essentially, refinancing allows you to take out a new loan with new terms to pay off your existing student loan debt.

Like many student loan refinancing lenders, Splash Financial can make it easier for you to pay off your debt by offering you a lower interest rate. However, Splash has some other unique offerings that make it a standout in this space.

That’s especially true if you’re currently doing a medical residency or fellowship.

Interested in learning more? Here’s what you need to know about Splash Financial.

What are the benefits of refinancing through Splash Financial?

Splash connects you with community banks to give you access to market-leading student loan refinance deals. If that sounds overwhelming, know that Splash does the heavy lifting for you by negotiating with its partner banks and credit unions on your behalf.

There’s only one application to fill out. You can get a conditional loan approval within minutes.

Rather than consultations I would say phone, email, and live chat support. We can help people understand the refinancing process or their quotes. We used the word consultation in 2017 when we focused on helping medical school grads compare federal programs. At the time we only offered the resident and fellow refinancing option.

If you’re in a medical residency or fellowship, Splash offers a specific refinancing plan to meet your needs so that student loans won’t distract you from your professional training.

Splash also has a referral program that really pays off. When you refer a friend, you can earn $250 when that friend refinances with Splash.

Learn More or Apply Now

Why refinance through Splash Financial?

Splash Financial’s founders created the company because they had friends who were drowning in student loan debt but didn’t know where to turn for help. This gave them the idea to start a company for people who were struggling with the burden of high student loan balances, high interest rates, and too-large monthly payments.

Since those early years, Splash Financial has established itself as student loan refinance company that’s committed to lowering borrowers’ monthly payments and helping them pay off their debt sooner.

What refinancing options does Splash Financial offer?

With Splash Financial, you can expect low rates that will help you lower your monthly payments or pay off your loans faster. Splash customers say they typically save about $350 per month or $29,340 over the life of the loan.

Fixed interest rates start at just 2.80% and variable interest rates at just 1.89%. You can refinance amounts anywhere from $5,000 to No Max and loan terms 5,7,8,10,12,15,20, and 25 years terms..

These options offer excellent flexibility, whether you’re on a tight budget month-to-month or you need to pay loans off in record time in order to save for long-term goals.

Plus, keep in mind that lowering your interest rate by even 1% can save you thousands of dollars over the life of your loan, and shave months or years off your debt repayment.

The company never charges origination or application fees, or penalties for paying your loan off early. So all of your hard-earned cash will go directly toward your debt.

What refinancing options does Splash Financial offer for medical residents?

Splash Financial understands that it can be hard to deal with student loan debt while doing a medical residency or fellowship. That’s why they offer low fixed rates, and no application or origination fees.

Refinancing with Splash can reduce loan payments by $3,000 to $6,000 each year while you’re in training.

Here’s what you need to know:

  • Fixed interest rates start at just 2.88% and loan terms range from three to 20 years, offering you maximum flexibility.
  • Borrowers can opt to pay just $100 per month for up to 84 months during training. This essentially defers payment until after your training is complete.

However, be aware that opting for the $100/month payment means that all interest will accrue and capitalize at the end of your training period, so you’ll end up paying more in the long-term. But if making a significant student loan payment each month is simply out of the question while you’re in training, this could be a helpful option.

Ready to conquer your student loans with Splash Financial? Refinance Now!

Who qualifies for refinancing through Splash Financial?

If you’re interested in refinancing through Splash Financial, you must:

  • Be a U.S. citizen or Permanent Resident.
  • Be the age of majority in your state of residence.
  • Have at least one outstanding, fully-disbursed private education loan, federal-backed education loan, or Parent Loan.
  • Be the borrower on the loan application and on the promissory note.
  • Have an associates degree or higher.
  • No minimum income
  • Provide proof of income.
  • Meet the borrower credit requirements.
  • Refinance a loan amount of between $5,000 to No Max.

How to apply for student loan refinancing through Splash Financial

Splash Financial’s application process is quick and easy.

First, go to SplashFinancial.com. From the homepage, click on the orange button that says “Get My Rate.”


On the next page, you’ll share basic information, including your total student loan debt. If you graduated from medical school, be sure to indicate that here. Then click “Continue.”

Splash_app start

Next, you’ll be asked a few questions about your education and credit score (see below). Once you’re done, click “Find My Rate.”

Splash_Find My Rate

Then, estimate the amount of student loans you’re looking to refinance, how much time you have left on them and your current interest rate. Splash will verify this information later, so it doesn’t have to be exact right now.

You’ll also see some loan options and will be asked to choose which works best for you. This allows you to clearly see your interest rate, life of loan savings, and loan term before you apply.

Splash_Estimate Loans

After you choose your preferred loan offer, you’ll be asked to create an account to finish the application process. Choose “New User” then create your profile.

Now you’ll see the start of the application for the loan offering you’ve chosen. This asks for basic personal and loan information.


In some situations, like for loan balances with a maximum limit of $300,000 and for non-residency and fellowship loans, you will need to become a Pentagon Federal Credit Union member. Splash has partnered with the credit union to fund these loans and give you the lowest-possible refinancing interest rates. Membership to PenFed Credit Union is free and easy.

If your loan is financed through PenFed Credit Union, this is point in the application where you’ll be asked to become a member.

You’ll also be asked about where you live and your education and employment history.

After that, you will receive a conditional offer.

For the company’s verification process, you will need to submit the following documents (don’t worry about having an actual copy; a picture from your phone or screenshot is fine):

  1. Income verification, such as a pay stub or tax return
  2. Photo ID, such as a driver's license, passport, or state-issued ID card
  3. Payoff verification statements from each existing servicer, which are statements that project the payoff amount 10, 15 or 30 days into the future
  4. A copy or photo of your diploma or transcripts
  5. PenFed membership application, to be completed as part of your Splash application process. * In some but not all instances this is required. This is now a form that can be completed online.

Splash will give you all the details about how to submit verification documents. It’s that easy.

Are you ready to refinance with Splash Financial? Whether you’re doing a medical residency and need to defer student loan payments, or a graduate who’s ready to lower your interest, it’s easy to see why Splash is good choice.

To learn more about what the lender offers or apply for refinancing, visit SplashFinancial.com.

Refinance & Save Today With These Leading Lenders

#1 - Nitro Recommended View More Details

Special offers for medical resident and fellow refinance products

  • APR: 1.89% - 6.77%
  • Minimum credit score: 660
  • No Maximum when refinancing
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Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

#2 View More Details

Earnest empowers people with the financial capital they need to live better lives.

  • APR: 1.99% - 5.79%
  • Minimum credit score: 650
  • Refinance up to $500K
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Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.

  • Commitment-free 2 minute rate check
  • Client Happiness can be reached via in app messaging, email, and phone 
  • No fees for origination, prepayment, or loan disbursement
  • Flexible terms let you pick your exact monthly payment or switch between fixed and variable rates
  • Skip a payment and make it up later
  • Online dashboard is designed to make it easy to apply for and manage your loan

Click here to apply with Earnest and to see how much you can save.

#3 View More Details

Operates in all 50 states; 2nd largest student loan refinancing lender

  • APR: 1.99% - 6.20%
  • Minimum credit score: 660
  • No refinancing amount maximum
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Visit Laurel Road View Loan Disclosure

Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.

Laurel Road Student Loan Refinance Review

  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
  • No fees & the lowest rates in the space - Laurel Road is the most transparent about the rates they provide customers, and offer the lowest rates where it counts. Our customers will save more than $20,000 over the life of their loans on average. 
  • Customer service reputation - Laurel Road's customer service representatives are no rookies. With 19 years of experience on average, Laurel Road’s Customer Service team delivers an experience that is best in the industry. They work to build meaningful, life-long relationships with our valued customers to improve their overall financial wellness.
  • The stability & security of a bank - They are a division of Darien Rowayton Bank, a stable and secure FDIC-insured bank, regulated by the FDIC and the Connecticut Department of Banking.

Get your personalized, pre-approved rates in less than 5 minutes.

#4 View More Details

Credible is an online marketplace that provides borrowers with competitive, personalized loan offers from multiple, vetted lenders in real time.

  • Free to use, no hidden fees
  • Minimum credit score: 650
  • No refinancing maximum amount
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Credible is a multi-lender marketplace that empowers consumers to discover student loan refinancing options that are the best fit for their unique circumstances. Our integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 2,000 positive Trustpilot reviews and a TrustScore of 9.5/10. Credible is headquartered in San Francisco, California.

For more information, click here to apply now with Credible.

  • Compare prequalified rates from multiple, vetted lenders in 2 minutes.
  • Refinance federal, private and ParentPLUS loans.
  • San Francisco-based customer support 7 days a week.
  • Checking your rates won't affect your credit score.
  • Get your final offer in as little as 1 business day.
  • Credible’s partner lenders do not charge prepayment penalties, loan application fees, or origination fees.
  • Free to use, no hidden fees: Requesting rates can take just minutes and costs you nothing.
#5 View More Details

For every loan they fund, they contribute to the education of a child in need

  • APR: 1.99% - 5.79%
  • Minimum credit score: 660
  • Refinance up to $500K
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Visit CommonBond View Loan Disclosure

CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.

Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#6 View More Details

Works with 300+ community lenders for higher approval chances

  • APR: 1.99% - 8.77%
  • Minimum credit score: 660
  • Refinance up to $300K
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Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 300+ community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#7 View More Details

Many ELFI customers save hundreds per month month and thousands over the length of the loan term.

  • APR: 2.39% - 5.99%
  • Minimum credit score: 680
  • No refinancing maximum amount
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Visit ElFi View Loan Disclosure

Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.

Education Loan Finance (ElFi) review

Check out their low rates today to see how much you can save.

  • Get Your Rate. With Education Loan Finance's Find My Rate tool, you can complete a short application to receive a preliminary quote on your eligible rates and terms, all without affecting your credit score.
  • Apply in Minutes. Education Loan Finance's online application is fast and simple.
  • Outstanding Personalized Service. Our Personalized Loan Advisors specialize in student loan refinancing and help busy professionals find the option that's right for them.
  • Student Lending Experience: Education Loan Finance isn't a start-up company - we have a longstanding history and expertise in serving student loan borrowers.

Attractive Bonus and Referral Programs:

  • Education Loan Finance Referral Program**: Earn $400 for each new Education Loan Finance Client referred by you!

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

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