Splash Financial started off with a focus on medical school loan refinancing. However, the lender has now expanded and offers general student loan refinancing to anyone with at least a bachelor’s degree. Loan refinancing for medical students is the company’s bread and butter, but Splash lets married couples refinance their student debt together.
Splash Financial in a Nutshell
| Loan Terms | 5, 8, 12, or 15 years |
| Loan Amounts | $7,500 – $300,000 |
| Loan Types | Variable, fixed |
| Cosigner | Accepted |
| Referral Bonus | $200 |
Splash Financial Referral Program Give $200, Get $200
You can refer friends and family to Splash Financial and you’ll both get a $200 cash bonus after they successfully refinance. Plus, you don’t have to be a Splash Financial customer to start, and there’s not limitation on the amount of people you can refer. Just apply by putting in your email address to make a special referral link. They will use this to track your referrals.
Then, share your personal referral link with friends via: text, email, social media, whatever you want. Just be sure that they use your link to go to the website. For each friend you refer that refinances their student loans with Splash Financial, you’ll receive a $200 check in the mail. Additionally, your friend will also get a $200 check in 120 days of successfully refinancing.
Refer more friends to earn more money, since there isn’t a limitation on the amount of people you can refer. Check out their referral program page here.
Feel free to leave your own referral link down in the comments section below.
Splash Financial Features
Splash refinances federal, private, and Parent PLUS loans, consolidating all of your student debt in one easy payment. Some of Splash’s features are:
Couples Refinancing
Spouses can refinance their loans together with one partner (usually the one with the stronger financial profile) absorbing their spouse’s loan.
Medical Residency Repayment Program
Splash enables medical graduates that are working in residency to make as little as $1 monthly payments for no more than 84 months and up to 90 days following the completion of their residency. After that, you’ll have around 10 years to pay off your medical school loans. Remember, the longer you stretch your repayment, the more interest you owe later.
Cosigner Release
After 12 consecutive timely payments, you’ll be able to apply to release your cosigner from your loan. Approval will depend on a quick re-evaluation of your financial and credit profile.
Splash Financial Rates & Fees
The interest rate that you get from Splash Financial will depend on your credit score and the type of degree you have. The loan amount has no impact on the rates, but the lender does require at least $7,500 to refinance. If you apply with a cosigner or spouse, Splash will use the higher credit score to calculate interest rate.
Use the Get My Rate tool on the lender’s website to calculate your interest rate, monthly payments, and compare lifetime interest savings without making a profile. Splash will not charge for application, origination, or prepayment penalty fees.
Splash Financial Eligibility
Splash requires their applicants to make a minimum of $42,000 per year in income. If your annual income is around $25,000 and $41,999 or your credit score falls between 670 and 699, you can apply with a cosigner that meets the financial requirements.
Since Splash loans are originated by Pentagon Federal Credit Union (PenFed), you’ll need to be a PenFed member to be eligible. However, there’s not rush, you’ll be able to start on that process after you’ve been pre-approved. Other requirements are:
- You must be a United States citizen.
- You must be the age of majority in your state of residence.
- You must be the borrower on the loan application and on the promissory note.
- You must have a bachelor’s degree or higher.
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Conclusion
Overall, Splash Financial is different from other refinance services since it’s one of the few lenders that will let married couples refinance their student loans together. Furthermore, medical school graduates going into residency get an amazing deal as well.
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