They started out focusing on medical school loan refinancing, but they now have expanded and offer an general student loan refinancing product open to anyone with a bachelor's degree.
Check out our review of Splash Financial and see why we list them on our Best Places To Refinance Student Loans guide.
Splash is currently offering College Investor readers a $500 bonus if you refinance at least $50,000. That's a great bonus, and you can apply here to get started.
- Student loan refinancing company with excellent rates
- High refinancing limit works well for medical grads or advanced degrees
- A $500 bonus when you refinance through Splash
Splash Student Loans Details
Splash Student Loan
Min Loan Amount
Max Loan Amount
4.74% - 9.99% APR
4.96% - 9.99% APR
5, 7, 8, 10, 12, 15, and 20 Year
Who Is Splash Financial?
Splash Financial launched in 2017 as a direct lender with a strong focus on medical professionals. However, in 2018, Splash began to shift its strategy. At that time, it announced a partnership with Pentagon Federal Credit Union (PenFed) to help it compete with some of the larger players in the refinancing industry.
Since then, Splash has worked hard to develop partnerships with other banks and credit unions. Today, Splash is actually a lender marketplace. In other words, it connects borrowers to lenders rather than servicing loans itself. With this in mind, Splash is now more of a direct competitor with marketplaces like Credible or LendKey than individual lenders like ELFI or First Republic.
General Student Loan Refinancing
Splash Financial offers a general student loan refinancing product that targets all borrowers with a bachelor's degree or higher (in some cases an associate degree in certain healthcare fields). This product is highly competitive, with some of the best rates we've seen compared to the other top student loan refinancing companies.
Splash Financial's partners currently offer loans from $5,000 (with no maximum). Their rates currently are:
- Fixed Rates: 4.96% - 9.99% APR
- Variable Rates: 4.74% - 9.99% APR (rates are capped at 10.00%)
Term lengths are: 5, 7, 8, 10, 12, 15, and 20 years. Remember, rates are subject to change without notice. For current rates and fees, check out Splash Financial.
Medical School Student Loan Refinancing
Studying to become a doctor? By the time you graduate from medical school, you’ll have wracked up $200,000 in educational debt on average.
Sure you’ll have high earning potential and stable job prospects, but that kind of debt is a tough pill to swallow- especially during residency when you’re not earning much, but you have to start making payments on your debt.
In the past, medical professionals often had to struggle through residency before finding refinancing options. Today, medical residents and medical students have a myriad of low-cost refinancing including Splash Financial, a company that was founded with a focus on debt for medical professionals.
If you’re in medical school, residency, or just starting your career, refinancing your loans with Splash Financial could be a savvy move. It offers reduced payments of $100 during training and for 6 months after for a total of 84 months.
However, Splash Financial isn’t the only company offering this perk. Laurel Road, SoFi, and other upstarts are also offering this option. So be sure to compare rates before you commit to any company in particular.
We are partners with Splash Financial and you can get a $500 bonus when you refinance over $50,000 with them. Check out Splash Financial here.
How Does Splash Compare?
This is always the important question - because when you're shopping to refinance your student loans, we're firm believers that you should always shop around. It's why we recommend everyone use a comparison tool like Credible to see what the best loans are you might qualify for!
With that being said, here's how Splash compares to ELFI and Laurel Road, two other companies that offer strong refinancing options for student loans:
4.74% - 9.99%
4.78% - 8.49%
4.74% - 9.30%
4.96% - 9.99%
5.08% - 8.04%
4.99% - 9.40%
Up to $500
Up to $1,100
Up to $200
Remember, you can always find our picks for the best student loan refinancing lenders here: Student Loan Refinancing Companies.
What Borrower Protections Are Available?
Refinancing your loans to Splash Financial means you can’t qualify for income-driven repayment or Public Student Loan Forgiveness (an option for many medical professionals who work in not-for-profit hospitals).
But Splash offers some peace of mind for medical residents by offering up to 84 months of deferment with low $100 payments. Forbearance and death or disability discharge may be available depending on the financing partner, but is not guaranteed. Check your loan agreement to be certain.
Who Qualifies To Apply?
You must be a graduate of a Title IV accredited institution to apply for refinancing with Splash. However, while many private student loan lenders require at least a bachelor's degree, Splash says that associate degree graduates may be be eligible to refinance as well. To qualify, the associate degree must be in one of the following fields:
Parents are eligible to refinance Parent PLUS loans as long as their child earned their degree. Minimum credit score requirements will vary by lender.
Keep in mind that PenFed only offers student loan refinancing to its members. Thankfully, non-members can view their PenFed pre-qualified rates. But if you happen to receive an offer from the credit union that you like, you'll need to join before you can move forward with your full loan application.
Are There Any Fees?
Splash Financial says that none of its partners charge origination fees or prepayment penalties. But most lenders do charge late fees and/or returned check fees. To find out whether these fees apply and how they're calculated, check with the lender that will be servicing your loan.
Is It Safe And Secure?
How Do I Contact Splash Financial?
You can contact Splash Financial's customer support team at 1-800-349-3938, Monday - Friday, 9 AM - 9 PM EST or by email at firstname.lastname@example.org. But keep in mind that if you have a billing question or concern, you'll likely need to reach out to the bank or credit union that funded your loan.
Is It Worth It?
Medical student debt, can be overwhelming and expensive. Splash Financial can make it easier to handle during your training. The company offers decent rates, and amazing terms. If you’re struggling with medical education debt, Splash Financial is worth a look. But be sure to compare the terms and conditions with other lenders before you decide.
Splash Financial FAQs
Let's answer some common questions about Splash Financial.
What is Splash Financial?
Splash Financial is a lender marketplace that connects student loan borrowers with banks and credit unions.
Is Splash Financial legit?
Yes, although Splash is still relatively young company, it has partnered with several major financial institutions and none of its partners charge junk fees.
Which banks and credit unions have partnered with Splash?
Splash is currently partnered with PenFed, Laurel Road, and Nelnet, but is actively looking to grow its lender network.
Will applying with Splash hurt my credit score?
No, checking your pre-qualified rates with Splash won't impact your credit score since it will conduct a soft credit pull. But when you submit a full loan application, a hard credit inquiry will be completed which is likely to have a slight negative affect on your credit scores in the short-term.
Splash Financial Features
Min Loan Amount
Max Loan Amount
Fixed or variable
Varies by lender. Most offer a discount of 0.25%
5,7,10,15, and 20 years
Late Payment Fee
Varies by lender
No cosigners allowed for student loan refinancing
Varies by lender, but most customers can request a cosigner release after 12 consecutive on-time monthly payments
Varies by lender
Title-IV accredited schools
Associate Degree Refinancing
Yes, for professionals in certain healthcare fields
Customer Service Phone Number
Customer Service Hours
Mon–Fri, 9 AM–9 PM (EST)
Customer Service Email Address
Varies by lender
Splash Financial Student Loans Review
Rates and Terms
Costs and Fees
Ease of Use
Splash Financial is a student loan refinancing marketplace that offers great rates and loan options.
- Typically has some of the lowest rates
- Flexible medical resident refinancing
- Allows spouses to combine loans
- Benefits and protections vary by lender
- Credit union membership may be required to accept offers from certain lenders
- No cosigner allowed for student loan refinancing
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak