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Splash Financial Student Loan Refinance Review

Splash Financial is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.

What is Splash Financial?

Launched in 2013, Splash Financial is a student loan refinancing marketplace and technology platform. What exactly does that mean? Well, Splash Financial is not a bank itself, but they work with multiple lenders who can give you a quote on a refinanced loan. It’s basically a shopping platform like Credible. And since the company’s sole focus is student loan refinancing, they tap into a network of banks and credit unions to try and bring you competitive rates.

Splash Financial was named to the 2020 CB Insights Fintech 250 List of Fastest-Growing Fintech Startups.

Splash Financial Customer Service

Splash Financial has a 4.5 star rating through Trustpilot with outstanding reviews for business and customer service. But this rating has more to do with the experience users have on their platform when shopping for a refinance lender. Once you obtain your loan (through the actual lender), the servicing and customer service will be handled by a different company. So, you’ll want to learn about the customer service available through the holder of your loan.

Could student loan refinancing save you money?

Splash Financial Refinance Loans

Splash Financial gives you a streamlined way to find a student loan refinance lender. Their website boasts affordable loans, including zero origination fees, zero application fees, and no pre-payment penalties (although late fees may apply). Getting pre-qualified and finding your rate will not affect your credit score. Rather than submitting multiple loan applications with different lenders, you can submit one form to view offers from banks and credit unions that want your business.

Splash Financial loan refinance options include:

  • Federal student loan refinancing
  • Private student loan refinancing
  • Parent PLUS loan refinancing
  • Medical school loan refinancing
  • Refinance federal and private student loans together

Each of these refinancing options fall under one of two main categories, as depicted on the Splash Financial website.

Student Loan Refinancing

Whether you have undergraduate or graduate student loan debt—or both—the Student Loan Refinancing option will introduce you to competitive variable and fixed rates. The same is true for Parent PLUS refinancing options. Remember that you can refinance a single loan in order to take advantage of current, low interest rates. Or you can combine multiple loans together to simplify your repayment and your life.

Medical School Student Refinancing

Not only does Splash bring you medical school loan refinancing, but while completing your full time residency, internship or fellowship, you may qualify to pay as low as $100 a month during training and six months beyond. (Your full loan term including residency, fellowship and six-month grace period cannot exceed 20 years.)

Pros and Cons of Splash Financial Student Loans

Pros Cons
Splash partners with multiple banks and credit unions that may offer competitive rates. The lowest rates advertised are not guaranteed. Your credit worthiness will determine your actual rate. And you may need to be a member of a credit union to qualify.
Married couples can refinance their loans together, or one party can ‘take over’ the loans for their partner. Option may not be available with all participating lenders. Also, parties may still be jointly liable even after divorce.
Cosigner release option may be available. Availability of cosigner release will depend on the actual lender.
Dedicated account representatives.  
  Benefits vary by lender and some lenders do not offer forbearance or death discharge. 

How to Apply for a Splash Financial Refinance Loan

Applying for a refinance loan with Splash Financial is easy. Simply check out the Splash Financial offer on our sister site, indicate whether you’ve completed your degree, and tell us which school you attended. Then you’re off to the application process.

Currently, only solo borrowers are able to apply (sorry, no spousal consolidation). But you can apply with a cosigner. Both parties will need to be U.S. citizens or permanent residents, as well as meet credit criteria such as a minimum FICO score of 650.

Splash Financial Headquarters

Splash Financial is headquartered in Cleveland, Ohio with a leadership team of six and approximately 50 employees.

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