We recognize that your lives are disrupted by the pandemic. Our team may be working from home just like everyone else, but we are dedicated to maintaining strong customer support levels and helping everyone who desires to refinance as best we can.
Splash operations will continue as usual. We appreciate your patience as we handle the increase of daily calls and emails. To help you during this national disaster, we have worked with our lending partners to significantly reduce rates so you can lock in savings. As always, you can check your rate without affecting your credit score, and there are no fees to refinance.
We hope you stay safe and healthy throughout this challenging time. Our purpose remains the same: to help you with your student loans.
If you need assistance, we're here for you - ready to help and answer as much as we can.
We will update the information here as the situation evolves.
What actions has Splash taken to help during the COVID-19 national disaster?
We recognize that the government's recent relief efforts only support those who have federal student loans. We want to be on the front-line to support people who have private loans as well. As a result, we have lowered our rates to historic levels during the national disaster to help people lock in savings for the life of their loan. Feel free to check your rate with no impact to your credit score.
Are my loans covered by the Coronavirus Aid, Relief, and Economic Security (CARES) Act?
It depends on which type of student loans you have.
If you have federal student loans owned by the Department of Education, the CARES Act automatically suspends your payments and interest until September 30, 2020. This is a great benefit because it allows you not to make payments during this challenging time. If you choose to make a payment, it will be applied first toward any interest that accrued before March 13 and then toward the principal balance. As a result, we would advise you to evaluate whether refinancing now is the right choice for you -- while you may be able to lock in a low rate, you will give up federal benefits that provide a 0% interest rate until the end of September.
There are a few federal loans that do not qualify. A few examples are Family Federal Education Loan (FFEL) program loans owned by a private servicer (not the Department of Education) and Perkins Loans that are owned by your school. To be sure who owns your federal loans, please contact your loan servicer.
If you have private student loans or have refinanced your federal student loans previously, you will not be eligible for the government’s student loan relief. To help you save on your student loans, we have worked with our lending partners to offer historically low rates, so you can take control of your monthly payments. Please feel free to call us if you have questions, or you can simply check your rate without affecting your credit score.
What happens when the 0% interest period ends?
Currently, you will need to resume your monthly payments on federal student loans after September 30, 2020. The interest rate will also return to what it was prior to March 13.
I've been impacted by COVID-19 and can't make my payment. What do I do now?
Please reach out to us if you need assistance during this difficult time - we're committed to helping you. Our customer service team and our lending partners will work with you on an individual basis to attempt to put you on forbearance, waive fees or take other action to find a path forward that fits your situation.
If I refinance today, could the rate change?
It always depends on the type of rate you choose. If you refinance today to a fixed interest rate, you lock in the rate for the life of your loan. That means you would have a reliable monthly payment that doesn't fluctuate. If you refinance today to a variable rate, the rate does have the ability to change based on market conditions.
What happens if I refinance now and then rates change?
If you refinance today and then rates soon change, there is no penalty or fee to refinance again. You are welcome to refinance again because there is no limit to the number of times you can refinance your student loans. However, if it’s been 30 days since your previous refinance, refinancing again may impact your credit score because it will require another hard credit pull.