How to apply for Splash Financial Student Loans

An Exceptional Online Marketplace for Students: Splash Financial

Splash Financial is a reputable marketplace that connects students with refinancing options for their loans. With a vast network of banks, credit unions, and lenders, Splash Financial provides a platform for individuals to explore and select the best refinancing options for their specific needs.

Based in Cleveland, Splash Financial assists citizens and legal permanent residents in refinancing various types of loans, including federal, private, and Parent PLUS loans.

What sets Splash Financial apart is its dedicated refinancing program for medical professionals who have recently completed fellowships and residencies, making it an ideal choice for those in the medical field.

When partnering with loan providers that offer an autopay discount, Splash Financial ensures that the discount is applied to the rate received by the borrower. Typically, autopay discounts can lead to a reduction of 0.25 percentage points in interest rates.

In addition to providing excellent refinancing options, Splash Financial offers a referral program that allows borrowers to earn rewards. By referring friends to Splash Financial, borrowers can earn up to $20 for each friend who receives a prequalified rate offer, and $200 for friends who successfully refinance their loans with Splash.

Splash Financial has received high praise from its customers, with over 404 customer reviews and an outstanding 4.8 (out of 5) TrustScore on Trustpilot.

If you have any questions or need assistance during the application process, you can reach out to Splash Financial at [email protected] or by calling 800-349-3938. However, if you encounter any issues with your account after your application has been accepted and disbursed, it is important to contact your specific lender directly.

If you’re in need of student loan options, don’t miss the opportunity to explore what Splash Financial has to offer!

Who Qualifies for Splash Financial Student Loans?

In order to apply for refinancing through Splash Financial, you must have graduated from a Title IV-recognized college. While many private student loan lenders require a minimum of a bachelor’s degree, Splash Financial extends its refinancing options to graduates with an associate degree as well.

However, to be eligible with an associate degree, your field of study must fall under one of the following disciplines:

• Cardiovascular Technology (CVT)
• Dental Care
• Sonography for Medical Diagnosis
• EMT/Paramedics
• Nuclear Engineering
• Nursing
• Occupational Therapy Assistant
• Pharmacy Assistant
• Physical Therapist Assistant
• Radiation Treatment
• Radiology and MRI Technologists
• Respiratory Therapy
• Medical Technician

Parents can also refinance their Parent PLUS loans as long as their children have degrees. The minimum credit score accepted by lenders may vary.

It’s worth noting that PenFed, another lender, exclusively provides student debt refinancing to its members. Non-members have the opportunity to view their PenFed pre-qualified rates. If you receive an offer that you like, you’ll need to join the credit union before completing your loan application.

Splash Financial offers a quick and hassle-free prequalification service that allows you to check your rates within two minutes. Importantly, this service does not impact your credit score. While Splash Financial does not disclose a minimum credit score requirement, having a FICO score of at least 640 will likely lead to more favorable terms for refinancing.

Applying for Splash Financial Student Loans

To begin the application process, visit the Splash Financial website and select “Check My Rate.” Fill out the required details, including your contact information, income, and more.

After submitting your application, you’ll receive a selection of loan options and corresponding rates that you qualify for. Choose the option that best aligns with your needs and preferences.

Once you’ve made your selection, click “Apply” to proceed with your chosen lender. You’ll be presented with an application form to complete and additional verification documents to provide.

After submitting your application, allow the lender time to review and assess your eligibility. This process typically includes a thorough credit check.

If your application is approved, review your loan agreement carefully. Take note of all associated costs, payment terms, and any additional advantages offered by your lender.

If you are satisfied with the terms, sign the contract and return it to Splash Financial for processing. Loan funding times can vary depending on the lender, ranging from 24 hours to 2 weeks.

Once your loan is funded, be sure to keep track of your due dates and make your required minimum payments on time to effectively manage your debt repayment.

Splash Financial Student Loans vs. Sallie Mae Student Loans

While both Splash Financial and Sallie Mae are outstanding lenders, there are notable differences between them to consider.

Splash Financial operates as a loan marketplace, offering a wide range of options for borrowers to choose from based on their specific needs.

On the other hand, Sallie Mae is a bank lender with extensive experience in the student loan market. They offer competitive rates, particularly for borrowers with excellent credit.

Ultimately, the choice between Splash Financial and Sallie Mae will depend on your unique circumstances and preferences. Consider evaluating what each lender has to offer before making a decision.

Benefits of Splash Financial Student Loans

• No maximum loan limit
• Loan prequalification available
• Low interest rates
• Couples are eligible to refinance loans together

Benefits of Sallie Mae Student Loans

• Loans available for frequently overlooked groups
• Discharge in case of death and disability
• Cosigner release options

Applying for Sallie Mae Student Loans

If you’re interested in exploring Sallie Mae as a potential lender, follow these steps to apply:

Visit the Sallie Mae website and familiarize yourself with their loan offerings.

If you find a loan option that suits your needs, begin the application process by completing the necessary forms and providing the required documentation.

After submitting your application, allow Sallie Mae time to review and evaluate your eligibility. This may involve a thorough credit check as well as other assessments.

If your application is approved, carefully review the loan agreement provided, paying close attention to all associated costs, payment terms, and any additional benefits offered.

If you are satisfied with the terms, sign the contract and submit it to Sallie Mae for final processing.

Loan funding times may vary. Once your loan is funded, be sure to keep track of your repayment obligations and make your payments accordingly.

Utilize the resources and services provided by Sallie Mae to effectively manage your student loan debt.

Written by

Claire Harrison