Splash Student Loan Refinancing Review

By Mentor Staff | Edited By Mentor Staff

Updated On September 5, 2023

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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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 refinance: Rating

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.

Overview

Variable APR:
5.99% - 9.99%
Fixed APR:
3.99% - 9.99%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No

Splash student loan refinance: 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:

  • Depending on the lender, not available for permanent residents; you must be a U.S. citizen
  • Doesn’t offer academic or military deferment

Splash student loan refinance: Overview

Splash is based in Cleveland, Ohio and compares student loan refinancing rates from several lenders, including Laurel Road and PenFed (the Pentagon Federal Credit Union). You complete one application and then Splash displays rates you may qualify for from a mix of banks and credit unions. Splash's lenders refinance federal student loans, private student loans, Parent PLUS Loans and medical school loans, including for residents. Splash also allows one spouse to apply to refinance student loans for both spouses, which could help you get a lower interest rate or lower the total monthly payment amount.

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.

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

How to refinance student loans with Splash:

You can check a rate for free in two minutes with no impact to your credit score. If you like the rates that you may qualify for, you can apply online to refinance your student loans through Splash. The application takes about 10-15 minutes to complete.

To check the rates and terms you qualify for, Splash 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.

Get My Rate

* Checking your rate does not affect your credit score.

Is Splash for you?

Refinancing student loans with Splash may be right for you if:

  • You have a credit score of at least 640
  • 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. While there is no formal forbearance policy, borrowers can request forbearance if they face financial hardship or lose their employment.

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Student Loan Refinancing

February 2024

Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
APR
5.24% - 9.99%
6.24% - 9.99%
5.24% - 9.99%

View Details

on SoFi's website

Overview

Variable APR:
6.24% - 9.99%
Fixed APR:
5.24% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.19% - 9.99%
5.99% - 9.99%
5.19% - 9.99%

View Details

on Earnest's website

Overview

Variable APR:
5.99% - 9.99%
Fixed APR:
5.19% - 9.99%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.19% - 9.74%
5.84% - 9.75%
5.19% - 9.75%

View Details

on NaviRefi's website

Overview

Variable APR:
5.84% - 9.75%
Fixed APR:
5.19% - 9.74%
Minimum Credit Score:
680
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
5.48% - 8.94%
5.28% - 8.99%
5.28% - 8.99%

View Details

on ELFI's website

Overview

Variable APR:
5.28% - 8.99%
Fixed APR:
5.48% - 8.94%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
3.99% - 9.99%
5.99% - 9.99%
3.99% - 9.99%

View Details

on Splash's website

Overview

Variable APR:
5.99% - 9.99%
Fixed APR:
3.99% - 9.99%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 20 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
6.99% - 10.99%
7.29% - 12.44%
6.99% - 12.44%

View Details

on Citizens' website

Overview

Variable APR:
7.29% - 12.44%
Fixed APR:
6.99% - 10.99%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.44% - 10.39%
5.49% - 10.59%
5.44% - 10.59%

View Details

on Laurel Road's website

Overview

Variable APR:
5.49% - 10.59%
Fixed APR:
5.44% - 10.39%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
5.24% - 12.18%
5.55% - 12.18%
5.24% - 12.18%

View Details

on LendKey's website

Overview

Variable APR:
5.55% - 12.18%
Fixed APR:
5.24% - 12.18%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

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
Hardship Deferment:
Yes
Co-signer Option:
Yes

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