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Terms and Conditions apply.
Loan or savings calculators are offered for your own use and the results are based on the information you provide. The results of this calculator are only intended as an illustration and are not guaranteed to be accurate. Actual payments and figures may vary.
General Student Loan Refinance Product with Pentagon Federal Credit Union
For loan balances with a maximum limit of $300,000 and for non-residency and fellowship loans, Splash has partnered with Pentagon Federal Credit Union. For loans where Pentagon Federal Credit Union is the lender, in order to refinance your loans, you will need to become a PenFed Credit Union member.
Splash Financial loans are available through an arrangement with PenFed Credit Union ("PenFed"). Your loan application will be submitted to PenFed and be evaluated at their sole discretion. Splash Financial loans are originated by PenFed Credit Union. This credit union is federally insured by the National Credit Union Administration (NCUA). PenFed will be the lender in any loan transaction, and will be solely responsible for the origination and servicing of your loan.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor PenFed are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the private sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
PenFed and Splash Financial reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet PenFed CU's underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of 06/01/2019.
1a. Monthly savings of $350 is a hypothetical calculation and is not representative of your situation. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors. The calculation assumes an original loan amount of $96,672 with a 10-year term and a rate of 6.53%, refinanced to a longer, 15-year term with a fixed rate of 4.95% APR, Splash Financial’s lowest available 15-year fixed rate as of 06/01/2019. The calculation also assumes no pre-payment amounts and on-time payments for the duration of the refinanced term. Not all applicants will qualify for the lowest rate as they are reserved for the most creditworthy applicants.
1b. Lifetime savings of $29,340 is a hypothetical calculation and is not representative of your situation. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors. The calculation assumes an original loan amount of $96,672 with a 10-year term and a rate of 6.91%, refinanced to a shorter, 5-year term with a fixed rate of 3.87% APR, Splash Financial’s lowest available 5-year fixed rate as of 06/01/2019. The calculation also assumes no pre-payment amounts and on-time payments for the duration of the refinanced term. Not all applicants will qualify for the lowest rate as they are reserved for the most creditworthy applicants.
*Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.87% to 7.03% (3.87% to 7.03% APR) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice.
The Rate will not change during the term. Repayment examples are for illustrative purposes only. The following Fixed Rate examples are based on a $10,000 loan amount:
|Terms||No. of Payments||Lowest APR||Est. Principal & Interest Payments|
|5 years||60 months||3.87%||$184|
|8 years||96 months||4.59%||$125|
|12 years||144 months||4.79%||$91|
|15 years||180 months||4.95%||$79|
*Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. PenFed’s variable rate index is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of June 01, 2019, the one-month LIBOR rate is 2.43%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable interest rates range from 3.05% - 7.79% (3.05% - 7.79 % APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate on the student refinance loan is 9.00% for 5-year and 8-year terms, and 10.00% for 12-year and 15-year terms. The floor rate is 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate and assume a one-month LIBOR rate of 2.43%. The following Variable Rate examples are based on a $10,000 loan amount:
|Terms||No. of Payments||Lowest APR||Est. Principal & Interest Payments|
|5 years||60 months||3.05%||$180|
|8 years||96 months||3.88%||$121|
|12 years||144 months||4.66%||$91|
|15 years||180 months||5.43%||$81|
3. Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over either $50,000, $100,000 or $200,000 in student loans depending on the channel partner that is providing the bonus offer (2) register and/or apply through the referral link you were given; (3) complete a loan application with Splash Financial; (4) have and provide a valid US address to receive bonus; (5) and meet Splash Financial’s underwriting criteria. Once conditions are met and the loan has been disbursed, you will receive your welcome bonus via a check to your submitted address within 90-120 calendar days. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Splash reserves the right to change or terminate the offer at any time with or without notice. Bonus Offer is for new customers only.
Refer a friend program
Splash Financial's Refer A Friend Program ("Program") is open to all individuals who reside in the United States. If the cumulative welcome and referral bonus rewards paid to an individual in one calendar year exceed $600, the bonus may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. You are responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. In order to receive the refer a friend bonus, your referral must be approved for and accept a loan. The referral will be paid out once the funds are distributed for an approved loan and will be sent within 60 days of the loan disbursement to either your current PayPal account that you linked or a new PayPal account that you have set up. Any payments or items not claimed due to missing or incorrect shipping, tax, or bank account information may be subject to forfeit after 180 days of issuance. Splash Financial reserves the right to change or eliminate the Program at any time with or without notice. Additional terms and conditions apply; click here for Official Rules.