Editorial Review

Splash Financial Review: Student Loan Refinancing

Splash Financial is a marketplace that offers refinance loans from U-Fi, Laurel Road and PenFed.

Ryan LaneJanuary 16, 2020

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Our Take


NerdWallet rating 

The bottom line: Splash Financial is an online marketplace founded in 2013 that offers student loan refinance loans from multiple partner lenders. It's best for borrowers who want quotes from more than one lender.

Splash Financial Student Loan Refinance
Check Rate

on Splash Financial's website

Fixed APR

2.88 - 7.27%

Variable APR

1.99 - 7.10%

Min. Credit Score


Pros & Cons


  • Married couples can refinance student loans into a single loan.

  • You are assigned a dedicated banker.

  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.


  • No formal deferment/forbearance options.

  • You may need to become a member of a credit union to qualify.

How does this loan compare?

Splash Financial Student Loan Refinance
PenFed Student Loan Refinance
Laurel Road Student Loan Refinance
Check RateCheck RateCheck Rate
Fixed APR

2.88 - 7.27%

Fixed APR

3.23 - 5.53%

Fixed APR

3.50 - 7.02%

Variable APR

1.99 - 7.10%

Variable APR

2.01 - 5.80%

Variable APR

1.99 - 6.65%

Min. Credit Score


Min. Credit Score


Min. Credit Score


Full Review

Splash Financial offers student loan refinance loans originated by U-Fi, Laurel Road and Pentagon Federal Credit Union, known as PenFed. You can receive offers from these lenders by completing a single application on the Splash Financial website. This is similar to Credible and other sites with online loan marketplaces, including NerdWallet.

Loan details vary by lender. For example, married couples can refinance their loans together through PenFed, but not other lenders. Research important features, like co-signer release, before applying. If you want something specific — and not just the lowest interest rate — contact Splash directly to save yourself time during the application process.

Splash Financial student loan refinancing at a glance

  • Complete one application to get offers from multiple refinance lenders.

  • Loans originated by U-Fi, Laurel Road and PenFed.

  • Loan features and policies vary by lender.

How Splash Financial could improve

Splash Financial could improve by:

  • Offering specific policies on forbearance, co-signer release and other features that all partner lenders must adhere to.

  • Providing details borrowers need to choose among lender offers earlier in the application process..

  • Partnering with a lender that refinances loans for lawful permanent residents of the United States.

Splash Financial student loan refinancing details

Splash offers loans from multiple lenders. The details below include all features you could receive by refinancing with Splash. Check our reviews of U-Fi, Laurel Road and PenFed to determine if a specific lender offers the features you want.

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 7, 8, 10, 12, 15 and 20 years. A 25-year term is available for variable rates only.

  • Loan amounts: $5,000 to no maximum.

  • Can transfer a parent loan to a child: Yes.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: Yes; a fee equal to 20% of the interest portion of the monthly payment applies after the payment is five days late. The minimum late fee is $5 and the maximum is $25.

Compare Splash Financial’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate Splash Financial will offer you, apply on its website.


  • Minimum credit score: 670 if you're applying with a co-signer, 700 if you're applying without one.

  • Minimum income: $42,000.

  • Typical credit score of approved borrowers or co-signers: 778.

  • Typical income of approved borrowers: $104,000.

  • Maximum debt-to-income ratio: Ranges from 35% to 50% depending on your income, highest degree earned and loan amount.

  • Can qualify if you’ve filed for bankruptcy: Yes, but you'll need a co-signer who has not previously filed for bankruptcy.


  • Citizenship: Must be a U.S. citizen. Unlike many other lenders, Splash Financial doesn’t refinance college debt for permanent residents.

  • Location: Available in all 50 U.S. states.

  • Must have graduated: Yes, borrowers must have graduated with an associate degree or higher.

  • Must have attended a school authorized to receive federal aid: Yes.

  • Percentage of borrowers who have a co-signer: 34%.

  • Academic deferment: No.

  • Military deferment: No.

  • Forbearance: Splash Financial doesn’t have a structured deferment or forbearance program, unlike many other lenders. If you lose your job or experience an illness or death in the family, the lender may offer temporary payment relief on a case-by-case basis.

  • Co-signer release available: Yes, after 12 consecutive on-time payments.

  • Death or disability discharge: No.

Repayment Preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: Yes if you use a PenFed share account. No if you're using a separate checking account.

  • Loan servicer: MOHELA, U-Fi or Pentagon Federal Credit Union, known as PenFed, depending on which lender finances your loan.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: Yes.

  • Average time from approval to payoff: 30 days.

  • Couples refinancing: Married couples typically can refinance their loans into a one new loan. Spouses also can transfer debt to their partners, though this requires a signed affidavit.

  • Referral bonus: Get $250 for each person you successfully refer to Splash Financial. Your referral will receive $250 as well. More details.

How to refinance with Splash Financial

You can apply for a Splash Financial refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.


NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.