Updated on April 30, 2019
By Trish Sammer
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.
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.
Splash’s mission is to not only help you save money, but to help build financial literacy. As part of that drive, the company provides free consultations in which you can discuss your unique student loan scenario. This service allows anyone get the help they need, whether you’re inquiring about an issue with the application or just shopping around for the best interest rate. You can arrange a consultation by email at email@example.com or phone at 1-800-491-9310.
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.
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.
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 3.75% and variable interest rates at just 3.10%. You can refinance amounts anywhere from $7,500 to $350,000 at loan terms from five to 15 years.
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.
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:
However, be aware that opting for the $1/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.
If you’re interested in refinancing through Splash Financial, you must:
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.”
Next, you’ll be asked a few questions about your education and credit score (see below). Once you’re done, click “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.
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 an 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):
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.
Works with 275+ not-for-profit community lenders for higher approval chances
LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. 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.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
For every loan they fund, they contribute to the education of a child in need
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.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
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.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
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.
Special offers for medical resident and fellow refinance products
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.
Click here to see more of Splash's offerings and to see how you can save money.