Splash Financial Student Loan Refinance Review

January 19, 2022

In our Splash Financial student loan refinance review, we provide an overview of the company, pros, and cons.

Be sure to check out the other companies also by checking out our Best Student Loan Refinance Company review page. 

Table of Contents

  1. Splash Financial Company Overview
  2. Pros of Using Splash Financial
  3. Cons of Using Splash Financial

Splash Financial Company Overview

You may refinance your student loans with Splash Financial (both undergrad and grad school).  Splash shops 10 different lenders and shows you the best offers among those lenders.  These lenders are banks and credit unions.

In order to complete the loan if it is through a credit union, you must become a member of that credit union.  This doesn’t cost you anything. However, there is one extra form you have to complete.

Splash Financial is ideal for those that have a good credit score but also have a high debt-to-income ratio.  They consistently have the top rates in the industry and are always competitive.  You should definitely check them out.


Pros of Using Splash Financial

Below are the pros of working with Splash Financial:

  • Debt-To-Income: Splash Financial allows you to have a much higher debt-to-income ratio than any other student loan refinancing company. That is, it’s easier to qualify with them based on this ratio relative to all others. I can’t share the exact max ratio they will work with but it is a significant amount.  If you’ve been denied by other companies for debt-to-income levels be sure to check out Splash.
  • Spousal Co-signor: Splash handles cosigners in a unique way.  If you are married and add your spouse as a co-signor when you apply, Splash takes into account your combined income. Other lenders will only look at one income to qualify you, but will NOT consider the combined income. Splash makes it much easier for a married couple to get a loan relative to other companies.
  • Staff: This is huge for FitBUX and our Members.  I’m not referring to front line customer support staff you may call on the phone. I’m referring to the staff that helps us if you are using our free student loan refinance service.  Our best relationship is with Splash because of how quickly and thoroughly they help our Members solve any problems that may arise throughout the refinance process.
  • Co-signer Release: If you do not qualify for a loan by yourself or if you want to drop your rate, you may apply with a co-signer. Once you have made 1 year of on-time monthly payments, you may release the co-signer of their obligation. (Note: This does not apply to each lender Splash works with).
  • All States: One major benefit with Splash Financial is they offer their student loan refinance product to residence in ALL states.
  • Medical Residents Can Pay $1: If you are a medical resident, you can refinance your student loans and your required payment will only be $1 for up to 84 months.
  • Use IDR Payment: For those of you that have private and Federal loans and are using an income-driven repayment plan for your Federal Loans, you will have an easier time refinancing the private loans with Splash relative to others. This happens because Splash is one of the few companies that use your required payment instead of a hypothetical monthly payment when qualifying you for your loan.
  • FICO of 650:  Splash recently lowered their minimum credit score requirement from 700 to 650.  This makes them one of the most flexible lenders in the industry.


Cons Of Using Splash Financial

Below are the Cons of refinancing with Splash Financial.

  • Purefy and Credit Unions: Splash Financial does not fund the loans directly. This is done by Credit Unions and that is also who you’ll be making your payments to.  In addition, Splash uses Purefy to underwrite the loans, i.e. that is who you work with and submit your documents to.
  • Time To Close A Loan: Because Splash is working with 2 third parties, it can take Splash between 2 and 4 weeks to fund a loan overall. This is the longest time period for any of the companies we work with. However, Splash’s management is working around the clock to build technology that will speed this up. This technology should be out soon!


By Joseph Reinke, CFA, Founder of FitBUX

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FitBUX Student Loan Refinance Give Away

Student loan planners are hard to find.  Our FREE student loan planners have helped thousands of Young Professionals manage and eliminate over $1 billion in student loans. We help you develop your plan for free because planning your financial future should not cost you your financial future.

If you would like free expert help deciding if student loan refinancing is right for you, check out FitBUX’s free student loan refinance service. 

Note: FitBUX partners with 10 student loan refinancing companies. We have an in-depth knowledge of their underwriting guidelines and have been asked by each company not to disclose certain items. We honor their wishes by not giving out specific information such as typical rates for various FICO scores and DTI ratios. If you’d like help based on your situation, I highly recommend using our free student loan refinance service in which we will help you choose the right student loan refinancing company. 

Also, if you are pursuing student loan forgiveness via an Income-Based repayment plan, do not refinance!

Review Date
Reviewed Item
Splash Financial Student Loan Refinance
Author Rating
Product Name
Splash Financial Student Loan Refinance

FitBUX student loan help, Student Loan Consolidation, Student Loan Refinance, Student Loan Repayment, Student Loans

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About the author

Joseph Reinke

Joseph Reinke is a Chartered Financial Analyst (CFA) and founder of FitBUX. He holds a degree in finance with an investment concentration. He's been personal investing since he was 12 years old. Joseph has experience in mortgages, wealth management, investment banking, valuation, and stock and option trading.

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