Splash Financial Review - Instant Rate Quotes for Refinancing Student Loans

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Drowning in student loans? Keep your head above water with Splash. Here’s how they can help you swim when you feel you may be sinking.

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  • High client satisfaction
  • $250 cash referral reward
  • Autopay discount

Editor's note - You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser.

Student loan debt has gotten out of control–the average student debt today is nearly $30,000. And I’m sure your student loans are eating away at your monthly budget.

And what about if you’re in medical school or doing a residency where you’re working like crazy, but getting paid peanuts? How do you pay your debts then?

That’s where Splash Financial–a new loan provider–comes in. In this article, I’ll review Splash Financial in full, so you can decide if they’re right for you or not.

What is Splash Financial?

Splash Financial is a company that refinances student loans. They’re backed by both banks and credit unions, letting them give you the very best rates possible. The company’s aim is to support graduates in saving as much money as they can through student loan refinancing. It’s the only product they offer.

Splash operates in all 50 states, but they’re located in Cleveland, Ohio. You can refinance any loan used for an associate, bachelor’s or graduate degree. This includes federal, private, or Parent Direct PLUS loan, as well as loans from law school, MBA programs, and even medical and dental school. Splash features a unique program that is tailored for physicians in the process of completing their fellowship or residency.

When Splash Financial first came onto the scene, their focus was exclusively on young physicians doing their residency or fellowship. But this year, they opened up their loan services to all college grads. They say that they provide market-leading rates of interest, and also have a 95% customer satisfaction rate. Additionally, it only takes a couple of minutes to obtain a quote, plus it won’t have any impact on your credit score.

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Splash Financial Features

There are a few critical features of Splash financial worth noting:

Student Loan Options for a Wide Array of Students

Splash Financial enables you to refinance all sorts of education loans, including private and federal loans. But they also provide dental and medical students the ability to refinance their debt while they’re doing their fellowships or residency.

This period also extends to up to 6 months after those programs have ended. These kinds of students will pay $100 a month for their loans until that period has ended. Know, however, that the entire duration of the loan (residency, fellowship, and six month grace period) can not surpass 20 years. The grace period, residency, and fellowship period have to be approved during the application period–because once it’s disbursed, you won’t have the ability to lengthen the duration of the loan.

Married Couples Can Refinance Together

Married spouses and people in other circumstances can also refinance their debt into one individual loan. Splash advises, however, that you contact the student loan pros on their staff before applying so they can find the ideal solution for your situation. If you are doing a program with Splash as a married pair, they also suggest you designate the partner with the highest-level college degree as the debtor and the other partner as a co-signer.

No Prepayment Fee Applies

You can pay off your loan sooner, no matter your repayment amount, without charge. You’ll be billed the total interest which has accrued on the loan up to the day that the loan is paid back. This way, if you come into a windfall and want to pay it off early, fees aren’t going to stand in your way.

Both Fixed and Variable Rates Are Offered

With Splash Financial, you can choose from a fixed or variable rate, based on what satisfies your situation best.

And it is entirely up to you to decide what suits your financial situation best. Fairly recently, variable rates have been lower than fixed rates. This provides the consumer cost savings within the short run.

If market prices increase within the life of the loan, however, the possibility of payments increasing are higher.  A variable rate loan may be an option for a customer with earnings that are enough to absorb a spike in payments. We don’t recommend variable rates for risk-averse people or those selecting a longer-term of repayment.

By contrast, a fixed rate on the loan means that your monthly interest will remain consistent throughout the lifespan of the loan, together with your monthly payment, which won’t ever change.

A fixed-rate loan is a fantastic option for many borrowers, especially individuals that will need to lock-in their savings through refinancing. Imagine a variable rate like paying your utility bill, which often varies from month to month, and a fixed rate like paying your mortgage, which doesn’t typically change.

Splash Financial Pricing & Fees

There are no prepayment charges, origination charges, or application service fees with Splash.

Signing Up for Splash Financial

Signing up for Splash Financial is incredibly easy. I’ll walk through it, step-by-step, below.

First, click “Get My Rate” on the home page:

Signing Up for Splash Financial

Then, enter your email address:

Next, enter your personal information, fill out your degree and financial information, enter your Social Security Number and click “Check My Rate”:

 financial information

Give Splash a couple seconds to find results:

 check my rate

Assuming you meet the minimum qualifications, you’ll see a screen like this, which offers a calculator to estimate your savings:


Further below, you’ll see the rates and terms you qualify for:


Once you find a rate and payment you like, select it and click “Continue”:

At this point, you’ll proceed to the actual application, which will be a hard pull on your credit. You’ll need to provide detailed financial information as well as any required documentation. Finally, you’ll have to sign disclosures, agree to the terms and conditions, and move forward with the approval process:

Personal information

After that, your loan should be approved shortly and you’re ready to go!


The Splash Financial site has SSL Verification, which provides some of the most exceptional standards for identification protections. They also have SSL Encryption, which establishes a secure connection between your browser and their website. The SSL Encryption defends hypersensitive data that may be provided to Splash Financial.

Mobile Support

The site and application are fully accessible from your mobile device, but there’s no specific mobile app.

Customer Service

Splash prides themselves on having the ability to talk through your education loans with you. You can email them at [email protected] or give them a call at 1-800-349-3938. Splash states that they value putting the consumer first and finding the right answer for each distinctive scenario.

Pros and Cons


  • Merge loan balances with your spouse: Married partners can refinance education loans into one loan. This is unique for a loan provider and an excellent benefit.
  • You're assigned a banker: This person is dedicated to you and your loan. You'll have a single point of contact through the application process who can help you get into the right product for your needs and get set up on the right path.
  • See your rates instantly without a credit impact: You're able to see if you're going to be qualified and what rate you will get with no hard credit pull. Plus, the online application is a breeze.
  • High client satisfaction ratings: According to Splash, "95% of Splash borrowers are satisfied with their new rate."
  • $250 cash referral reward: You can get $250 cash if you refer someone to Splash Financial after you've signed up.
  • Autopay discount: Like most loan providers, Splash will give you a discount on your rate if you set up autopay.


  • Limited recognized forbearance or deferment processes: While some lending partners may offer this, some do not. This is a big miss if you do fall into a situation where you need financial assistance. Be sure to review the credit agreement carefully and contact Splash if you can’t find this information.
  • Relatively tough eligibility requirements: You'll need good credit and a good income to qualify.
  • They may not provide you the best rates: Not everyone gets the best rates--it depends on a bunch of factors. Good news is you can see your rates before committing.
  • You may have to become a part of Pentagon Federal Credit Union to fulfill the requirements: This is annoying, but part of the deal since credit unions financially back them. However, you may find there are some lending partners that do not require credit union membership.

Alternatives to Splash Financial


SoFi was actually among the first companies that went into the student loan refinancing market. It sports a speedy online application, and you can even select your loan repayment term. Its prices are competitive, too. And if you sign up for automatic payments, it provides APR savings. What’s more, the credit score and income needs of SoFi are rigid, placing SoFi refinancing out of reach for a whole lot of graduates.


CommonBond features marginally broader refinancing services as it refinances student loans and Parent PLUS Loans. Additionally, it provides borrowing services, in the event you’re thinking of consolidating your loans then going to graduate school. Similar to SoFi, CommonBond wants borrowers to have a relatively higher credit rating. Existing customers have a median income in the low 100k-range, too. However, this business offers hardship forbearance options alongside an intriguing loan option, which starts with a fixed APR and will become variable after time.


Earnest also offers refinancing for student loans and Parent PLUS loans. Additionally, it has personal loans for buyers. Earnest has a one of a kind way of qualifying borrowers. Earnest looks at exactly how easily you can cover your bills, how you save money (and how much you’ve saved), and whether you have a retirement account–all as opposed to considering your earnings and credit rating only. Additionally, they let you select your monthly payment and then develop your interest rate and terms and conditions around that.

Who is Splash Financial For?

We think Splash Financial fits the bill for folks that fall into any of these categories:

People with a FICO credit score of 660 (or even better).

    You’ll need at least a 660 FICO score (but I would recommend higher), plus a substantial income to qualify. If you have those, then Splash is a great option.

  • Medical doctors who need flexible refinancing terms and requirements while finishing their residency or fellowship. If you’re in a residency or fellowship program, odds are you’re not making a ton of money, but your student loan debt is high. Splash can help you here.
  • College students that are comfortable with all the services of an online-based loan firm. Finally, you need to be satisfied with an online-only lender. This means no face-to-face interaction and a more limited customer service experience. But costs are lower, and thus passed on to you.

Bottom Line

Splash Financial is a respectable business, servicing graduates around the country. It’s a viable choice if you want to refinance all of your student loans. And considering you can get an instant rate quote online, there’s no reason you shouldn’t at least look into their offers.

But before making a choice, make sure you compare Splash Financial’s rates to a minimum of three others.  A good deal of lenders may have the ability to top the offer you’ll see with Splash, and allow you to get instant quotes.

All in all, Splash is a great value and we think you should give them a shot.

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