Splash Student Loan Refinancing Review

Splash Student Loan Refinancing Review

Splash is a new student loan refinancing company that operates in all 50 states and refinances federal student loans, private student loans and Parent PLUS Loans.

In this Splash student loan refinancing review, we will discuss:

Splash student loan refinancing: Best For

Best For: Splash is best for borrowers who want low interest rates as well as couples who want to refinance their student loans individually or jointly.

Splash Financial

Overview

KeyValue
Variable Rates:1.99% - 6.65%
Fixed Rates:3.48% - 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 - 20 years
Borrower Residency:All states
Unemployment Protection:Varies
Co-signer Option:Yes

Splash student loan refinancing: Pros and Cons

Pros:
  • Student loan refinancing available in all 50 states, Washington, D.C. and Puerto Rico
  • Married couples can refinance their student loans individually or combine them into one new loan

Cons:

  • Not available for permanent residents; you must be a U.S. citizen
  • Doesn’t offer academic or military deferment

Splash student loan refinancing: Overview

Splash is based in Cleveland, Ohio and compares student loan refinancing rates from several lenders, including Laurel Road, PenFed (the Pentagon Federal Credit Union) and U-Fi. So, you complete one applications and then Splash offers rates from a good mix of banks and credit unions. Splash refinances federal student loans, private student loans and Parent PLUS Loans. Splash is also focused on refinancing medical school loans, including for residents. If you’re a couple, Splash is one of a few lenders that can refinance your current student loans individually or jointly. Splash also allows one spouse to apply to refinance student loans for both spouses, which can help you get approved and get a lower interest rate.

Advantages of Refinancing With Splash

Here is what we like about Splash student loan refinancing:

  • Compare rates from several banks and credit unions
  • Ability to pause your student loan payments temporarily on a case-by-case basis if you lose your job or face other financial hardship.
  • You can refinance Parent PLUS Loans.
  • Co-signer release is offered after 12 months of on-time payments

Drawbacks of Refinancing With Splash

Splash can improve in these key areas:

  • Offer a standard forbearance program of at least 12 months
  • Refinance student loans for borrowers without a degree.

Splash student loan refinancing review: Details

  • You have good to excellent credit.
  • You have good to excellent income.
  • You are a dentist or doctor.
  • Couples who want to refinance together

KeyValue
Loan Term:5, 7, 10, 15 or 20 years; 25-year term available for variable rates only
Loan Amount:$5,000 and higher
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal, private and Parent PLUS Loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:Yes; a late fee equal to 20% of the interest portion of the student loan payment after the payment is five days late; the minimum late fee is $5 and the maximum late fee is $25
Soft Credit Check:Yes

Want to check your interest rate? You can check your new interest rate for free within two minutes with no impact to your credit score.

 

* Checking your rate does not affect your credit score.

KeyValue
Minimum Credit Score:660
Minimum Income:$42,000
Employment:Yes, or you’re enrolled in a residency program, or have sufficient income from other sources.
Must have graduated:Yes, with an associate’s degree or higher.
Citizenship/Residency:U.S. citizen
Eligible Schools:You graduated from a Title IV accredited college or university with an associate’s degree or higher.
Bankruptcy:If you filed for bankruptcy, you can apply with a cosigner who has not filed for bankruptcy

KeyValue
Student Loan Servicer:Missouri Higher Education Loan Authority (MOHELA), U-Fi or Pentagon Federal Credit Union
Academic Deferment:No
Military Deferment:No
Forbearance:Yes, up to 12 months if you lose your job
Death or Disability Discharge:No
Cosigner Release:Yes, after 12 months of on-time payments.

  • Low fixed and variable rates as well as flexible repayment options
  • Available in all 50 states, plus Washington, D.C. and Puerto Rico
  • Ability to refinance Parent PLUS Loans, even if your child didn’t graduate
  • Ability to refinance student loans and release a co-signer after 36 months of on-time payments

How to refinance student loans with Splash:

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with Splash. The application comes about 10-15 minutes to complete.

* Checking your rate does not affect your credit score.

Is Splash student loan refinancing right for you?

Splash student loan refinancing may be right for you if:

  • You have a credit score of at least 660
  • You are a dentist or doctor with a high student loan balance
  • You’re married and want to combine your student loans into a new student loan with a lower interest rate
  • You have Parent PLUS Loans and want a lower interest rate

Splash is a great option for borrowers who want to compare rates from banks and credit unions and refinance their federal student loans, private student loans or both. Splash is best for doctors and dentists with high loan balance who want a lower interest rate. Splash also refinances Parent PLUS Loans. With Splash, married couples can refinance their student loans individually or they may combine their student loans into one new student loan with a lower interest rate. To qualify you’ll need at least a 660 credit score and a minimum income of $42,000. You can apply to refinance with Splash alone or with a cosigner. The good news is that Splash releases a cosigner after 12 on-time monthly payments. While there is no formal forbearance policy, borrowers can request forbearance if they face financial hardship or lose their employment.

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
1.89% – 5.98%
650

Overview

KeyValue
Variable Rates:1.89% – 5.98%
Fixed Rates:2.94% – 5.98%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5-20 years
Borrower Residency:All States except DE, KY, NV
Unemployment Protection:Yes
Co-signer Option:No
2.39% – 6.69%
680

Overview

KeyValue
Variable Rates:2.39% – 6.01%
Fixed Rates:2.94% – 6.69%
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None
Minimum Loan Amount:$15,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

2.29% – 7.02%
660

Overview

KeyValue
Variable Rates:2.29% – 6.65%
Fixed Rates:3.50% – 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes

1.90% – 8.59%
680

Overview

KeyValue
Variable Rates:1.90% – 8.59%
Fixed Rates:3.49% – 7.75%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

2.31% – 6.48%

650

Overview

KeyValue
Variable Rates:2.31% – 6.48%
Fixed Rates:3.20% – 6.48%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

1.99% – 7.02%

660

Overview

KeyValue
Variable Rates:1.99% – 6.65%
Fixed Rates:3.48% – 7.02%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 – 20 years
Borrower Residency:All states
Unemployment Protection:Varies
Co-signer Option:Yes

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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