Splash Financial Review | Student Loan Refinance

Depending on when you graduated from college and the type of loans you borrowed, you may have student loan debt with very high interest rates. The Institute for College Access & Success (TICAS) reported that private student loans were as high as 14.24% in 2019, the latest available data.

Student loan refinancing can be a great way to lower your interest rate and save money. But there are many lenders and it can be overwhelming to find the right one.

Splash Financial, one of Money’s top student loan refinancing companies, is a marketplace that connects borrowers with banks and credit unions to make it easier to find the best rate. Instead of requesting quotes from individual lenders, you can fill out one form and view multiple options.


Splash Financial Student Loan Refinancing Overview

Splash has been in business since 2013. Since its inception, it has handled more than 100,000 bills and $6 billion in student loan refinancing requests.

Splash Financial specializes in student loan refinancing and medical school refinancing. It partners with credit unions, banks and other financial institutions to connect borrowers with the best possible rates.

  • Borrowers can refinance without a degree
  • No loan maximum
  • Offers parent loan refinancing
  • Forbearance options vary by lender
  • Not all lenders offer co-signer releases
  • No special discounts for users

Most student loan refinancing lenders require borrowers to be college graduates with a qualifying degree (usually a bachelor’s degree). In contrast, some of Splash Financial’s partner borrowers allow borrowers to refinance even if they haven’t graduated and are no longer enrolled in school.

With Splash you refinance up to your total outstanding balance. You can refinance both federal and private student loans, including Private Parent Loans and Parent PLUS Loans.

Because Splash Financial is not the actual lender providing loans, repayment terms and policies vary by lender. For example, not all lenders offer co-signer waivers and opportunities for forbearance due to economic difficulties depend on the discretion of the lenders.

Splash makes it easier to shop around and compare refinancing lenders. However, Splash users do not get any special discounts or rewards for using the platform. Some other marketplace sites allow users to qualify for additional interest discounts or up to $1,000 in cash bonuses.

Splash Financial Services

While Splash Financial is best known for student loan refinancing, it also offers personal loans through its platform. It has a prequalification tool so you can check your eligibility and view loan rates without hurting your credit.

What They Offer: Private Student Loans

Splash Financial offers two forms of refinancing:

  • General Student Loan Refinancing: General student loan refinancing is available to student and parent borrowers. Loans can have fixed or variable interest rates and there is no limit to how much you can refinance.
  • Medical School Refinancing: Medical school refinancing loans are only available to borrowers currently on a medical residency or fellowship program. Once you refinance, your new lender will allow you to pay just $100 a month during your training and six months after that.
General refinancing Medical School Refinancing
Loan Amounts $5,000 to total balance $5,000 to total balance
loan conditions 5 to 20 years 5 to 20 years
Variable rates 1.74% to 11.05% 3.96% to 6.53%
Fixed prices 2.59% to 8.44% 3.95% to 6.50%
The rates are valid from July 13, 2022. The lowest rates include a 0.25% autopay discount.

None of Splash Financial’s partner lenders charge application fees, startup fees, or prepayment penalties.

What they don’t offer

While Splash Financial can be a useful tool for borrowers looking to refinance their loans, the other options are more limited.

Although Splash Financial advertises on its site for college student loans, it does not have the same market structure as it does for student loan refinancing. Instead, Splash Financial partners with just one lender — Earnest — to provide college student loans. To check your rates or find out more about available private loans, Splash directs you to Earnest’s website.

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Splash Financial login details

Splash Financial has a strong reputation in the student loan and finance industries. The Cleveland-based company is backed by major investors such as Northwestern Mutual Fund Ventures, DST Global and Citi Ventures.

In 2021, Splash Financial experienced record growth, with a 52% year-over-year increase in student loan grants.

Licenses and registrations

Splash Financial is not a lender or bank. Instead, it is a marketplace platform that connects borrowers with lenders. It is not a licensed lender, but it works with banks, credit unions and other financial institutions to provide student loan refinancing.

Splash Financial works with borrowers in all 50 states. It is licensed by the Department of Financial Protection and Innovation under the California Financing Law.

Awards and Certifications

Splash Financial is recognized as a leading finance company in loan options and innovation. It was selected by CB Insights as one of the top 250 fintech companies of 2021.

Third Party Reviews

As a student loan refinancing platform, Splash is not rated by credit rating agencies.

Regulatory Actions

Splash Financial has not been the target of class-action lawsuits or regulatory issues to date. And Splash Financial doesn’t disclose its list of partner lenders on its website, so it’s hard to see if any of its lenders have had any problems in the past.

Before going ahead with a loan, do some homework about the lender you are affiliated with to make sure they are a reputable and legit lender. Good places to do some background research are the Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB).

Accessibility of Splash Financial

When refinancing your loans, you want to be sure that the company you choose is easily accessible if you have any questions or concerns. If you work with Splash Financial, Splash can only help you through the loan application stage; Once your loan has been disbursed, you should contact the loan administrator – the company that manages your loan – with any other questions or concerns you may have.


Splash Financial does not provide personal customer support. You can only get help by phone or via the website.

Contact details

During the application process, you can reach customer service via online chat, email or phone.

Customer service hours are Monday through Friday, 9:00 AM to 9:00 PM EST.

User experience

Splash Financial’s platform is streamlined and easy to use. You can fill out the prequalification form and view potential loan options within three minutes. This is known as a soft credit check and will not affect your credit score.


Splash does not offer loans, so you can contact a third-party lender with questions about your account, monthly payments, or repayment options.

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By refinancing your student debt, you can pay off your student debt early

Lower your interest or lower your monthly amount.

Refinance your loans today

Splash Financial’s customer satisfaction

Customer service levels can vary widely between student loan refinancing companies. Overall, Splash Financial has a strong reputation for customer service, with many positive reviews.

Customer complaints

On TrustPilot, Splash Financial has a rating of 4.8 out of five based on more than 475 reviews, placing it in the “excellent” category. Customers praised the quick and easy application process and timely responses to questions. Splash Financial is accredited by the Better Business Bureau and has a B+ rating.

Third Party Reviews

The CFPB collects complaints from consumers about lenders and financial companies. As of July 13, 2022, five complaints have been filed about Splash Financial, a relatively small amount for a student finance company. Complaints with stories were about refusing loans.

Frequently Asked Questions about Splash Financial

What credit score is required for Splash Financial?

Splash Financial does not disclose minimum credit score or income requirements, and eligibility criteria may vary by partner borrower. In general, you must have good to excellent credit, i.e. a score of 670 and above, to qualify for a loan. Otherwise, you will probably need to add a co-signer to your application.

Who does Splash Financial work with?

Splash Financial does not list its loan partners on its site. However, its partners are usually large banks, credit unions and financial institutions, such as PenFed Credit Union or the Bank of Lake Mills.

Does Splash Financial offer tolerance?

Splash Financial is not a lender, so it does not set policies for the loans originated through its platform. Instead, the partner lenders set their own policies. If you are experiencing financial difficulties and need help with your payments, contact your lender or loan manager to discuss possible options.

Does Splash Financial have fees?

With Splash Financial, there are no application or startup fees and there are no prepayment penalties. However, some Splash Financial partner lenders may charge certain fees, such as late payment fees or check returned fees. Read the loan release form from the lender to see what fees may apply.

How We Evaluated Splash’s Student Financial Loans

To select the best 2022 student loan refinance lenders, we evaluated 16 lenders and marketplace platforms. We looked at loan minimums and maximums, repayment terms, grace policy, co-signer availability, and interest rates.

Summary of Money’s Splash Financial Statement

Student loan refinancing can be a smart way to save money or pay off your loans faster. However, rates can vary between lenders and shopping around can be time consuming. Splash Financial’s platform makes it easy to compare lenders and find the lowest possible rates.

Not all Splash Financial partner borrowers offer financial deferment or co-signer releases, so read the fine print before signing a loan agreement. If you want to consider other options, check out our picks for the best student loan refinancing companies of 2022.

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