Splash Financial 2021 Student Loan Refinance Review


Loans for medical schools
Interest rate: Fixed: 2.81% – 7.48% Variable: 2.28% – 7.11%
Loan amounts: $ 5,000 and over
Loan conditions : up to 20 years
Note: The prices displayed do not include an automatic payment discount of 0.25%

Loan eligibility

To be eligible for student loan refinancing through Splash Financial, you must meet the following requirements:

  • You must be a U.S. citizen or permanent resident
  • You must be a graduate with an associate’s degree, bachelor’s degree, master’s degree, or be a parent of a student
  • You must have at least $ 5,000 in student loans to refinance


Is the loan prequalification available?

You can use Splash Financial’s prequalification tool to verify your rates in as little as three minutes. The process does not affect your credit score.


Loan fees

Splash Financial does not charge any handling fees, set-up fees, or prepayment penalties.

Since your loan is managed by one of Splash Financial’s partner lenders, whether or not there are late fees or repayment charges depends on who your lender is.


Loan discounts

If you sign up for automatic payments, Splash Financial will apply a 0.25% discount on your APR.


Reimbursement options

With Splash Financial, as with most refinanced student loans, you don’t have multiple repayment options. you immediately start paying principal and interest.

Splash Financial is offering a special grace for its medical school refinancing loans. although. When you refinance your medical school debt, you can only pay $ 100 per month during your residency or scholarship program, plus six months, up to a maximum of 84 months. Once this period has expired, you must make full payment of the principal and interest on your debt.


Rewards and Benefits

If you refer friends or family to Splash Financial and they refinance their loans, you will both receive a $ 200 cash bonus. There is no limit to the amount you can receive.

If you refinance more than $ 50,000, $ 100,000, or $ 200,000 in student loans, you may be eligible for a welcome bonus of $ 500 or more, depending on which channel partner you sign up with.

Even if you are not a customer of Splash Financial yourself, you can make money through their referral program. If you refer friends or family to Splash Financial and they refinance their loans, you will both receive a $ 250 cash bonus.


Are co-signatories mandatory?

Splash Financial does not require applicants to have a co-signer, but having one can increase your chances of qualifying for a loan. The exact terms of the co-signer agreement depend on the individual lender.


Loan forbearance and discharge options

Splash Financial works with several different banks and credit unions to offer student loan refinancing, so there is no one financial hardship and forbearance policy.

Before submitting your loan application, check the hardship policies of the individual lender to see if they offer forbearance and loan discharge in the event of death or disability.


Loan approval and disbursement timeframe

After your application is approved, it can take anywhere from three to 14 days for your former loan manager to receive the loan repayment funds and apply the money to your account.


Customer service

On Trustpilot, Splash Financial has a Octoberscore of 4.7 (out of 5) with over 177 customer reviews.

If you have any questions during the application process, you can contact Splash Financial at [email protected] or 800-349-3938. However, once your application is approved and paid, you should work directly with your lender if you have any issues with your account.


Apply for a Splash Financial Loan

If you decide to go ahead with refinancing through Splash Financial, you will need to provide the following information on the loan application:

  • Social Security number
  • Date of Birth
  • Phone number
  • E-mail adress
  • Current address
  • Monthly income
  • Housing costs
  • Employer Information
  • A copy of your diploma or transcript

Final verdict

For borrowers with large loan balances, such as medical students, Splash Financial offers competitive interest rates and connects you with multiple lenders. Without a loan limit, you can find a lender who will work with you, and couples in debt can combine their loans to streamline their payments. However, there is no consistency among Splash Financial partner lenders, and terms vary widely. If you want more control over the lending experience, you’d better go to another lender.



Methodology

Investopedia is committed to providing consumers with unbiased and comprehensive reviews of student lenders. We’ve collected over 45 data points from over 15 lenders, including interest rates, fees, loan amounts, and repayment terms, to make sure our content helps users make the right choice. borrowing decision for their education needs.



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