Splash Financial Student Loans: 2021 Review

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Though Splash Financial was just founded in 2013, this student online lending platform has already done its part when it comes to shaking up the student loan refinancing scene. It claims to have over 300,000 active accounts and over $10 billion in student loan refinancing requests under its belt, and it’s easy to see why when you see the competitive rates and loan terms it offers. Instead of originating its own loans, it partners with banks, credit unions and other lenders in an effort to get you the lowest rates available.

Splash Financial is best for students who have good credit (or a creditworthy co-signer) and who can qualify for student loan refinancing with the best rates and terms. This provider also lets you get prequalified without a hard inquiry to your credit report, so it’s a good option if you want to gauge your ability to qualify for a new loan without filling out a full loan application.

Splash Financial features

Unlike some other student loan companies, which typically offer both new student loans and refinancing, Splash Financial focuses only on the refinancing side of the equation. Generally speaking, Splash Financial will let qualified students refinance most federal student loans, private student loans and parent PLUS student loans. You can also use Splash Financial to refinance medical school loans.

Splash Financial really stands out due to the incredibly low student loan refinancing rates it offers, which can help qualified borrowers save money on interest, pay off their student loans faster or both.

Splash Financial also offers its refinancing products without any refinancing fees, origination fees or prepayment penalties. This means that you can potentially move into a more affordable loan product and pay it off whenever you want for even more savings.

Splash Financial student loan snapshot

Loan types
Loan amounts
Starting at $5,000
Interest rates
Starting at 1.87% variable APR, Starting at 2.30% fixed APR
Repayment terms
5 to 25 years
Grace period
Co-signer required?

Pros and cons of Splash Financial student loans

Splash Financial is a top student loan refinancing company to consider, but there are definitely some advantages and disadvantages to be aware of before you apply. Consider these pros and cons before you refinance your student loans.


  • Low rates. Splash Financial offers some of the most competitive rates available today for student loan refinancing. These low rates can help you save money on interest while securing a new loan payment you can more easily afford.
  • Few fees. Splash Financial loans come with no origination fees, no prepayment fees and no hidden fees.
  • Discount for autopay. You can save 0.25 percent on your interest rate when you set up your student loan for automatic payments.


  • Third-party lenders. Splash Financial works with lending partners, so you will actually borrow money from a different bank, credit union or online lender. This means that your loan may or may not qualify for special benefits like deferment or forbearance, and your fees and discounts depend on the lender you’re matched with.
  • Limited eligibility. Splash Financial’s lending partners will lend to U.S. citizens, permanent residents and some visa holders. However, only U.S. citizens are eligible to apply with a co-signer, and the co-signer must also be a U.S. citizen.

Splash Financial student loan requirements

Generally speaking, U.S. citizens and permanent residents can apply to have their student loans refinanced through Splash Financial, but the exact requirements vary by lending partner. You may be able to apply with a co-signer, but only if you’re a U.S. citizen and your co-signer is also a U.S. citizen.

Graduates with four-year degrees from Title IV accredited institutions are eligible for refinancing, as are professionals with associate degrees. Parents with parent PLUS loans are eligible to refinance if their child earned their degree.

Who is this loan good for?

Loans offered through Splash Financial are best for borrowers with good or excellent credit, since those borrowers will qualify for the best rates and terms. Overall, student loan refinancing is ideal for anyone who is paying higher interest rates now than they would if they refinanced. Splash Financial is also good if you have a lot of student loan debt, since it does not have a maximum loan amount.

Interest rates and terms

Splash Financial’s discounts may vary by lender, but in general, you’re likely to receive a 0.25 percent discount for setting up autopay. Splash Financial’s rates below do not reflect this discount:

Loan product Variable rate Fixed rate
Student loan refinancing Starting at 1.87% APR Starting at 2.30% APR
Medical school loan refinancing Starting at 2.28% APR Starting at 2.81% APR

Fees and penalties

One major benefit that comes with refinancing with Splash Financial is the fact that its loans don’t come with any application, origination or prepayment fees. Other fees, like late fees, may depend on the lender that services your loan.

What are repayment terms and grace period for Splash Financial?

With Splash Financial student loan refinancing, you can choose to repay loans with a fixed interest rate over five, seven, eight, 10, 12, 15 or 20 years. Variable-rate loans have the option of a 25-year term.

Since Splash Financial only offers student loan refinancing, you do not qualify for a grace period before you must begin repaying your loans, although you may choose an 84-month deferment period during your residency or fellowship if you’re refinancing medical school loans.

Customer service

Splash Financial makes it easy to ask questions about your loan or loan application. You can email the company any time at contact@splashfinancial.com, or you can call at 1-800-349-3938. Splash Financial customer service hours are Monday through Friday, 9 a.m. to 9 p.m. EST.

How to apply for a loan with Splash Financial

One major benefit of Splash Financial is the fact that you can get prequalified without a hard inquiry on your credit report. All you have to do is head to the Splash Financial website and click on the button that says “get my rate.” From there, you’ll provide information like your email address, your name, your home address, your date of birth, your citizenship status, your education level, your income and the amount of loans you want to refinance.

At this point, you’ll be presented with a range of loan options and rates you may be qualified for. If you decide to proceed, you can fill out a full loan application, which will lead to a hard inquiry on your credit report. Documentation you may need to provide to complete your loan application includes:

  • Pay stubs or a tax return for income verification.
  • Photo ID.
  • Payoff verification statements for each of your current loan servicers.
  • Graduation certification, such as a photo or copy of your diploma or transcripts.

You can upload these documents directly to Splash Financial’s online portal.

What to do if your application gets turned down

If you apply to have your student loans refinanced with Splash Financial and you’re denied a new loan, you have several options to consider. You can:

How Bankrate rates Splash Financial

Overall Score 4.1
Repayment Options 3.4
Affordability 5.0
Customer Experience 4.0

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Holly D. Johnson
Author, Award-Winning Writer
Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.