Splash Financial Review - Student Loan Refinance

Application & Approval Process
Rates & Fees
Payment Terms
Customer Support & Benefits

About Splash Financial

Since its launch in 2013 by Steve Muszynski as a startup, Splash Financial has raised more than $12 million in venture financing. Based in Cleveland, the company was founded with the idea of minimizing the student loan burden. Steve started Splash Financial because of friends who were drowning in student loan debt and had nowhere to turn for help, knowing that if 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.

Splash Financial is now backed by lending partners such as banks and credit unions in the USA and is available in all 50 states. The company specializes in one niche, student loan refinancing. It originally aimed to help medical students refinance, however as time passed, they expanded to refinancing loans for graduates from any field.

The brand utilizes cutting edge technology to help borrowers find low rates as quickly as possible , creating a seamless online experience for its users. Splash Financial is known to have some of the lowest interest rates on the market. Splash financial boasts a 95% customer satisfaction rate, one of the highest in the industry.





  • No maximum loan limits
  • Spouses or couples can refinance their loans together
  • No fees
  • $100 a month payments for Medical Resident and Fellows


  • Limited forbearance
  • Minimum credit score of 650 required

Key Highlights

  • Ability to add a co-signer and provides the option for the co-signer release.
  • Some of the lowest interest rates in the industry.
  • Medical school graduates are provided with greater benefits.
  • Checking rates does not affect your credit score.
  • Refinance multiple loans into a single package.

Application & Approval Process

Initial Quotation

The entire application process is simple and straight forward. The first step is checking your rate. It takes about 3 minutes to fill out the form to see the pre-qualified rates they can offer you. They use a soft credit pull here so it won’t affect your credit score. The form requires details such as:

Personal Information

  • Name
  • Address
  • Citizenship
  • Date of birth
  • Phone number

Education & Financial

  • Education (Highest degree earned, school name and major)
  • Employment status (Gross annual income, occupation, date of enrolment and other sources of income)
  • Housing status and monthly housing cost
  • Loan refinancing amount
  • Social security number


Splash Financial will take a quick look at your credit score information (a minimum credit score of 660 is needed to get approval) and get back to you with a rate. The soft pull does not affect your credit.

Please note that the pre-qualified rates may get updated at any time, this is due to the lenders modifying their offers to provide the best rate possible. The rates are locked once the complete application is submitted.

If you agree with the rate offered, you would then need to provide Splash some additional information to help verify your application. Most of this is handled through integrations, however you may need to provide some supporting documentation. Typically, these are four types of documents that may be required during this part of the process:

  • Income verification: Tax returns
  • Photo ID: Passport, driver’s license or government-issued ID
  • Payoff verification statements
  • Graduation verification: Diploma or transcripts

Splash Financial will now officially conduct a hard pull in order to make a lending decision. This will impact your credit.


Once the loan is approved, Splash Financial will pay off your loan. It takes around 3-10 days for your old servicer to receive the payoff funds. From there, the applicant just needs make one payment a month, each month, for the new refinanced loan.

Splash Financial Rates & Fees

Splash Financial provides leading market rates, some of the lowest interest rates in the industry. Splash Financial offers two products:

  • Student loan refinancing
  • Medical school student loan refinancing

The interest rate applied to both of these products differ due to their unique benefits.

Splash Financial offers two types of rates for student loan refinancing, starting as low as:

  • Fixed Rate Range – 2.49% – 6.25%
  • Variable Rate Range – 1.88% – 6.15%

Since Splash Financial is backed by lenders, some lenders do offer an autopay discount of 0.25% which is included in your rate.

Splash Financial is transparent about its fee structure. There is no origination fee, prepayment penalties or any other application charge included. The company has established a 20% late fee (minimum of $5 and a maximum of $25) if the borrower is five days past the due date.

Since the company is backed by banks and lenders, you are required to become a member of the credit union if the best rate you are eligible for is proposed by a credit union.

Payment Terms

Splash Financial has loan payment terms of 5, 7, 8, 10, 12, 15 and 20 years. The minimum loan amount available is $5000 and there is no cap on the maximum limit.

The company offers several benefits to students applying for their medical student loan refinance, such as a 6-month grace period. Medical Resident and Fellows can can pay as little as $100 a month during their training and 6 month grace period. However, there is limited forbearance. It depends on the lender which you have chosen and their policy.

Customer Support & Benefits

Splash Financial has one of the best customer services in the industry, achieving a 95% customer satisfaction rate. They have several options you can use to contact them, including a live chat facility. There are several email addresses related to different queries, as well as a phone number which is available 9 AM to 9 PM (EST) from Monday to Friday.
Splash Financial’s official website is very user-friendly and easy to navigate. The website offers an extensive FAQ section which helps to answer your queries regarding eligibility, application, co-signer, student loan refinancing and more. It is one of the most extensive FAQs on the market, with details running down to interest rate calculations. The website also features an online dashboard for students to check their loan application and loan status. In addition, there is a blog section with posts ranging from career advice and consolidating student debt/loans to education materials.

One of the company’s benefits is its “refer a friend” scheme which offers users and their friends/family members to make up to $200 cash bonus per each successful loan application.




Contact Details

Phone: 1-800-349-3938
Email: Customer Service – [email protected]
Email: General Contact – [email protected]
Email: General Information – [email protected]




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