Splash offers both fixed and variable interest rates. To check your interest rate, Splash conducts a soft credit check that does not impact your credit score. However, if you continue your application, Splash requests a full credit report (a hard credit pull), which impacts your credit. It takes under three minutes to check your rate.
To get your rate, you’ll need to list your monthly income and other basic background information.
Interest rates are determined by your income, degree, school and the information from your credit pull.
The minimum loan amount is $5,000 and there is no maximum.
Deferment and Discharge
The option to defer (postpone payments) or discharge student loans in the case of disability or death depends on the lender you are matched with.
U.S. citizens are eligible to borrow with a cosigner, who also must be a U.S. citizen.
The ability to add a cosigner depends on the lending partner a borrower qualifies for.
The option for cosigner release also depends on the lender you are matched with.
Permanent residents are not able to apply with a cosigner.
Here are the eligibility requirements for refinancing with Splash Financial:
U.S. citizens and permanent residents
Graduates from an accredited school
Married couples may be able to combine their student loans, depending on the lender matched with. However, joint consolidation comes with risks, including continued obligation to the loan even in divorce, and you should consider it carefully.
Borrowers who are pursuing an Associate’s degree are eligible if they are in their final term in an eligible school, have an offer of employment in the same field, and are in one of the approved programs:
Cardiovascular Technologist (CVT)
Diagnostic Medical Sonograph
Nursing; Occupational Therapy Assistant
Physical Therapy Assistant
For medical school refinancing, borrowers may be able to pay $100 per month during a residency or fellowship plus an additional six months.
Refinancing Federal Student Loans
Borrowers can choose to refinance federal student loans with Splash Financial but should do so with caution. Refinancing federal loans into a private loan means a loss in many benefits, including:
The option to repay loans based on your income via income-driven repayment plans
Potential student loan forgiveness via Public Service Loan Forgiveness, income-driven repayment plans (the remaining balance is taxed as income), or possible future programs from Congress
The option to pause payments if you lose your job or are experiencing an economic hardship
If you have subsidized student loans, the benefit of having the government pay interest during deferments
The option to discharge student loans if you die or become totally and permanently disabled
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