Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.
When you’re comparing the best student loan refinancing companies, start with a simple question: How does this company stand out from the rest?
Take Splash Financial for instance. For up to 84 months, the lender allows medical graduates working in a residency or fellowship to make $1 monthly payments.
But you don’t have to be a professional in training to refinance your student loans with Splash Financial. Students and parents of all backgrounds are welcome to apply. Find out more below.
Splash Financial review
With Splash Financial, you can consolidate and refinance your federal and private student loans. The lender awards a new interest rate based on your credit, among other factors. If you have a cosigner, for instance, their financial history will also be taken into account.
Splash Financial also features many of the perks offered by top refinancing companies, including:
- An easy-to-use online platform
- Competitive fixed and variable interest rates
- No application, origination, or prepayment fees
- Cosigner release after 12 straight timely payments
- Repayment term options of five, eight, 12, and 15 years
One downside of Splash Financial is that it outsources its refinanced loans. Pentagon Federal Credit Union works behind the scenes to originate and service them. Check out Splash Financial’s disclaimers for more information.
Like other private loan companies, Splash Financial isn’t able to match what the federal government offers. By refinancing federal loans with a private lender, you’ll lose your ability to use income-driven repayment plans or qualify for loan forgiveness.
Although the company doesn’t advertise deferment or forbearance, it’s willing to work with borrowers in certain cases, such as following a job loss.
Splash Financial refinancing products
Splash Financial offers two refinancing products: its main student loan refinancing option as well as medical resident refinancing.
You can refinance between $7,500 and $300,000 using the lender’s general refinancing product. Its medical resident refinancing product allows you to refinance between $25,001 and $346,000.
To learn how much you could save by refinancing with the company, use the Splash Financial savings calculator. You’ll need to enter your total existing loan amount and the average loan term and interest rate to get your results.
The medical resident refinancing product is exclusive to medical school graduates in residency or in fellowship. It’s designed to help young professionals simplify and lower their monthly payments before their six-figure salaries kick in.
In fact, Splash Financial advertises that you could lower your monthly payment to as little as $1 for seven years. Medical resident refinanced loans are repaid over 10 years once your residency ends, so you could be looking at a 17-year repayment plan.
Of course, that would catch up to you. The longer you stretch your repayment, the more interest you owe later. On the plus side, you’d have a 90-day grace period at the conclusion of your residency or fellowship to prepare for repayment.
Using the Splash Financial online platform
You can use Splash Financial’s calculator and rate-check tool without creating a login. If you see an attractive rate and click “Apply,” however, you’ll have to create a user account.
Once you set your username and password, you’ll be asked to provide information about yourself, your education and career, and your loans to complete an application.
You’ll also be asked to provide certain documents for your application. You can upload smartphone images or computer screenshots to the platform or email them to Splash Financial.
There are five documents you’ll need to provide during the application process, including:
- Pay stub or tax return
- Driver’s license, passport, or state-issued ID
- Loan statements from your existing servicers
- Diploma or transcripts proving you graduated
- Pentagon Federal Credit Union membership application, as each loan is funded by the members-only credit union
You’ll need to complete this process on the desktop version of the website, as the company doesn’t have a mobile app.
Splash Financial refinancing interest rates and fees
Aside from charging no origination or other fees, Splash Financial offers competitive rates for both of its refinancing products.
Students and parents with excellent credit could receive fixed rates as low as 3.75% and variable rates as low as 3.12%.
Medical residents will have to use the platform’s “Find My Rate” function to estimate their rates.
Splash Financial refinancing eligibility requirements
Splash Financial works with borrowers who are U.S. citizens or legal residents. Beyond that, you need to meet other underwriting criteria. I spoke with a Splash Financial customer service representative to receive the following information.
To qualify for student loan refinancing, you need a minimum credit score of 700 and a minimum income of $42,000. If your loan amount exceeds $150,000, the credit score (725) and income ($50,000) requirements rise.
Even if you qualify without help, you could secure an even lower interest rate by bringing on a cosigner. Splash Financial will use the better of the two credit histories on your application to determine your loan terms.
For medical resident refinancing, there’s no required income amount, but you need a credit score of 700 or better.
Also, if you didn’t graduate medical school or aren’t a resident or fellow, you’ll be redirected to the company’s general refinancing product.
Splash Financial customer service
Splash Financial is light on customer service reviews, but I found its online chat service to be fast and thorough when responding to questions.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.97%1||Undergrad & Graduate|
|2.47% – 6.99%3||Undergrad & Graduate|
|2.68% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.61% – 7.35%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|