Are you looking for the review of Splash Financial student loan refinance a lender that offers student loan refinancing at low-interest rates and low monthly payments then you are at the right place. For individuals who have improved their credit score after taking out student loans, Splash Financial may be a better option.
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Founded in 2013, Splash Financial is an online marketplace that offers loans to refinance student loans that come from a variety of banks and credit unions. These lenders will offer you to refinance your student loans once you fill out the easy application online on their website. You can evaluate your chances for student loans with multiple lenders at once with Splash Financial.
Uncover the advantages of refinancing through PNC Bank and find out how this solution could optimize your financial future by reducing interest rates and streamlining your student loan payments.
We’ll touch on Splash Financial student loan refinance to help you decide whether to choose Splash Financial to handle your student loan refinancing.
How Does Splash Financial Work?
Through a key alliance with Pentagon Federal Credit Union, also known as PenFed, Splash Financial gained new momentum. Other banks and credit unions have since been added to Splash’s platform. As a result of these new relationships, Splash has the ability to refinance student loans.
It was a big deal when Splash announced its relationship with Pentagon Federal Credit Union in 2018. Splash needed the backing of a major financial institution to compete with larger refinancing businesses at affordable interest rates.
Following Splash Financials partnership with PenFed, borrowers began to approach PenFed’s offerings with the enthusiasm of a budding startup when it came to customer support. The agreement benefited both businesses as PenFed was able to attract younger customers.
In a decade or two the majority of property in the United States will be owned by Millennials. PenFed intends to conquer this market by taking a long-term approach. It is willing to lose money or even suffer losses in order to establish a relationship and get you to apply for a mortgage or other bank product.
After the end of the PendFed cooperation, Splash Financial devoted all its attention to establishing relationships with more banks and credit unions. In other words, instead of being a direct lender, Splash is now aiming to serve as a lending marketplace at scale.
Splash Financial Loan Refinancing Options
- Federal student loans
- Private student loans
- Private parent loans
- Federal Parent PLUS loans (in parent’s name only)
| Fixed Rate | 4.96% to 10.24%, |
| Variable Rate | 5.72% and 10.24%, |
| Loan Term | 5, 7, 8, 10, 12, 15, 20 or 25 years |
Splash Financial Student Loan Refinance Eligibility Requirements
- Credit score: Borrowers need a minimum credit score of 640 to be eligible for Splash Financial student loan refinance.
- Citizenship: Borrowers must be US citizens or permanent residents to refinance their student loans.
- Location: All 50 states, as well as Puerto Rico, Washington DC, and the US Virgin Islands, offer student loan refinancing.
- Minimum Income: The minimum income required to qualify for a Splash Financial student loan refinance is $30,000.
- Loan Limits: Borrowers must have a minimum of $5,000 to refinance their student loans.
- Degree Completion: To qualify for Splash Financial student loan refinancing, a bachelor’s or associate’s degree in an eligible discipline is required.
Splash Financial Student Loan Refinance Rates and Fees
Splash Financial offers student loan refinancing with competitive rates. For student loan refinancing, fixed rates range from 4.96% to 10.24%, providing borrowers with options depending on their financial preferences and stability. Variable rates for these loans fall between 5.72% and 10.24%, providing flexibility for those willing to deal with market fluctuations.
Specifically for medical school loan refinancing, Splash Financial offers fixed rates ranging from 6.39% to 9.59%. Alternatively, the variable rate option also falls within the same range of 6.39% to 9.59%, providing flexibility for those who may benefit from potential market-driven interest rate changes.
Additional Fees
Lenders commonly apply extra charges beyond interest rates throughout the loan servicing period when refinancing. Splash Financial may or may not charge some additional fees to refinance your student loans with Splash Financial student loan refinance. Let’s find out what they are!
- Application Fee: No application fee is applicable (fee for rates and approval during the application process).
- Disbursement Fee: Not disclosed (a fee charged to lenders for allocating funds for repayment of refinanced loans)
- Loan Origination Fee: No loan origination fees are charged (fees for starting a new loan).
- Late Payment Fee: Not disclosed (fee associated with a late payment)
- Collection Fee: Not disclosed (fee of collection of defaulted debts)
- Prepayment Penalty: There are no prepayment penalties involved (fees for making extra payments to reduce or settle the balance of a refinance loan ahead of schedule).
- Returned Payment Fee: The fee for a failed payment due to insufficient funds is undisclosed (fee for a payment that was returned due to insufficient funds).
Pros and Cons of Splash Financial Student Loan Refinance
Pros
- Possibility of better loan options
- No maximum loan amount
- No application costs, origination fees, or penalties for early payment
- Simple loan repayment program for dental and medical schools
- Potentially eligible to refinance student loans with a spouse
Cons
- Different lenders offer different loan options
- Need to sign up for a credit union
- Usually, refinancing is limited to individuals who have completed their degree
Splash Financial Student Loan Repayment Options
Repayment options for Splash Financial student loans, depend on the lender matched by Splash Financial and may vary. While specific details depend on the lender, we can provide some general information on potential expectations.
1. Term Length
When applying for private student loans while in school, you can choose loan terms of 5, 7, 10, 12, or 15 years.
2. Grace Period
If you are applying for a new private student loan you will have a nine-month grace period before you can begin repaying your loan after graduation. Your payments are postponed during this period, but interest will still be charged.
3. Medical and Dental School Repayment
If you refinance your medical or dental school loans, you will only have to pay a fixed $100 each month while you are enrolled in residency or fellowship and make payments for an additional six months after you graduate from those programs.
4. Loan Forbearance and Discharge Option
Forbearance and discharge policies will vary across all participating lenders that Splash Financial matches you with. Before you sign on the dotted line, you should make sure you know under what circumstances your loan will be rejected, if any, and what options you have for forgiveness.
If you die or become permanently disabled, Splash Financial partner Ernest will pay off your student loans if you are applying for a new personal loan. If you experience financial hardships, Earnest offers loan forgiveness options. If you have been consistently making payments on time, you can also opt to miss a payment once a year.
How to Apply for a Splash Financial Student Loan Refinance
Applying for a Splash Financial student loan refinance is quite easy and fast, you can complete it in just a few minutes. Follow the step-by-step instructions:
- Check Rate: Go to the Splash Financial website and click the “Check Your Rate” button. This is a short process that will take about three minutes. Since this is an easy credit check, your credit score will not be affected.
- Create Your Account: To continue, you must first create an account. This requires creating a password and entering your email address.
- Answer Many Questions: You will be questioned by Splash Financial to determine your eligibility for Plash Financial student loan refinance. These may include information about your income, schooling, and existing student loans.
- View Refinance Offers: If you qualify, you can check the offers from Splash Financial’s affiliated lenders for a variety of refinance packages.
- Choose a Loan: Choose the loan that best meets your needs and proceed with the lender application. Splash Finance will continue to guide you.
- Refinancing: If your application is accepted, your student loans will be settled by the Splash partner of your choice. After that, you will get a new loan with just one monthly payment.
Does Splash Financial Have a Customer Service Team?
Splash Financials customer service representatives are available to help with any questions or concerns you may have regarding refinancing your student loans.
The team, which is based in the US, answers questions on loan terms, the application process, and general loan administration.
Although it assists with loan setup and is your first point of contact, Splash Financial does not manage loan services in-house. Once your loan is approved, Splash transfers the communication and management of loan repayments to one of its service providers.
Splash Financials’ customer service representatives can be reached in the following ways:
- Phone: 800-349-3938 is the number you can reach from Monday to Friday, 9 AM to 9 PM. Eastern time.
- Email: contact@splashfinancial.com is where you can ask questions directly.
- Chat: For 24/7 support, click “Chat” on the Splash site.
FAQs.
1. Does Splash Financial offer unique refinance student loans?
Yes, Splash Financial offers customized refinancing solutions for medical school loans through its partner lenders, tailored specifically to meet the needs of medical professionals. These take into account the particular financial situations and career paths of medical practitioners.
2. How long does it take to refinance with Splash Financial?
While Splash Financial does not provide any time frame, it is estimated that the loan will be disbursed between 3 to 14 days after final loan authorization. This may or may not include the customary 3-day cancellation period. After a few minutes of prequalification, the first payment is typically 30 to 45 days after disbursement.
3. Can I get any special rates or discounts with Splash Financial?
With automatic loan installments, Splash Financial offers a 0.25% reduction in interest rate. New borrowers may be eligible for a one-time welcome bonus, while Splash’s refer-a-friend program offers cash benefits at multiple tiers.
4. Can I apply for Splash Financial student loan refinance if I didn’t graduate school?
No, you must have at least an associate degree or bachelor’s degree from an accredited institution to apply for Splash Financial student loan refinancing.
5. How often can I refinance student loans?
Your college loans can be repaid as many times as you want. If you see a significant improvement in your credit score or a decrease in interest rates, we recommend refinancing. These are signs that you may be eligible for a low-interest rate loan, which can result in significant cost savings on your education loan.
6. Does Splash offer repayment assistance programs?
Repayment assistance programs provide a safety net to borrowers who are having trouble making payments. In terms of student loans, they are not unusual. Although these programs may provide temporary relief, over time they may also result in longer loan terms and higher interest rates.
If the rules of these programs are not followed, the credit score of the borrower may be damaged. Although Splash Financial does not offer assistance with repayment, its lending partners may be able to provide a variety of assistance.
Conclusion
For married couples looking to jointly refinance their student loans, Splash Financial student loan refinance is the best option. Splash Financial is also a great option for borrowers who want access to the marketplace of student loan refinancing options.
If you want to look at your options for refinancing your student loans but are limited on time, Splash Financial is a wonderful option. Additionally, those looking to refinance medical school loans at a lower rate should choose the Splash Financial student loan to refinance. Still, it is a smart idea to make sure that this refinance lender is a good fit to meet your refinance needs.
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