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Splash Financial Review 2020: Student Loan Refinancing Marketplace

Splash Financial marketplace helps student loan borrowers refinance their federal and private student loans with banks and credit unions.

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Splash Financial is a student loan refinance marketplace connecting you with bank and credit union refinancing options. The refinance options are available to college graduates only. Borrowers can lower their monthly payments and pay off student loan debt faster because of lower rates and better terms through refinancing.

Splash Financial offers fixed and variable rates with flexible terms from lending partners. Checking your rate with Splash Financial does not impact your credit score.

Key Features

  • Undergraduate, graduate and medical student loans
  • Minimum $5,000 to refinance with no maximum
  • Fixed and variable interest rates
  • Loan terms of 5, 7, 8, 10, 12, 15 or 20 years
  • Available in all 50 states and DC
  • No application or origination fees
  • No prepayment penalty
  • Add cosigner if necessary with cosigner release

Splash Financial Promotion

Refer your friends and earn $250 when they refinance through Splash Financial. Open to all. Get started referring here.

Splash Financial Overview

Splash Financial is a technology platform, not a lender, that helps student loan borrowers easily find the best refinancing options with banks and credit union partners.

What is a Splash Financial Refinance?

Refinancing through Splash Financial is the process of taking your existing student loans and consolidating them into a new loan. This new loan will include new terms and rates with a new lender.

Splash Financial makes it easier for you to find a better rate and terms that can better meet your financial needs and goals.

Who is it best for?
Splash Financial is best for any borrowers looking to see if they can save money with a lower rate and better terms. If your goal is to consolidate multiple student loans into one loan, then refinancing with a private lender may be a good option. Better yet checking your rate and prequalifying does not impact your score.

What do you get?
With Splash Financial, you get connected to banks or credit unions that can refinance your student loan.

Refinance Marketplace benefits and features:

  • Offered best rate from multiple lending partners from one application
  • No application fee, no origination fees, and no prepayment penalties.
  • Choose the best repayment terms
  • Cosigner release
  • Spouses may also refinance their loans together, or one partner may “take over” their spouse’s loan.

How Splash Financial works

Splash will refinance federal, private, and Parent PLUS student loans.

To start the process, check to see if you are prequalified by providing basic information. This initiates the refinancing process. The prequalification check does not impact your credit score. Once you’ve been prequalified and choose a rate and lender, a hard inquiry will be performed and additional information will be requested.

You do not need a cosigner to apply for a loan, but some lenders may allow a cosigner to be added to your application. For some borrowers, having a cosigner may help your application with some lenders offering a cosigner release as well.

Who is eligible to refinance their student loans in the marketplace?

To refinance using Splash, you must be U.S. citizen or permanent resident and one of the following:

  • Graduates with four-year degrees from Title IV accredited institutions
  • Professionals with an associate degree are eligible to refinance
  • Parents who took out educational loans to finance their child’s education are also eligible

Additionally, you must have a good credit score, in good standing with your current loans, employed and responsible financial history.
Who services the refinance student loan?

Depending on the lender you choose will decide which servicer you’ll have for your new loan. Some lenders may service the loan themselves or may outsource the servicing with another provider.

Safety and Security

Splash uses SSL Verification and SSL Encryption which provides some of the highest standards for identity assurance.

Get Started with Splash Financial

  1. See if you prequalify by checking your rate here.
  2. Review your offers and select a rate and lender.
  3. Complete the application and submit all required documents.

Why Use Splash Financial to Refinance

Splash Financial is a good option for any student loan borrower looking to consolidate their loans and find a better rate or term. They simplify the process of finding the best option for you starting with one application in an easy intuitive tech platform.

If you’re looking to simplify the repayment of multiple loans, then refinancing can be a good step forward.

Take into consideration that consolidating or refinancing federal student loans with a private lender will remove federal benefits. These federal benefits include income-based repayments, financial hardship programs, and loan forgiveness.

Want to see if you can get a better rate and term? You can easily see if you prequalify and check your rate in less than 3 minutes.

Want more options? Read my review of Credible a similar marketplace.

And if you want a local bank or credit union to refinance your student loans, read my review of LendKey.

Jason Vitug

Jason is the founder of phroogal, creator of the award winning project Road to Financial Wellness, and author of the bestseller and New York Times reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.

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