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your online Splash Financial Student Loan Refinance application."
A Refreshing Way to Refinance Student Loans
Save Thousands on Your Student Loans, Rates Starting at 1.99% APR, Checking Your Rates Will NOT Affect Your Credit Score
Our mission is simple: to provide hardworking graduates like you with more financial freedom, so you can move forward and make a splash in the world. Our leading technology lets you find your new, lower interest rate in under 3 minutes. What do you have to lose?
Get the Splash Financial Student Loan Refinance and enjoy the financial freedom today!
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FAQ - Student Loan Refinancing
Who is Splash?
Splash is a student loan refinance company funded by banks and credit unions, which helps us provide market-leading rates. Our sole focus is helping graduates save money through student loan refinancing – it’s the only product we offer!
What is student loan refinancing?
Student loan refinancing is the process of taking one or more student loans and consolidating them into one new loan. The refinanced loan will often include new terms, such as a lower interest rate, a different monthly payment and a new repayment term length.
Is my information safe with you?
Yes! Our site has SSL Verification which provides some of the highest standards for identity assurance. We also have SSL Encryption which establishes a secure connection between your browser and our website. The SSL Encryption protects sensitive data that is provided to us.
Who is the lender?
Splash works with banks and credit unions – they are our lending partners, and these partnerships make it possible for us to offer such amazing rates! The lender of your loan will depend on the lending partner where you qualify for the lowest rates.
Who is the loan servicer?
Splash connects you with the lending partner that offers you the lowest rate, and your lending partner determines your loan servicer. The loan servicer manages a loan’s payment processing and sends your monthly billing statements. Our lending partners may also perform servicing activities, or they may have another company handle servicing activities for them.
How do I know if I’m eligible to apply for a loan with you?
U.S. citizens and permanent residents are eligible to refinance their student loans through Splash. Checking your rate is easy and takes under 3 minutes! To get started, click on Get My Rate. We’ll ask you to enter some basic information, such as your monthly income, and we’ll pull in the rates you qualify for based on the criteria of all our lending partners.
Graduates with four-year degrees from Title IV accredited institutions, as well as professionals with an associate degree, are eligible to refinance. Parents who took out educational loans to finance their child’s education are also eligible, and the child does not need to have graduated.
Applicants who are pursuing an associate degree are eligible if they are in the final term of their program at a Title IV eligible school, have an offer of employment in the same field in which they will receive the associate degree, and if the associate degree is in one of the following: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist.
What loans can I include in my refinancing?
Splash will refinance federal, private, and Parent PLUS student loans. When you refinance with us, we consolidate all your loans into one easy monthly payment. Spouses may also refinance their loans together, or one partner may "take over" their spouse’s loan. When a spouse "takes over" another spouse’s loan, an affidavit must be signed to acknowledge the transfer of the student loans.
How much can I borrow?
Our minimum loan amount is $5,000, and there is no maximum.
If I refinanced already, can I refinance again?
Yes! Refinancing once does not prohibit you from refinancing again.
Where can I find my rates?
Use our Get My Rate tool to easily see your rates based on term length and monthly payment, all without submitting an application.
What information is considered when determining my rates?
The initial rate check considers all the information you and your cosigner (if applicable) provide before you see your rate offer, such as income, degree, and school, as well as the information obtained in our soft credit pull – which doesn’t affect your credit!
How long are my pre-qualified rates good for?
Your rates may update at any time during pre-qualification, but they are locked in once the full application has been submitted. Our lending partners are always striving to offer the best rates, so you can check your rates as frequently as you like! During pre-qualification, Splash presents rates to you that are estimated based on the preliminary information you enter and the criteria of our lending partners.
I didn’t receive any prequalified rates. What are my options?
Splash partners with multiple lenders in order to help as many borrowers as possible refinance their student loans. Unfortunately, sometimes we can’t match a borrower to pre-qualified rates because they fall outside all our lending partners’ criteria. If that’s the case, eligible borrowers can add a cosigner to their pre-qualification request and increase their likelihood of qualifying for rates. If a borrower is not eligible to add a cosigner, we encourage them to keep improving their credit and to check their rates with Splash frequently. Our lending partners are always updating their rates and qualification criteria.
Do you save my application? Can I come back and finish it later?
We automatically save your application for you, including any documents that you upload. You can access it with the email address and password you used to log in. Our lenders are always updating their rates, so come back and check your rates as often as you like!
Does Splash pull my credit?
We do a soft credit pull (which doesn’t affect your credit) during pre-qualification in order to offer you the most accurate estimate of your rates. Then, when you submit your application, we conduct a hard credit check to verify the identity of all people signing the application and to ensure you’re getting the best rate possible on your loan.
What documents do I need to provide to complete the application process?
For any documentation, you can simply upload screenshots or photos of your documents. The documents we’ll ask you for will vary by Splash lending partner. If your application is approved by one of our credit union lending partners, we may require you to create or show proof of membership for that credit union in order to be eligible for your loan.
Typically, we require four types of documents during the underwriting process:
• Income Verification: Paystub(s) or tax return
• Photo ID: A driver’s license, passport, or state-issued ID card
• Payoff Verification Statements from each existing servicer: a statement that projects the payoff amount 10, 15, or 30 days into the future
• Graduation verification: A copy or photo of your diploma or transcripts
Where do I send my underwriting documents?
To expedite the review of your application, and to keep your information secure, our technology allows you to directly upload your documents to your application. If you experience any issues when uploading your documents, you can give us a call at 1-800-349-3938.
What are Payoff Verification Statements?
A Payoff Verification Statement is a statement provided by lenders and servicers that verifies the amount it would take to completely pay off your loan at a certain day in the future (often 10, 15, or 30 days in advance). The amount takes into account the loan balance, interest, fees, and any accrued interest during the time that the statement is requested, and the future payoff date provided. This document is critical to the Splash processing team during the underwriting process as it allows us to prepare an accurate payoff figure for your existing loans.
What is the difference between a permanent address and a mailing address?
Your permanent address is the location that you consider to be your primary place of residence (like your parent’s or guardian’s address). Your mailing address is wherever you want to receive all your mail, which could be a post office box or another location.
What is the difference between a U.S. citizen and a Permanent Resident?
U.S. Citizen - A person who was born in the United States, including the lower 48 states, Alaska, Hawaii, Puerto Rico, Guam, and the U.S. Virgin Islands; or who became a citizen through naturalization; or who was born outside the United States to U.S. citizen parents under qualifying circumstances (derivative citizenship) and who has not renounced U.S. citizenship.
Permanent Resident - Any person not a citizen of the United States who is residing in the U.S. under legally recognized and lawfully recorded permanent residence as an immigrant. Also known as "Permanent Resident Alien," "Lawful Permanent Resident," "Resident Alien Permit Holder," and "Green Card Holder."
At this time, U.S. citizens and Permanent Residents are eligible for Splash loans.
How do I check the status of my loan?
You can quickly check the status of your application on your Splash account dashboard.
Do you accept cosigners?
Some of our lending partners accept cosigners. Your ability to add a cosigner will depend on the lending partners you qualify for. For certain borrowers, applying with a cosigner may enhance your application.
How does applying with a cosigner help my application?
Although you may have good credit yourself, applying with a cosigner who also has good credit and strong income can ensure that you meet our credit criteria. This will increase the likelihood that you will qualify for rates and that we can provide you with a lower interest rate on your student loan refinance.
What are the criteria for applying as a cosigner?
Cosigner criteria will vary based on the lending partners with whom you qualify. When an application has a cosigner, the borrower and the cosigner will both a) jointly apply for credit; and, (b) be jointly liable for the requested loan, but only you will receive the loan proceeds.
Who can serve as my cosigner?
A cosigner can be a spouse, parent, relative, or any other adult that meets our lenders’ criteria of having U.S. citizenship or Permanent Resident status. A cosigner is responsible for repaying the loan if you cannot. Adding a cosigner may enhance the rates you are eligible for.
How long is my cosigner jointly responsible for my loan?
If you add a cosigner to your loan, your cosigner is jointly responsible for your loan for the life of the loan, so make sure you choose wisely and can manage all the payments. If you miss a payment, it will damage your cosigner’s credit.
Does Splash offer a cosigner release option?
Cosigner release options vary based on Splash lending partner. Typically, Splash borrowers with a cosigner on their loan may request a "cosigner release" after one year (twelve consecutive months) of on-time payments is met. Upon the request, a quick re-evaluation is completed on the borrower’s financial and credit profile (this does not mean the borrower would have to re-apply).
Who should refinance?
Refinancing is a great solution for individuals who are in the workforce, have graduated with an associate degree or higher, and have high-interest rates on current outstanding student loans. Our borrowers may save thousands and potentially shave years off their loan term, helping them get out of student loan debt faster. Borrowers should be aware that by refinancing, they may lose certain benefits offered by the federal programs, such as deferments, forbearance, and income-based repayment plans.
Does Splash refinance student loans for medical and dental residents?
Yes, Splash offers medical and dental residents the ability to refinance student debt and pay only $100 while they are in residency and up to 6 months after their residency and fellowships. Total loan term including residency, fellowship and 6-month grace period must not exceed 20 years. The deferment period for residency, fellowship, and grace period must be approved and disclosed at the time of application – you will not be able to extend the term of the loan after it is disbursed.
Are there any fees associated with this loan?
There are no pre-payment penalties, origination, or application fees with Splash.
Is there a penalty for pre-payment or paying the loan off early?
No, you can pay your loan off early regardless of your repayment terms without any penalty. You will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off. So, if you win the lottery and want to take care of that balance, fees won't get in your way.
Can I refinance loans for two borrowers into one loan (i.e. Can two people refinance their loans into one loan)?
Typically, yes! Married couples and people in other unique situations can refinance their loans into one loan. However, please call one of our student loan experts at 1-800-349-3938 to discuss options before proceeding with an application so we can find the best solution for you.
If you are completing an application as a married couple, please designate the spouse with the highest degree as the borrower and add the other as a cosigner.
Do I need to become a member of a credit union to refinance? How do I become a member?
Splash is backed by banks and credit unions. If the best rate you are eligible for comes from a credit union, you will need to become a member. Don’t worry – it’s easy and free to join. After you submit your application, you’ll be able to create your credit union membership from your Splash Financial account dashboard.
Does Splash offer a discount for setting up automatic payments?
Some Splash lending partners offer an autopay discount. Your Splash rate offer will include any autopay discount that is available, but you can choose to view your rates without the discount. Typically, the discount lowers your rate by 0.25%. If your rate has an autopay discount available, you will have the opportunity to sign up for autopay after your loan is finalized.
How do I know my credit history?
There are many things that contribute to your credit history. If you aren’t sure what your score is, you can check your credit score for free at CreditKarma. Checking your rate with Splash will not affect your credit score.
How do variable rates work?
A variable rate means that the interest rate on your loan will fluctuate over the life of the loan based on market conditions. This means that the amount of your monthly payment will change from time to time. In general, if you choose a variable rate, most advisors suggest a shorter term in order to reduce your exposure to a potential increase in market rates. The interest rate on a variable rate loan is comprised of an index and margin added together. Splash's variable rate index is the 1-month LIBOR, based on the LIBOR on the 25th day of the preceding month (or the next business day if the 25th falls on a weekend or holiday). The index is subject to increase or decrease each month. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month's variable rate.
What is the floor and the cap for variable rate loans?
The cap for a Splash variable rate loan depends on the term you select. For the 5-year, 8-year, and 10-year loans, the cap is 9.00%. For the 12-year, 15-year, and 20-year loans, the cap is 10.00%. Splash's floor for variable rates is 2.00% for all terms. It's particularly important to compare the cap on variable rate loans. If interest rates were to increase dramatically, then a higher cap on a variable rate loan could expose you to significantly higher payments than on a fixed rate loan or on a variable rate loan with a lower cap.
What is LIBOR?
The London Interbank Offered Rate, more commonly known as LIBOR, is a standard benchmark for short-term interest rates. It's the interest rate at which banks lend to each other.
How do I choose between a fixed rate and variable rate?
It's up to you to determine what fits your financial situation best. In recent periods, variable rates have been lower than fixed rates, thus offering a borrower savings over the short run but the possibility of significantly higher payments if market rates were to increase over the life of the loan. A variable rate loan may be a good choice for a borrower with high enough income to absorb an unexpected increase in payments. Variable rates are not recommended for borrowers who are risk averse or for those choosing a longer term. By contrast, a fixed rate on a loan means that your interest rate will remain constant over the life of the loan and your monthly payment will never change. A fixed rate loan is a good choice for a majority of borrowers, particularly those who are refinancing and want to lock-in their savings. Think of having a variable rate like paying your electric bill, which fluctuates, and a fixed rate like paying your rent, which does not change.
How is the interest calculated on my loan?
Interest is calculated as simple daily interest. This means that each day the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate that day's interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, one day's interest will be ($10,000 x 0.07)/ 365 = $1.92.
When will my first payment be due? How do I set up my account?
Typically, your first payment is due 30 days after the loan disburses. We’ll provide instructions for setting up your account in an email to you and in your Splash dashboard.
When can I expect my old loans to be paid off?
It typically takes 3-14 days for your old servicer(s) to receive our payoff funds, apply them to your account, and process the payoff. Please check your account at your old servicer(s) to ensure that the payoffs have been applied. Give us a call at 1-800-349-3938 if the balance is still outstanding after 14 days and we’ll look into it for you.
How long do I need to continue making payments with my old servicer after I refinance?
We recommend that you continue making regular payments on the loans with your existing servicer to avoid missing a payment while the disbursement goes through. Any overpayment you make on your existing loan should be sent back to you by check. If your servicer sends the refund to Splash, we will deposit the funds into the account for your new loan.
Following disbursement, when will I receive information about managing my account going forward?
On the day after your loan is disbursed, you will receive an email with directions for setting up your online account.
Does Splash offer deferments or forbearance?
Deferments or forbearance may be offered depending on the lender. The lender’s policy will be stated on the credit agreement for the loan. If you have questions, please give is a call at 1-800-349-3938.
If you are a borrower who is in medical or dental training, you can defer making full payments on your loan up to 6 months after your residency or fellowship. Total loan term including residency, fellowship and grace period must not exceed 20 years.
What happens if I have an economic hardship and miss a payment?
If you have a job loss or are going through an economic hardship, please get in touch with the lender or servicer of your loan as soon as possible.
What happens if I default on my loan?
Defaulting on a loan is a very serious matter which could have an adverse effect on your personal credit score. Further, it is difficult to cancel the obligation to repay an education loan in a bankruptcy. If you are about to miss a loan payment, contacts your lender or loan servicer immediately to work out a repayment schedule.
We believe young professionals will have a huge impact on the world.
That's why we're investing in you now. If lowering your monthly payment or paying off your student loans faster can help you reach your goals and make a splash in the world, then we made a fantastic investment.
How We Started
We created Splash Financial because our friends were drowning in student loan debt and had nowhere to turn for help. We knew that if our friends were suffering, it was likely that people all over the country were struggling with the same issues: the burden of high student loan balances, with high interest rates and large monthly payments.
What We Do
We offer a refinancing opportunity to college graduates. Our refinance options can help lower monthly payments or maximize lifetime savings to pay loans back faster. We're excited to help you tackle student debt loans and to see you make a splash in the world.
Why We Do It
We are often told to go out and make a splash in the world, but for too many young professionals, the heavy burden of student loan debt means you have fewer opportunities to make healthy choices, begin pursuing life goals, and saving for retirement. It's hard to make an impact while being financially squeezed by your student debt. At Splash Financial, we want you to be able to pursue both career and life goals without the constant worry of your student loan debt.