Who is Splash?
Splash is a student loan refinance company.
Is my information safe with you guys?
Yes! Our system offers industry standard security. 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. Our partners also have strict guidelines to keep your information private and most importantly safe.
What happens if I have an economic hardship and miss a payment?
If you have a job loss or are going through an economic hardship, please contact us immediately at 1-800-349-3938.
How do I know if I’m eligible to apply for a loan with you?
To start the eligibility process, click on Get My Rate.
If I refinanced already, can I refinance again?
Yes! Refinancing once does not prohibit you from refinancing again.
Do you accept cosigners?
We do accept cosigners, and for certain borrowers, applying with a cosigner may enhance your application.
When can I apply to refinance?
You can refinance as soon as you are officially employed in your residency.
Do I have to already be in my residency program to refinance my loans?
Yes, we can only refinance loans for professionals who have started their residency programs.
What is my interest rate?
Our interest rate ranges from 3.25% - 6.69%.
How much can I save?
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.
What is needed to verify my residency?
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.
Am I still eligible for the government’s PSLF plan if I refinance?
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.
How do I know if I’m eligible to refinance with Splash?
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
How long do I have to pay back the loan?
Our loans have a repayment period of 3, 5, 7, 10 or 15 years after your training is complete.
Do I have to make payments while in residency or fellowship?
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.
Are there any prepayment penalties?
No! Our goal is to save you as much money as possible! We don’t penalize you for paying early.
Are there any origination fees?
No! We do not charge an origination fee.
Is there a grace period after residency or fellowship?
Yes. There is a grace period of 90 days after you complete your residency/fellowship and before you begin making full payments.
Is there a minimum/maximum amount I can refinance?
The minimum you can refinance is $25,001, and the maximum you can refinance is $346,000.
If I have further questions, whom can I contact?
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 email@example.com
What is my APR?
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%.
If I save my application to come back and finish it later, how long is it kept on file?
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.
How do I check the status of my loan?
Visit your application at campusdoor.com/splash/account! Login to your account and there will be a "Checklist" tab at the top of the screen. With the Checklist, you can determine if you need to submit any outstanding items.
I can't log into my account. How do I reset my username and/or password?
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.
Can I save and continue the application process?
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.
How do I apply for a loan?
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.
What documents do I need to provide to complete the applciation process?
We require the following items during the underwriting process for Residents/Fellows: Income Verification: Your most recent paystub, 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, Copy of your diploma or transcript, Residency/Fellowship Verification: Your match day letter or your current employment contract, NPI number (National Provider Identifier). Tip: A smartphone picture or screen shot will suffice.
When can I expect my old loans to be paid off?
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.
If I am approved how many days do I have to take this loan?
Once you are approved for this loan, you have 30 days to accept the loan terms.
Is my credit pulled?
Yes. When you fill out your application, your credit score will be pulled. This is considered a "hard inquiry."
Can my spouse/partner and I refinance and consolidate all of our loans into one?
No. However, you and your spouse/partner can apply separately for refinancing.
If I have questions during my application who should I call?
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 firstname.lastname@example.org.
Are your products available to international students?
Unfortunately, no. Our products are only available to U.S. citizens or permanenet residents.
Do I need to be a PenFed member to refinance? How do I become a member?
In order to refinance with us, you will need to become a PenFed member but don't worry - it's easy to join, and there is no requirement for military service. You'll fill out a membership form during the underwriting process after you are pre-approved. Once your membership is confirmed, you'll have access to PenFed's award-winning products and services. You do not need to be a member to apply to refinance your student loans, we only require membership after pre-approval.
If I save my application to come back and finish it later, how long is it kept on file?
We'll keep your 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 60 days. But why wait when you can save money on your loan now? You can access your unfinished application at campusdoor.com/penfed/account! If you need to upload documents, you may do so at campusdoor.com/penfed/account
How do I check the status of my loan?
Give us a call at 1-800-491-9310 and one of our loan advisors can provide a status update. You may also visit your completed application at campusdoor.com/penfed/account. Upon logging in, view the "Checklist" tab to determine if any documents are outstanding.
I can't log into my account. How do I reset my username and/or password?
Visit your application at campusdoor.com/penfed/account. On the log-in page, there is a link to reset the password, or to obtain your user name.
What documents do I need to provide to complete the application process?
We require 5 items during the underwriting process: Income Verification: A paystub 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, PenFed Membership Application: included in your application after pre-approval. No need to break out the fax machine, a smartphone picture or screen shot will suffice.
What is student loan refinancing?
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.
Who should refinance?
Refinancing is a great solution for working graduates who have high-interest rates on current outstanding student loans. Our borrowers shave an average of 2.5 years off their loan term and save an average of $17,496 in lifetime interest savings by refinancing. 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.
What loans can I include in my refinancing?
Splash will refinance federal, private, and Parent PLUS student loans. When you refinance with us, we consolidate all of 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 (provided by PenFed) must be signed to aknowledge the transfer of the student loans.
Where can I find my rates?
Use our Get My Rate tool to calculate your interest rate, compute your monthly payment, and compare lifetime interest savings all without completing a profile or submitting to a credit check.
How does applying with a cosigner help my application?
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 pass our initial credit screening process and can provide you with a lower interest rate on your student loan refinance. Splash will use the higher of the two credit scores for qualification purposes which means you can max out on savings. Please note that 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. Splash borrowers with a cosigner on their loan may request a "cosigner release" if after one year (12 consecutive months) of on-time payments is met, and a quick re-evaluation (note: this does not mean the borrower would have to re-apply) is completed on the borrower's financial and credit profile. Give us a call at 1-800-491-9310 if you would like to see if you qualify. For loans up to $150,000: you'll need a cosigner if your credit score is between 670 and 699 and/or your annual income is between $25,000 and $41,999. Your cosigner must have annual income of at least $42,000 and a credit score of 720 or higher. For loans exceeding $150,000: you'll need a cosigner if you credit score is between 670 and 724 and/or your annual income is between $25,000 and $49,999. Cosigners need annual income of at least $50,000 and a credit score of 725 or higher.
How long is my cosigner jointly responsible for my 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.
How much can I borrow?
Our minimum loan amount is $7,500, and the maximum is $300,000.
Are there any fees associated with this loan?
There are no pre-payment penalties, origination, or application fees with Splash.
What number do I call if I have questions?
We will always provide free consultations about your student loan scenario via email email@example.com, or via phone, 1-800-491-9310. We pride ourselves in putting you first and finding the best solution for each unique situation. Whether you have questions regarding an in-process application, as well as any servicing-related questions we are here to help.
Where do I send my underwriting documents?
To expedite the processing of your loan documents, and to keep them secure, it is best to upload them directly to your application. If necessary, applicants may also email their documents to: firstname.lastname@example.org and include the application ID.
Can I refinance loans for 2 or more borrowers into one loan (i.e. Can two people refinance their loans into 1 loan)?
We can typically facilitate this request for married couples and other unique situations. However, please call one of our student loan experts at 1-800-491-9310 to discuss options before proceeding with an application so we can find the best solution for you.
What is a Reference (a field listed in the application)?
A reference is an individual who could verify your name and address, but who does not reside with you at your physical address. If we were unable to get a hold of you, we would contact your reference. This only applies if you were severely past-due on paying your loan. A reference is not contacted during the application process.
Who can I use as a reference?
Your reference can be anyone over the age of 18, as long as he or she is not living at the same address as you. If you are applying with a cosigner, you cannot use him or her as your reference, nor can your reference live at the same address as your cosigner. Lastly, you and your cosigner cannot use the same reference (so make sure to call dibs).
What information is considered in the initial credit review on the application?
The initial credit review considers all of the information you and your cosigner provide during the application process, such as income, degree, and school, as well as the information obtained from your credit report. Once you pass the credit review, the next step is to provide documentation that supports the credit information.
What are Payoff Verification Statements?
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. On the contrary, loan statements or monthly billing statements solely provide the loan balance at a certain time, and they do not account for accrued interest.
Following disbursement, when will I receive information about managing my account going forward?
On the day after your loan is disbursed, you will receive an email notification from PenFed with the steps to set up your online account and manage it going forward.
When can I expect my old loans to be paid off?
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 after this timeframe. Give us a call at 1-800-491-9310 if the balance is still outstanding after 14 days and we will take care of it for you.
How long do I need to continue making payments with my old servicer after I refinance?
We recommend that you continue making regular payments with your existing loan servicer to avoid missing a payment while the disbursement goes through. Any overpayment we make on your existing loan will be refunded directly to you by your existing servicer in the form of a paper check sent to the address on your application. If your servicer sends us the refund, we will deposit the funds into your PenFed share account. From there, you can easily apply the refund to your loan or withdraw the funds if desired.
Does PenFed offer deferments or forbearance?
We do not advertise for deferments and forbearance. However, if a borrower lost his/her job, or there was an extraordinary circumstance (death, illness), we would absolutely work with the borrower on a case-by-case basis to determine the best remedy. If forbearance is in the interest of both parties, then interest would accrue during the forbearance period, but no payment would be due.
What happens if I default on my loan?
Defaulting on a loan is a very serious matter which could have an adverse effect on your personal credit score. Further, bankruptcy does not cancel the obligation to repay an education loan. If you are about to miss a loan payment, contacts us immediately to work out a repayment schedule.
Is there a penalty for pre-payment or paying the loan off early?
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.
What repayment options are there?
We only offer one type of repayment option; principal and interest payments. Any payment larger than the amount due made before the due date will be applied directly to the loan's principal balance.
Who is the loan servicer?
PenFed is the servicer of the student refinance loans. You can contact a representative of our Member Services team at 800-247-5626 or visit our website at penfed.org/
When will my first payment be due? How do I set up my account?
Your first payment is due 30 days after the loan disburses. To set up an account with PenFed, visit www.PenFed.org and click Create Online Account to register for Online Banking - you will need your member number and security code (call 1-800-247-5626 to establish your security code and obtain your member number). Mobile App: Once you create your online account, you can pay via our mobile app which is available for download on the App Store and Google Play. By Mail: PenFed Credit Union, P.O. Box 247009, Omaha, NE 68124-7009. If you have additional questions, please contact a Member Services Representative at 800-247-5626.
Is there a deferment period?
Like other private lenders, we do not offer a deferment period.
Why are your 12 year term loans priced higher than your 8-year or 5-year?
This accounts for the interest rate risk. It's always riskier for both parties to lock-in to a long-term rate without the information of where rates may be headed. To compensate for this risk, PenFed offers the protection of a fixed rate for 12 and 15 year terms, but in return, we ask for a higher premium for this protection.
How is the interest calculated on my loan?
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.
How are your interest rates determined?
Our interest rates are determined by your credit score and the type of degree you have. Your loan amount has no impact on the rates we offer but we do require a minimum of $7,500 to refinance. Your annual income is factored into DTI (debt-to-income) calculations but won't have any effect on your interest rate. If you apply with a cosigner or refinance with your spouse, we'll use the higher credit score to calculate your interest rate and save you even more on your student loans.
Can a borrower prepay the loan at any time?
Yes, a borrower may prepay the loan either partially or in full at any time without incurring any fees of penalties. So if you won the lottery, and want to take care of that balance, fees won't get in your way.
How do variable rates work?
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. At the time of this writing, variable rates are lower than fixed 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 change (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.
What is the floor and the cap for variable rate loans?
The cap for a Splash variable rate loan depends on the term you select. For the 5-year and 8-year loans, the cap is 9.00%. For the 12-year and 15-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.
What is LIBOR?
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. We use the 1-month LIBOR at PenFed. Our variable rates are comprised of a fixed margin (which never changes for the life of the loan) added to an index, in our case, 1-month LIBOR, which can change monthly. The rate will be determined on the 25th day of the preceding month (or the next business day if the 25th falls on a weekend or holiday), and the rate will be updated accordingly the following month. For example, if on the 25th of August the index increases by 0.25%, then on September 1st, your variable rate will reflect the increase of 0.25%.
How do I choose between a fixed rate and variable rate?
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.
Why is a credit check necessary?
The credit check serves two main purposes. First, it is used to verify the identity of all people signing the application. Second, it's used for qualification purposes and helps us offer you the best pricing we can based on your credit history.
What if I have no credit history?
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.
Is my Social Security number needed?
We only request your Social Security card to verify your identity if an ID mismatch were to occur in the application process, or on the credit report. A PenFed associate will contact you directly if we encounter such a situation.
What is the difference between a U.S. citizen and a Permanent Resident?
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, only U.S. citizens are eligible for Splash loans.
What is the difference between a permanent address and a mailing address?
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 of your loan documents.
Who is Pentagon Federal Credit Union "PenFed"?
For loan balances with a maximum limit of $300,000 and for non-residency and fellowship loans, Splash has partnered with Pentagon Federal Credit Union. For loans where Pentagon Federal Credit Union is the lender, in order to refinance your loans, you will need to become a PenFed Credit Union member. Splash Financial loans are available through an arrangement with PenFed Credit Union ("PenFed"). Your loan application will be submitted to PenFed and be evaluated at their sole discretion. Splash Financial loans are originated by PenFed Credit Union. This credit union is federally insured by the National Credit Union Administration (NCUA). PenFed will be the lender in any loan transaction, and will be solely responsible for the origination and servicing of your loan.