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© 2018 Splash Financial, Inc.

Terms and Conditions apply.

General Disclosure

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 07/01/2018.

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 4.69% APR, Splash Financial’s lowest available 15-year fixed rate as of 7/2/18. 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 6.919%, refinanced to a shorter, 5-year term with a fixed rate of 3.25% APR, Splash Financial’s lowest available 5-year fixed rate as of 7/2/18. 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*

*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 3.25% to 4.69% (3.25% to 4.69% 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 3.25% $181
8 years 96 months 4.04% $122
12 years 144 months 4.37% $89
15 years 180 months 4.69% $77

VARIABLE RATE*

*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 July 01, 2018, the one-month LIBOR rate is 2.10%. 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 2.72% - 4.65% (2.72% - 4.65% 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 2.10%. 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 2.72% $178
8 years 96 months 4.13% $122
12 years 144 months 4.38% $89
15 years 180 months 4.65% $77

Resident and Fellow Refinancing Disclosures

Select loans are originated and funded by Bank of Lake Mills and not Splash Financial. Bank of Lake Mills does not have an ownership interest in Splash. Neither Splash nor Bank of Lake Mills is affiliated with the school you attended. Bank of Lake Mills is Member FDIC.

Loans originated by Bank of Lake Mills include a feature which provides that, in the event of the borrower's death or total and permanent disability (as determined by us), the unpaid balance of the loan may, at our sole discretion, be eligible for cancellation. Acceptable evidence of death or disability will be required. Loan cancellation may have income tax consequences.

You must be a medical professional who has completed or is currently in a residency or fellowship program. The maximum loan amount is $350,000 and the minimum loan amount is $25,001.

Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance.

Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify for a loan, you must have a responsible financial history. You must be a medical professional who has completed or is currently in a residency or fellowship program. The maximum loan amount is $350,000 and the minimum loan amount is $25,001.

If you choose to make $1 per month payments, all unpaid principal and interest amounts are accrued and capitalized at the end of your training period, and borrowers will pay more over the life of the loan with the $1 per month repayment option than if a different repayment option is selected.

2a. Borrowers can reduce their monthly payments by $3k-$6k during their training period (calculated by comparing borrower's estimated annual government REPAYE payments of $250-$500 per month to borrower's payments under Splash Financial’s $1 per month payment option over the same time period). If you choose to make $1 per month payments, all unpaid principal and interest amounts are accrued and capitalized at the end of your training period, and borrowers will pay more over the life of the loan with the $1 per month repayment option than if a different repayment option is selected.

2b. Applicants can pay $1 per month during their residency and fellowship training periods. The maximum amount of time they can pay $1 per month is 84 months. Residency and fellowship loans have a fixed interest rate that ranges from 3.25% APR to 6.69% APR, a loan term of up to 240 months, inclusive of an optional 84-month deferment period during residency or fellowship, and provide the option to either immediately repay the principal and interest or to defer repayment. The APR range shown assumes the APR, monthly payment and total payments that would apply to a loan that is made at the end of the residency period in a single disbursement. For example, a refinance loan with a 5.22% APR on a $180,000 principal balance, a 36-month training period with payments of $1 per month will have a 10-year repayment term after training is complete with payments of $2,284 per month.

Welcome Bonus

Terms and conditions apply. Offer is subject to lender approval. To receive the offer, you must: (1) be refinancing over $30,000 in student loans (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 60 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.

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.