Splash Financial Student Loans Review

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Refinancing is a great way to help manage and ultimately pay off your student loans, and when you go through Splash Financial you’ll be able to compare multiple rates at once.

Since 2013 the company has been helping all kinds of graduates consolidate and refinance their student loans. Splash Financial is not a direct lender and doesn’t do the actual loan servicing. Instead, it acts as a marketplace connecting multiple lenders to students. This set up simplifies the process of finding the best rate by giving borrowers multiple options with just a single application. With competitive rates and flexible term offerings, Splash Financial can help any graduate refinance.

Splash Financial at a glance

Lender Loan Amount APR Terms Key Benefit
Splash Financial $5,000 – $35,000 Starting at 1.98% variable and 2.88% fixed 5 – 20 years Streamlined application

What we like about it

Splash Financial excels at two things above all else — flexibility and simplicity.

Students come from a variety of backgrounds, degrees, lifestyles and incomes and Splash Financial does a good job of helping anyone with their refinancing goals. That flexibility comes from the loan amounts and loan terms coupled with the many financial institutions that Splash Financial works with.

The loan minimum of $5,000 and terms of up to 25 years is more than enough for undergrads, grad students and anyone with student loan debt. Furthermore, the abundance of banks, credit unions and other lenders gives borrowers the upper hand when comparing rates.  Splash Financial also offers a 0.25% discount if you choose to pay via autopay (note that the lowest advertised rates include the autopay discount).

While normally sorting through multiple lenders can be cumbersome, Splash Financial’s clean and simple online interface ensures it’s not. Applying from just one online platform and being able to see multiple offers can save serious time and headaches. Another bonus comes from its pre-qualification program — allowing you to see some rates without hurting your credit score.

Things to consider

The major consideration with Splash Financial is the same as other non-government lenders. When refinancing federal loans with a lender outside of the government, you give up some of the benefits that come with federal loans.

There’s no loan forgiveness programs, and no guaranteed forbearance or deferment policies (since this is contingent on the actual holder of the loan).

Also, keep in mind that Splash Financial is a refinancing and consolidation marketplace — it doesn’t offer any loans for current students. If you’re looking for the best student loans to continue or start your education, then a lender like Earnest or Discover would be more helpful.

If you are looking for refinancing, then Slash Financial does have some impressive APRs. However, its most enticing rate advertised at 1.98% is variable and not fixed. If you’re looking for consistency with your payments, then you’ll have to settle for a slightly higher rate of 2.88% or above.

What you need to know about Splash Financial

Usually, people looking to refinance or consolidate their student loans are eager to pay less interest, get more manageable payments, improve their credit scores or a combination of these goals.

Most of these goals are heavily reliant on the APR — the lower the APR, the better off you are. With Splash Financial, the APRs for fixed rates start at 2.88%. If you’re flexible with your payment amounts, then its variable offerings range start at 1.98%. Both scales can be significantly lower than many private loans and the 4.53% fixed government rate for undergraduates.

The term lengths range from five to 20 years for these fixed rates and can jump up to 25 years for the variable rates. This can give those that borrowed a significant sum a lot of flexibility with their payments.

Both the rate and the term offerings you get do depend on which lender you choose. Thankfully, you only need to submit one application to view multiple offers. To apply, you need to:

  1. Fill out a Splash Financial application online and answer the simple personal finance questionnaire. This does not hurt your credit score.
  2. You’ll compare offer terms and rates from several banks and credit unions.
  3. You must re-submit your application to the lender of your choice. This is quick, but it will impact your credit score.

Remember, since these are private lenders, you will lose out on and federal student loan forgiveness programs and other government perks. However, if you have private loans, this can help lower your rates or monthly payments.

Splash Financials fees and penalties

Despite a loan through Splash Financial being held through another lender, you will not have to pay application or origination fees.

You will have to pay late fees if you make a payment 5 days after your due date. For all late payments, Splash Financial charges 20% of the interest you owe that month with a minimum fee of $5 and a maximum of $25.

Splash Financial alternatives


Like Splash Financial, Credible is a marketplace and not a direct lender. The company focuses on connecting people with personal loan providers and offers APR ranges from 3.53% – 4.84%% fixed APR and variable rates from 1.24% – 12.35% APR. What’s noteworthy about this company is that it looks at entire financial profiles instead of simply a credit score – assisting those with less than fantastic credit. Credible also provides extremely fast funding; funds obtained through the marketplace can be available within just a few days.

Its terms are extremely limited compared to other providers, ranging from only two to seven years, but it does give many people looking to refinance their student loans easy access to fast funding and competitive rates from multiple providers.


Discover offers students the ability to both borrow funds for getting an education, as well as refinance existing loans. When refinancing, Discover has a fast online application. You can get your APR automatically reduced by 0.25% as well when you sign up for autopay. One other major perk with going through Discover is that it doesn’t charge any fees. You’ll pay zero in origination fees, zero in application fees, and there are even no late fees. With all of these factors, the company certainly gives those looking to refinance student loans a lot of reasons consider Discover.

Discover Student Loans Disclosures
1. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans and include a 0.25% interest rate reduction while enrolled in automatic payments.
2. Lowest APRs shown are available for the most creditworthy applicants for undergraduate loans and include an Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law, MBA, Residency, Bar Exam, Private Consolidation and Parent Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.

Wells Fargo

Wells Fargo offers a variety of loan terms and competitive interest rates for those looking to refinance their federal or private student loans. The lender provides 5-, 7-, 10-, 15- and 20-year terms. This provides anyone a bit of payment flexibility.

If you’re a current Wells Fargo member, you can also get an additional 0.50% taken off your interest as well. Wells Fargo takes off 0.25% for those with checking accounts, and another 0.50% off for people who have taken out a Wells Fargo student loan. For those looking to refinance, Wells Fargo is a competitive and flexible option for anyone.

The bottom line

Splash Financial takes some of the headaches out of student loan refinancing by giving borrowers access to more options at once. As such, it is not for those looking to get a new student loan.  For those looking to simply refinance, its easy online interface makes comparing several rates quick and painless and the loan terms offer flexibility by being as short as five years or as long as 25.

Because of the highly competitive rates as low as 1.98% variable, those with grad student sized debt will be able to take advantage of Splash Financial the most. However, since applying doesn’t hurt your credit score, any student should feel free to compare rates.

Evan Manwell
Evan Manwell
Contributing Writer

Evan Manwell is a personal finance writer based out of Portland Oregon. He has worked closely with both banks and credit unions to write about personal loans, credit cards, student loans, cryptocurrencies and advances in fintech.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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