FAQ

U.S. citizens and permanent residents are eligible to refinance their student loans through Splash. Checking your rate is easy and takes under 3 minutes! To get started, click on Get My Rate. We’ll ask you to enter some basic information, such as your monthly income, and we’ll pull in the rates you qualify for based on the criteria of all our lending partners. Graduates with four-year degrees from Title IV accredited institutions, as well as professionals with an associate degree, are eligible to refinance. Parents who took out educational loans to finance their child’s education are also eligible, and the child does not need to have graduated. Applicants who are pursuing an associate degree are eligible if they are in the final term of their program at a Title IV eligible school, have an offer of employment in the same field in which they will receive the associate degree, and if the associate degree is in one of the following: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist.

You can refinance as soon as you are officially employed in your residency.

Refinancing is a great solution for individuals who are in the workforce, have graduated with an associate degree or higher, and have high-interest rates on current outstanding student loans. Our borrowers may save thousands and potentially shave years off their loan term, helping them get out of student loan debt faster. Borrowers should be aware that by refinancing, they may lose certain benefits offered by the federal programs, such as deferments, forbearance, and income-based repayment plans.

Use our Get My Rate tool to easily see your rates based on term length and monthly payment, all without submitting an application.

For the latest information, please see our COVID-19 Update.

There is a link to reset your password on the login page.

Some of our lending partners accept cosigners. Your ability to add a cosigner will depend on the lending partners you qualify for. For certain borrowers, applying with a cosigner may enhance your application.

Yes, we can only refinance loans for professionals who have started their residency programs.

Splash will refinance federal, private, and Parent PLUS student loans. When you refinance with us, we consolidate all your loans into one easy monthly payment. Spouses may also refinance their loans together, or one partner may "take over" their spouse’s loan. When a spouse "takes over" another spouse’s loan, an affidavit must be signed to acknowledge the transfer of the student loans.

The initial rate check considers all the information you and your cosigner (if applicable) provide before you see your rate offer, such as income, degree, and school, as well as the information obtained in our soft credit pull – which doesn’t affect your credit!

Although you may have good credit yourself, applying with a cosigner who also has good credit and strong income can ensure that you meet our credit criteria. This will increase the likelihood that you will qualify for rates and that we can provide you with a lower interest rate on your student loan refinance.

Yes, Splash offers medical and dental residents the ability to refinance student debt and pay only $100 while they are in residency and up to 6 months after their residency and fellowships. Total loan term including residency, fellowship and 6-month grace period must not exceed 20 years. The deferment period for residency, fellowship, and grace period must be approved and disclosed at the time of application – you will not be able to extend the term of the loan after it is disbursed.

Splash is a student loan refinance company funded by banks and credit unions, which helps us provide market-leading rates. Our sole focus is helping graduates save money through student loan refinancing – it’s the only product we offer!

Our interest rate ranges from 3.25% - 6.69%.

There are no pre-payment penalties, origination, or application fees with Splash.

Our minimum loan amount is $5,000, and there is no maximum.

Cosigner criteria will vary based on the lending partners with whom you qualify. When an application has a cosigner, the borrower and the cosigner will both a) jointly apply for credit; and, (b) be jointly liable for the requested loan, but only you will receive the loan proceeds.

Your rates may update at any time during pre-qualification, but they are locked in once the full application has been submitted. Our lending partners are always striving to offer the best rates, so you can check your rates as frequently as you like! During pre-qualification, Splash presents rates to you that are estimated based on the preliminary information you enter and the criteria of our lending partners.

Yes! Refinancing once does not prohibit you from refinancing again.

An APR shows the cost of your loan as a yearly rate. For the Resident/Fellow loans the APR ranges from 3.25%-6.69%.

Student loan refinancing is the process of taking one or more student loans and consolidating them into one new loan. The refinanced loan will often include new terms, such as a lower interest rate, a different monthly payment and a new repayment term length.

No, you can pay your loan off early regardless of your repayment terms without any penalty. You will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off. So, if you win the lottery and want to take care of that balance, fees won't get in your way.

A cosigner can be a spouse, parent, relative, or any other adult that meets our lenders’ criteria of having U.S. citizenship or Permanent Resident status. A cosigner is responsible for repaying the loan if you cannot. Adding a cosigner may enhance the rates you are eligible for.

Splash partners with multiple lenders in order to help as many borrowers as possible refinance their student loans. Unfortunately, sometimes we can’t match a borrower to pre-qualified rates because they fall outside all our lending partners’ criteria. If that’s the case, eligible borrowers can add a cosigner to their pre-qualification request and increase their likelihood of qualifying for rates. If a borrower is not eligible to add a cosigner, we encourage them to keep improving their credit and to check their rates with Splash frequently. Our lending partners are always updating their rates and qualification criteria.

Yes! Our site has SSL Verification which provides some of the highest standards for identity assurance. We also have SSL Encryption which establishes a secure connection between your browser and our website. The SSL Encryption protects sensitive data that is provided to us.

The amount you can save varies depending on the size of your current loans. Borrowers have the ability to save thousands off their interest payments over the life of the loan. You can use our savings calculator to see an estimate of your potential savings.

Typically, yes! Married couples and people in other unique situations can refinance their loans into one loan. However, please call one of our student loan experts at 1-800-349-3938 to discuss options before proceeding with an application so we can find the best solution for you. If you are completing an application as a married couple, please designate the spouse with the highest degree as the borrower and add the other as a cosigner.

We automatically save your application for you, including any documents that you upload. You can access it with the email address and password you used to log in. Our lenders are always updating their rates, so come back and check your rates as often as you like!

If you add a cosigner to your loan, your cosigner is jointly responsible for your loan for the life of the loan, so make sure you choose wisely and can manage all the payments. If you miss a payment, it will damage your cosigner’s credit.

ONE of the following: Current Employment contract OR, Letter from your program director or GME office stating that you are a resident/fellow OR, Residency Match Day Letter.

Splash is backed by banks and credit unions. If the best rate you are eligible for comes from a credit union, you will need to become a member. Don’t worry – it’s easy and free to join. After you submit your application, you’ll be able to create your credit union membership from your Splash Financial account dashboard.

We do a soft credit pull (which doesn’t affect your credit) during pre-qualification in order to offer you the most accurate estimate of your rates. Then, when you submit your application, we conduct a hard credit check to verify the identity of all people signing the application and to ensure you’re getting the best rate possible on your loan.

Cosigner release options vary based on Splash lending partner. Typically, Splash borrowers with a cosigner on their loan may request a "cosigner release" after one year (twelve consecutive months) of on-time payments is met. Upon the request, a quick re-evaluation is completed on the borrower’s financial and credit profile (this does not mean the borrower would have to re-apply).

Splash works with banks and credit unions – they are our lending partners, and these partnerships make it possible for us to offer such amazing rates! The lender of your loan will depend on the lending partner where you qualify for the lowest rates.

Unfortunately, no. Once you privately refinance your loans, you are no longer eligible for the government’s PSLF program or any federal income-driven repayment program. If you are unsure, check with your financial adviser to determine whether refinancing is right for you.

Splash connects you with the lending partner that offers you the lowest rate, and your lending partner determines your loan servicer. The loan servicer manages a loan’s payment processing and sends your monthly billing statements. Our lending partners may also perform servicing activities, or they may have another company handle servicing activities for them.

For any documentation, you can simply upload screenshots or photos of your documents. The documents we’ll ask you for will vary by Splash lending partner. If your application is approved by one of our credit union lending partners, we may require you to create or show proof of membership for that credit union in order to be eligible for your loan. Typically, we require four types of documents during the underwriting process: • Income Verification: Paystub(s) or tax return • Photo ID: A driver’s license, passport, or state-issued ID card • Payoff Verification Statements from each existing servicer: a statement that projects the payoff amount 10, 15, or 30 days into the future • Graduation verification: A copy or photo of your diploma or transcripts

Some Splash lending partners offer an autopay discount. Your Splash rate offer will include any autopay discount that is available, but you can choose to view your rates without the discount. Typically, the discount lowers your rate by 0.25%. If your rate has an autopay discount available, you will have the opportunity to sign up for autopay after your loan is finalized.

To qualify for a loan, you must have a responsible financial history and meet other conditions - you must be a medical professional who is currently in a residency or fellowship program. To start the eligibility process, click on Get My Rate

There are many things that contribute to your credit history. If you aren’t sure what your score is, you can check your credit score for free at CreditKarma. Checking your rate with Splash will not affect your credit score.

We are happy to talk through your student loans with you! You can email us at contact@splashfinancial.com or give us a call at 1-800-349-3938. We pride ourselves in putting you first and finding the best solution for each unique situation.

To expedite the review of your application, and to keep your information secure, our technology allows you to directly upload your documents to your application. If you experience any issues when uploading your documents, you can give us a call at 1-800-349-3938.

Our loans have a repayment period of 3, 5, 7, 10 or 15 years after your training is complete.

A variable rate means that the interest rate on your loan will fluctuate over the life of the loan based on market conditions. This means that the amount of your monthly payment will change from time to time. In general, if you choose a variable rate, most advisors suggest a shorter term in order to reduce your exposure to a potential increase in market rates. The interest rate on a variable rate loan is comprised of an index and margin added together. Splash's variable rate index is the 1-month LIBOR, based on the LIBOR on the 25th day of the preceding month (or the next business day if the 25th falls on a weekend or holiday). The index is subject to increase or decrease each month. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month's variable rate.

A Payoff Verification Statement is a statement provided by lenders and servicers that verifies the amount it would take to completely pay off your loan at a certain day in the future (often 10, 15, or 30 days in advance). The amount takes into account the loan balance, interest, fees, and any accrued interest during the time that the statement is requested, and the future payoff date provided. This document is critical to the Splash processing team during the underwriting process as it allows us to prepare an accurate payoff figure for your existing loans.

Yes, but only $1 per month! Once you are finished with your residency or fellowship training you are no longer able to defer your loan.

The cap for a Splash variable rate loan depends on the term you select. For the 5-year, 8-year, and 10-year loans, the cap is 9.00%. For the 12-year, 15-year, and 20-year loans, the cap is 10.00%. Splash's floor for variable rates is 2.00% for all terms. It's particularly important to compare the cap on variable rate loans. If interest rates were to increase dramatically, then a higher cap on a variable rate loan could expose you to significantly higher payments than on a fixed rate loan or on a variable rate loan with a lower cap.

Your permanent address is the location that you consider to be your primary place of residence (like your parent’s or guardian’s address). Your mailing address is wherever you want to receive all your mail, which could be a post office box or another location.

No! Our goal is to save you as much money as possible! We don’t penalize you for paying early.

The London Interbank Offered Rate, more commonly known as LIBOR, is a standard benchmark for short-term interest rates. It's the interest rate at which banks lend to each other.

U.S. Citizen - A person who was born in the United States, including the lower 48 states, Alaska, Hawaii, Puerto Rico, Guam, and the U.S. Virgin Islands; or who became a citizen through naturalization; or who was born outside the United States to U.S. citizen parents under qualifying circumstances (derivative citizenship) and who has not renounced U.S. citizenship. Permanent Resident - Any person not a citizen of the United States who is residing in the U.S. under legally recognized and lawfully recorded permanent residence as an immigrant. Also known as "Permanent Resident Alien," "Lawful Permanent Resident," "Resident Alien Permit Holder," and "Green Card Holder." At this time, U.S. citizens and Permanent Residents are eligible for Splash loans.

No! We do not charge an origination fee.

You can quickly check the status of your application on your Splash account dashboard. If you have questions, you can give our customer service team a call at 1-800-349-3938.

It's up to you to determine what fits your financial situation best. In recent periods, variable rates have been lower than fixed rates, thus offering a borrower savings over the short run but the possibility of significantly higher payments if market rates were to increase over the life of the loan. A variable rate loan may be a good choice for a borrower with high enough income to absorb an unexpected increase in payments. Variable rates are not recommended for borrowers who are risk averse or for those choosing a longer term. By contrast, a fixed rate on a loan means that your interest rate will remain constant over the life of the loan and your monthly payment will never change. A fixed rate loan is a good choice for a majority of borrowers, particularly those who are refinancing and want to lock-in their savings. Think of having a variable rate like paying your electric bill, which fluctuates, and a fixed rate like paying your rent, which does not change.

Yes. There is a grace period of 90 days after you complete your residency/fellowship and before you begin making full payments.

Interest is calculated as simple daily interest. This means that each day the outstanding principal balance is multiplied by the interest rate and divided by 365 days to calculate that day's interest amount. For example, if you have a $10,000 loan and the interest rate is 7%, one day's interest will be ($10,000 x 0.07)/ 365 = $1.92.

The minimum you can refinance is $25,001, and the maximum you can refinance is $346,000.

Typically, your first payment is due 30 days after the loan disburses. We’ll provide instructions for setting up your account in an email to you and in your Splash dashboard.

We'll keep you application saved for 30 days. Once you have submitted your application and your initial credit check is run, we'll keep your submitted application on file for 30 days. You can access your unfinished application at campusdoor.com/splash/account.

It typically takes 3-14 days for your old servicer(s) to receive our payoff funds, apply them to your account, and process the payoff. Please check your account at your old servicer(s) to ensure that the payoffs have been applied. Give us a call at 1-800-349-3938 if the balance is still outstanding after 14 days and we’ll look into it for you.

We recommend that you continue making regular payments on the loans with your existing servicer to avoid missing a payment while the disbursement goes through. Any overpayment you make on your existing loan should be sent back to you by check. If your servicer sends the refund to Splash, we will deposit the funds into the account for your new loan.

Visit your applciation at campusdoor.com/splash/account. On the log-in page, there is a link to reset the password to obtain your username.

On the day after your loan is disbursed, you will receive an email with directions for setting up your online account.

Yes! You can save your application at any time and come back to it when you have time to finish. You will be able to continue your application at campusdoor.com/splash/account.

Deferments or forbearance may be offered depending on the lender. The lender’s policy will be stated on the credit agreement for the loan. If you have questions, please give is a call at 1-800-349-3938. If you are a borrower who is in medical or dental training, you can defer making full payments on your loan up to 6 months after your residency or fellowship. Total loan term including residency, fellowship and grace period must not exceed 20 years.

If you have a job loss or are going through an economic hardship, please get in touch with the lender or servicer of your loan as soon as possible.

To start the process click on Get My Rate. Once you answer a few questions on our site, you are transferred to our partner portal to determine your eligibility and to complete your application.

Defaulting on a loan is a very serious matter which could have an adverse effect on your personal credit score. Further, it is difficult to cancel the obligation to repay an education loan in a bankruptcy. If you are about to miss a loan payment, contacts your lender or loan servicer immediately to work out a repayment schedule.

It typically takes 30 days for your old servicer(s) to receive our funds, apply them to your account, and process the payoff. Please check your account at your old servicer(s) to ensure the payoffs have been applied after this timeframe.

Once you are approved for this loan, you have 30 days to accept the loan terms.

Yes. When you fill out your application, your credit score will be pulled. This is considered a "hard inquiry."

No. However, you and your spouse/partner can apply separately for refinancing.

Unfortunately, no. Our products are only available to U.S. citizens or permanenet residents.

If you have questions during the application process please do not hesitate to call our application center at 717-254-2383. You can also email at consolidation@campusdoor.com.

Please contact our customer experience team with any questions 1-800-349-3938. If you don’t feel like calling, catch up with us on our website via live chat, or email us at customers@splashfinancial.com