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Splash Financial Student Loans: 2024 Review

Updated on Jan. 1, 2024

At a glance

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Check rate with Bankrate
Rating: 4 stars out of 5
Bankrate Score
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Repayment Options
Rating: 4.2 stars out of 5
Rating: 4.4 stars out of 5
Customer Experience
Rating: 4 stars out of 5

About Bankrate Score

Splash Financial was founded in 2013, but it has already done its part when it comes to shaking up the student loan scene. It claims to have over 100,000 active accounts and over $6 billion in student loan refinancing requests under its belt. It has recently begun offering private student loans through Earnest as well. 

Lender Details


Loan amount

Starting at $5,000


APR from

Variable: 5.62%-16.20% APR (with autopay); Fixed: 4.11%-15.90% APR (with autopay)

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Term lengths

5 to 15 years

Splash Financial features

Splash Financial offers zero fees origination and prepayment. The lack of origination fee can end up saving you thousands, depending on the fee amount and how much you borrow. Splash Financial also offers an autopay discount of 0.25 percent.

Additional features for its private student loans through Earnest include the option to skip a payment once per year and forgiveness options.

Splash Financial: In the details

Splash Financial student loan pros and cons


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    Low minimum APR

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    Few fees

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    Discount for autopay


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    Third-party lenders

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    Limited eligibility

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    High maximum APR

Splash Financial student loan requirements

Generally speaking, U.S. citizens and permanent residents can apply for a loan through Splash Financial, but the exact requirements vary by lending partner. However, Splash does note that, ideally, borrowers should have an “excellent” credit score of 700 or more and a debt-to-income ratio below 30 percent to qualify for a refinancing loan.

When it comes to refinance loans, graduates with four-year degrees from Title IV accredited institutions are eligible, as are professionals with associate degrees. Parents with parent PLUS loans are also eligible to refinance if their child earned their degree.

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 reflect this discount:

Loan product Variable rate Fixed rate
Private student loans 5.62%-16.20% APR 4.42%-15.90% APR
Student loan refinancing 5.99%-10.24% APR 5.19%-10.24% APR
Medical loan refinancing 6.39%-9.61% APR 6.39%-9.59% APR

Repayment terms and grace period

With Splash Financial, you can choose to repay your private student loan or refinanced student loan over five, seven, 10, 12 or 15 years. If you're refinancing a student loan as a medical or dental student, your term may stretch up to 20 years.

Depending on the lending partner you’re matched with, you may get a grace period of up to nine months. Some of Splash’s lenders also offer flexible repayment options, which include immediate repayment, deferred or interest-only. Medical and dental residents who refinance student loans may be able to secure a monthly payment of just $100 while in residency.

Fees and penalties

Splash Financial does not charge any origination, prepayment or extra payment fees. Depending on the lender you're matched with, you may face late payment or insufficient funds fees if you're late on a payment or don't have enough funds in your account.

How to apply for a loan with Splash Financial

To get prequalified, head to the Splash Financial website and click on the “check my rate” button. 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 desired loan amount.

At this point, you’ll be presented with loan options and rates you qualify 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, if you’re refinancing.
  • Graduation certification, such as a photo or copy of your diploma or transcripts, if you’re refinancing.

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

Splash frequently asked questions

How Bankrate rates Splash Financial

Overall Score 4.0
Repayment Options 4.2 Splash Financial offers a wide range of repayment options. However, it doesn’t specify loan amounts for its private student loans.
Affordability 4.4 While the APRs are competitive, the fees and grace period through Splash Financial depend entirely on the lender you’re matched with.
Customer Experience 4.0 Splash has a good online experience but limited customer support, with representatives available only Monday through Friday.


The Bankrate team evaluated over 20 lenders to select our top picks for the best student loans. To do this, Bankrate considers 14 factors, including loan amounts, fees, repayment terms and options, as well as fixed and variable APR ranges. Then, lenders are rated using our vetting system known as the Bankrate Score, which focuses on three main categories.

  • Availability: We looked at minimum and maximum loan amounts, as well as the lender’s eligibility requirements, co-signer option, degrees covered and state availability. Lenders that offered the most flexibility as well as nationwide servicing and that offered financing for a variety of programs ranked higher in this section.
  • Affordability: Fixed and variable interest rates, fees, penalties and discounts were measured in this category. Lenders with the lowest rates, fewer fees and multiple discounts got the higher scores.
  • Customer experience: Our team looked at the ease of the application process, as well as online account management tools, customer support hours, app availability, repayment options and grace periods offered by the lenders. This allowed us to determine the lenders’ ability to satisfactorily serve customers.

Editorial disclosure: All reviews are prepared by 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.

See disclaimers at:

Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545

* Fixed loans feature repayment terms of 5 to 20 years. For example, the monthly payment for a sample $10,000 with an APR of 5.47% for a 12-year term would be $94.86. Variable loans feature repayment terms of 5 to 25 years. For example, the monthly payment for a sample $10,000 with an APR of 5.90% for a 15-year term would be $83.85.

** To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

General Disclosure

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Products may not be available in all states. Rates and terms are subject to change at any point prior to application submission. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer. To qualify, a borrower must be a U.S. citizen or other eligible status and meet lender underwriting requirements. Lowest rates are reserved for the highest qualified borrowers and may require an autopay discount of 0.25%. Splash does not guarantee that you will receive any loan offers or that your loan application will be approved. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, creditworthiness, income and other factors. This information is current as of April 10, 2023. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.