- Splash Financial is a marketplace, not a lender: It connects borrowers with partner lenders—such as credit unions and banks—who originate and service the loans, offering a variety of refinancing options.
- They offer a competitive medical school refinancing program: This program provides $100 monthly payments during residency and six months afterward, with a combined loan term capped at 20 years, making it attractive for medical professionals.
- Multiple offers from one application: Using Splash’s marketplace model, borrowers can compare rates and terms from various lenders through a single application, saving time and encouraging competition.
- Rates and fees vary depending on the partner lender: Splash offers fixed rates from 4.20% to 10.24% APR and variable rates from 4.74% to 10.24% APR, with no fees from Splash itself; however, lender-specific fees may apply.
- Limited accessibility due to no co-signer policy and varying borrower protections: Splash does not accept co-signers, and borrower protections such as forbearance are inconsistent, depending on the partner lender, which may be a consideration for some borrowers.
Splash Financial Overview
Splash Financial is a student loan refinancing marketplace founded in 2013 and headquartered in Cleveland, Ohio. Unlike direct lenders such as SoFi, Earnest, or ELFI, Splash Financial is not a lender itself. Instead, it partners with credit unions, banks, and other financial institutions to connect borrowers with refinancing offers through a single application. The company has opened over 125,000 accounts and processed more than $6 billion in refinancing requests.
Splash started with a strong focus on medical school loan refinancing and has since expanded to serve all borrowers with qualifying degrees. The medical school refinancing program remains a key differentiator, offering reduced payments of $100 per month during residency, fellowship, and for up to six months after training completion (total loan term not to exceed 20 years). This program competes directly with Laurel Road’s residency deferment and SoFi’s medical professional offerings.
Important: Because Splash is a marketplace, the specific lender, rates, terms, and borrower protections you receive will vary depending on which partner you are matched with. Splash’s advertised rates represent the range across all partners. Individual borrower experience, including forbearance policies, late fees, and servicing quality, depends on the specific lender or credit union.
Pros and Cons of Splash Financial
Pros
- Multiple offers from one application. Splash’s marketplace model lets borrowers compare rates from several partner lenders without filling out separate applications, saving time and maximizing rate competition.
- Competitive rates. Fixed rates from 4.20% APR and variable rates from 4.74% APR are among the lowest advertised in the refinancing market. The credit union partners often offer lower rates due to lower overhead costs.
- Medical school residency program. $100/month payments during training and for six months after, with a total term capped at 20 years. Medical refi rates of 6.14% to 9.84% fixed are competitive.
- No Splash fees. Splash does not charge application, origination, or prepayment fees. (Individual partner lenders may have their own fee policies.)
- No loan maximum. Borrowers can refinance any amount, making Splash suitable for six-figure professional school debt.
- Soft-pull prequalification in 3 minutes. Check rates from multiple lenders with no impact on your credit score.
- Parent PLUS and spousal refinancing. Borrowers can refinance Parent PLUS loans and, through some partner lenders, combine debt with a spouse.
- Wide term range. 5 to 25 years, depending on partner lender, broader than most direct lenders.
Cons
- No co-signers allowed. Splash’s partner lenders generally do not accept co-signers, which limits accessibility for borrowers who need a co-signer to qualify or reduce their rate.
- Inconsistent borrower experience. Because Splash matches borrowers with different lenders, policies on forbearance, deferment, late fees, and servicing quality vary. Splash does not directly control the post-closing experience.
- Credit union membership may be required. If matched with a credit union partner, borrowers may need to open a membership account (typically with a small deposit), adding a step to the process.
- Degree requirement. Bachelor’s degree or higher required, or an associate degree in specific healthcare fields. Borrowers without a qualifying degree are not eligible.
- Late fees vary by lender. Unlike RISLA (zero late fees) or SoFi (zero late fees), Splash’s partner lenders may charge late fees, typically assessed 15 days after the payment due date.
- No income-based repayment. Unlike RISLA, Splash does not offer IBR. Forbearance and deferment availability depend on the specific partner lender.
Splash Financial Student Loan Refinancing
Splash Financial earns a 3.5 out of 5.0 and is our pick for rate shoppers because its marketplace model lets you compare offers from multiple credit unions, banks, and lenders through a single application. Credit union partners often deliver lower rates than direct lenders due to lower overhead, and the 3-minute soft-pull prequalification makes comparison effortless.
Fixed rates start at 4.20% APR with no loan maximum, making Splash competitive for large balances. The medical school residency program offers $100/month payments during training and for six months post-training, competing directly with Laurel Road and SoFi. Splash itself charges no fees; the company has an A+ BBB rating, excellent Trustpilot rating, and zero student loan CFPB complaints in 2024.
The key trade-off is consistency. Because the actual lender varies, policies on forbearance, late fees, and servicing quality depend on which partner you are matched with. Splash does not accept co-signers, which limits accessibility. If matched with a credit union, you may need to open a membership account. Borrowers who want a predictable, single-lender relationship should consider RISLA, SoFi, or Earnest instead.
- Fixed APR: 4.20% – 10.24% (varies by partner lender)
- Multiple offers from one application: compare rates from several lenders
- Medical residency program: $100/month during training + 6 months post-training
- No loan maximum and no Splash fees (partner fees may vary)
- Soft-pull prequal in 3 minutes with no credit score impact
Rates and Fees
Splash Financial’s marketplace offers fixed rates from 4.20% to 10.24% APR and variable rates from 4.74% to 10.24% APR (with 0.25% autopay discount where applicable). Medical school refinancing is available at fixed rates from 6.14% to 9.84% and variable rates from 6.14% to 10.09%. The actual rates, terms, and lender you receive depend on your financial profile and which partner offers the most competitive terms.
Splash itself charges no fees. However, individual partner lenders may charge late fees (typically 15+ days past due) or returned payment fees. The Education Data Initiative rates Splash a B overall, noting that while Splash charges no fees, the variability across partner lenders creates less transparency than direct lenders provide. Borrowers should review the specific terms of any offer carefully before accepting.
Loan Terms and Repayment
Repayment terms range from 5 to 25 years, depending on the partner lender, the broadest range in our refinancing review series. The medical residency program allows $100/month payments during training and for six months after completion, with the total loan term capped at 20 years. This is competitive with Laurel Road’s residency deferment.
Post-closing borrower protections vary by partner. Splash does not explicitly offer its own forbearance or deferment programs; instead, it instructs borrowers to contact their direct lender for hardship options. Some partner lenders offer forbearance and deferment; others may not. This variability is the primary trade-off of the marketplace model versus a direct lender relationship.
Eligibility and Accessibility
Splash Financial is available in all 50 U.S. states (but not U.S. territories). Borrowers must be U.S. citizens or permanent residents (some partners also work with permanent residents). The soft minimum credit score is approximately 650, though this varies by partner. A bachelor’s degree or higher is required, or an associate’s degree in qualifying healthcare fields.
Splash does not accept co-signers, which is a significant limitation for borrowers who might qualify for a lower rate or need a co-signer to meet eligibility thresholds. Borrowers who need a co-signer option should consider Earnest, Citizens, or ELFI instead.
Customer Experience
Splash Financial has strong consumer ratings: an A+ BBB rating (BBB-accredited), an excellent Trustpilot rating, and zero student loan-related CFPB complaints in 2024. The ConsumerAffairs profile shows 270 ratings. The company’s pre-qualification process is widely praised for its simplicity and speed.
The caveat is that the post-closing experience is controlled by the partner lender, not Splash. Borrowers who are matched with a well-run credit union may have an excellent servicing experience; those matched with a less responsive partner may not. Splash’s referral program ($200 per referral, plus $200 for the referred friend) and welcome bonuses ($500 for refinancing $50,000+ through some channels) provide additional incentives.
Final Verdict on Splash Financial
Splash Financial earns a 3.5 out of 5.0 in our refinancing review framework. Its core strength is the marketplace model: one application yields multiple competing offers, and the credit union partners often deliver lower rates than direct lenders due to lower overhead. The medical school refinancing program is competitive with Laurel Road and SoFi. The zero-fee structure (from Splash’s side) and soft-pull prequalification make it easy and risk-free to compare rates.
The trade-offs center on consistency. Because borrower protections, late fees, forbearance, and servicing quality vary by partner lender, you trade the predictability of a direct lender relationship for the rate competition of a marketplace. The absence of co-signers limits accessibility. Borrowers who prioritize known, consistent protections should consider RISLA (IBR), ELFI (dedicated advisor), or SoFi (career services).
Bottom line: Splash is ideal for rate shoppers. If you want the lowest possible rate and are comfortable comparing partner-specific terms, Splash’s marketplace can deliver. If you want a single, predictable lender relationship with known protections, go direct with SoFi, Earnest, or RISLA.
Frequently asked questions
Answers to your questions about Splash Financial student loan refinancing.
No. Splash Financial is a marketplace that connects borrowers with partner lenders (credit unions, banks, and other financial institutions). The partner lender, not Splash, originates and services the loan.
Yes. Splash offers a medical school refinancing program with $100/month payments during residency, fellowship, and for six months post-training. Total loan term cannot exceed 20 years.
No. Splash’s partner lenders generally do not accept co-signers. If you need a co-signer, consider Earnest, Citizens, ELFI, or RISLA.
