Earnest vs Splash Financial: Which refinancing option fits your situation
Earnest is a direct lender offering customizable terms and precision pricing, while Splash Financial is a marketplace that shops multiple lenders to find competitive offers—choose based on whether you want a single streamlined experience or access to multiple lender options.
Refinancing student loans is a strategic move for borrowers with good credit and stable income who want to lower their interest rates, reduce monthly payments, or change their repayment timeline. Both Earnest and Splash Financial are heavyweights in the refinancing space, but they operate differently. Understanding these differences is key to securing the best possible terms for your financial future.
Before proceeding, it is vital to understand that refinancing federal student loans with a private lender means permanently forfeiting federal benefits. This includes access to income-driven repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and generous federal deferment options. If you anticipate needing these protections, refinancing may not be the right choice. For more details on these trade-offs, visit StudentAid.gov.
In this guide, you’ll learn how rates, eligibility criteria, and borrower features compare between Earnest and Splash Financial, helping you decide which lender suits your specific profile.
Earnest vs Splash Financial at a glance
To help you make a quick assessment, the table below highlights the fundamental differences between these two options. While Earnest services its own loans, Splash Financial connects you with a network of banks and credit unions.
| Feature | Earnest | Splash Financial |
|---|---|---|
| Lender Type | Direct Lender | Marketplace (Network of Lenders) |
| Fixed APR | 4.99% – 9.74% | 4.96% – 9.99% |
| Variable APR | 5.89% – 9.74% | 5.28% – 9.99% |
| Loan Amounts | $5,000 – $500,000 | $5,000 – No maximum (varies by lender) |
| Repayment Terms | 5, 7, 10, 12, 15, 20 years | 5, 7, 10, 15, 20 years (varies by lender) |
| Min. Credit Score | 680 (typically) | 670 (varies by partner) |
| Key Feature | Skip-a-payment & Precision Pricing | Compare multiple offers at once |
| Origination Fees | None | None (for most partners) |
Source: Earnest.com and SplashFinancial.com (rates as of January 2025)
Both lenders allow you to check your rate with a soft credit pull, meaning you can see potential terms with no impact to your credit score.
Use this matrix to identify which option likely aligns with your priorities:
- Want to compare multiple lender offers at once: Splash Financial
- Prefer customizable payment dates and skip-a-payment flexibility: Earnest
- Seeking the lowest possible rate through competition: Splash Financial
- Value precision pricing based on your exact financial profile: Earnest
- Have thin credit but a strong cosigner: Splash Financial (access to more underwriting models)
- Want a rate-match guarantee: Earnest
- Prefer a single-servicer relationship: Earnest
Understanding Earnest and Splash Financial business models
The primary distinction between Earnest and Splash Financial lies in their business models. Understanding whether you are working with a direct lender or a marketplace helps manage expectations regarding the application process and long-term loan servicing.
Earnest operates as a direct lender. When you apply with Earnest, they underwrite the loan, fund it, and act as your servicer. This creates a consistent experience from the moment you apply until the day you pay off the final balance. Earnest is known for using “precision pricing,” a proprietary underwriting model that looks at holistic financial data—such as savings patterns and earning potential—rather than just a credit score. Earnest is a subsidiary of Navient, providing the backing of a major financial institution while maintaining its own distinct brand and technology.
Splash Financial, conversely, is a student loan marketplace. Splash does not fund loans directly; instead, it utilizes technology to connect borrowers with a network of partner lenders, which includes banks, credit unions, and other financial institutions. When you fill out an application on Splash, the platform checks your profile against multiple lenders simultaneously to find the best matches.
For the borrower, the marketplace model offers the advantage of comparison shopping. You might receive offers from three different credit unions, allowing you to pick the one with the lowest rate. However, once you select an offer and sign the loan documents, your relationship moves to that specific partner lender. This means your customer service experience and online dashboard will depend on which partner you choose, rather than Splash Financial itself.
Earnest vs Splash Financial: Interest rates compared
Interest rates are often the deciding factor for families and students looking to refinance. Both Earnest and Splash Financial offer competitive fixed and variable rates, though how they arrive at those offers differs.
According to Earnest.com, as of January 2025, fixed rates are 2.47% - 7.99% APR, while variable rates are 1.74% - 7.99% APR (including the 0.25% autopay discount). Earnest uses a unique “precision pricing” model. Rather than slotting borrowers into broad credit tiers, they analyze thousands of data points to offer a rate customized to your specific financial health. Additionally, Earnest offers a Rate Match Guarantee: if you find a lower rate with another lender, they will match it and give you a $100 Amazon gift card, subject to specific terms and conditions.
According to SplashFinancial.com, as of January 2025, fixed rates are 1.99% - 6.25% APR, and variable rates are 1.74% - 6.52% APR. Because Splash aggregates offers from credit unions and banks—some of which are eager to acquire new customers—borrowers can often find highly competitive rates that undercut national averages.
According to Jason Delisle, education finance researcher at AEI, “The private market can and does innovate—offering options federal loans don’t, such as variable rates or targeted underwriting.” This innovation is evident in how Splash leverages competition among lenders to drive down costs for borrowers.
Regardless of the lender, the rate you receive depends on several key factors:
- Credit Score: Higher scores generally unlock the lowest advertised rates.
- Debt-to-Income Ratio: Lenders want to ensure your income comfortably covers your debts.
- Loan Term: Shorter repayment terms typically come with lower interest rates.
- Economic Environment: Variable rates fluctuate with market indices like SOFR.
While Earnest offers a streamlined, single-lender rate check, Splash Financial’s model may yield a broader range of rate options for different borrower profiles.
Eligibility requirements: Who qualifies for each lender
Before applying, it is essential to ensure you meet the basic eligibility criteria. While both platforms cater to creditworthy borrowers, their specific requirements can differ, particularly because Splash represents a network of different institutions.
According to Earnest.com, the company generally requires borrowers to have a minimum credit score of 680, though they emphasize a holistic review of your finances. To qualify, you must:
- Be a U.S. citizen or Permanent Resident (10-year card).
- Be employed or have a written job offer starting within 6 months.
- Have enough income to cover living expenses and debt payments.
- Have completed your degree (Earnest does not refinance loans for non-graduates).
- Reside in a state where Earnest lends (currently available in most states, but check the website for exclusions like NV or KY).
Earnest refinances both federal and private student loans, including Parent PLUS loans, provided the loans were used for a Title IV accredited school.
Because Splash is a marketplace, eligibility varies by partner. According to SplashFinancial.com, general requirements across the network include:
- Credit Score: Typically 670+, though some partners may accept slightly lower scores with a strong cosigner.
- Income: Proof of steady income is required.
- Education: Most partners require a completed degree (Associate’s, Bachelor’s, or Graduate), though a few may refinance loans for borrowers who did not graduate.
- Residency: Available to U.S. citizens and permanent residents; some partners may accept visa holders with a cosigner.
According to Mark Kantrowitz, financial aid expert, “Most students will need a cosigner to qualify for a private student loan.” This is particularly true for recent graduates with thin credit files. Splash Financial may be a stronger option for these borrowers, as their network includes lenders with varying underwriting appetites.
- Excellent Credit (700+): Both lenders are highly accessible.
- Good Credit (650-699): Splash may offer more options through credit union partners.
- Non-Graduates: Splash is more likely to have a partner that accepts non-graduates than Earnest.
For more details on qualification standards, review our guide to private student loan eligibility.
See if you qualify: Check your rate with no credit impact.
Loan amounts and repayment terms
Structuring your loan correctly is just as important as securing a low rate. The loan term you choose directly impacts your monthly payment size and the total interest paid over the life of the loan.
According to Earnest.com, the company offers high flexibility regarding loan amounts and terms:
- Loan Amounts: Minimum of $5,000 up to $500,000.
- Standard Terms: 5, 7, 10, 12, 15, and 20 years.
- Precision Terms: A unique feature where borrowers can customize their term to the exact month (e.g., 9 years and 3 months) to hit a specific monthly payment target.
This precision allows borrowers to optimize their budget without being forced into a standard 10 or 15-year bucket.
Splash Financial’s options depend on the partner lender but generally cover the industry standards:
- Loan Amounts: Minimum of $5,000. Maximums vary, with some partners having no cap on the amount refinanced (great for medical or law school debt).
- Standard Terms: Typically 5, 7, 10, 15, and 20 years.
While Splash offers standard flexibility, it lacks the custom month-by-month term selection found at Earnest.
Remember the fundamental trade-off:
- Shorter Terms (5-7 years): Higher monthly payments, but significantly less interest paid overall.
- Longer Terms (15-20 years): Lower monthly payments, but higher total interest costs.
For a deeper dive into structuring your new loan, visit our student loan refinancing guide.
Unique features: Earnest benefits and perks
Earnest distinguishes itself through proprietary features designed to offer flexibility that traditional banks rarely match. These benefits are standardized for all Earnest borrowers.
According to Earnest.com, one of the company’s most popular features is the ability to skip one payment every 12 months. To qualify, you must make six months of consecutive on-time full principal and interest payments. While interest continues to accrue during the skipped month, this feature provides a valuable safety net for unexpected expenses or holidays.
Earnest assesses your financial responsibility using data points like savings habits and retirement contributions, which can help borrowers with shorter credit histories but strong financial discipline get better rates. Additionally, borrowers can switch between bi-weekly and monthly payments to accelerate payoff and reduce interest.
According to Earnest.com, if you are approved for a lower rate with another lender, Earnest will match it and give you a $100 Amazon Gift Card. You must provide valid proof of the competitor’s offer, and terms apply.
Unique features: Splash Financial benefits and perks
Splash Financial’s primary value proposition is the power of its marketplace. By aggregating lenders, it provides benefits centered on access and competition.
With a single application, Splash allows you to tap into a network of lenders that includes community banks and credit unions you might not otherwise find. Credit unions, in particular, are non-profit organizations that often offer lower rates than large commercial banks.
Instead of filling out five different applications to shop for rates, Splash lets you see multiple offers side-by-side. This efficiency saves time and ensures you aren’t leaving money on the table. The platform’s algorithm matches you with the lenders most likely to approve your specific financial profile.
Because the network is diverse, Splash can accommodate a wider variety of borrower needs. Whether you are a parent refinancing Parent PLUS loans or a medical resident with high debt, the marketplace model increases the odds of finding a lender with a product tailored to your situation.
Compare offers from multiple lenders: Check your rate with no credit impact.
Fees and costs comparison
One of the advantages of modern student loan refinancing is the reduction of unnecessary fees. Both Earnest and Splash Financial are very competitive in this regard.
| Fee Type | Earnest | Splash Financial |
|---|---|---|
| Origination Fee | $0 | $0 (for most partners) |
| Prepayment Penalty | $0 | $0 |
| Application Fee | $0 | $0 |
| Late Payment Fee | $8 or 5% of unpaid amount | Varies by partner lender |
Source: Earnest.com and SplashFinancial.com (fees as of January 2025)
Neither lender charges you to apply, originate the loan, or pay it off early. This means 100% of your payment goes toward principal and interest. However, late fees apply if you miss a payment. According to Earnest.com, Earnest charges $8 or 5% of the unpaid amount (whichever is greater) for late payments, whereas Splash Financial borrowers will need to check the specific loan agreement of the partner lender they choose.
Cosigner policies and cosigner release
For borrowers with lower credit scores or limited income history, applying with a creditworthy cosigner can be the key to approval and lower interest rates. However, most cosigners eventually want to be removed from the obligation.
According to Earnest.com, the company allows borrowers to apply for cosigner release, but the requirements are strict. Generally, you must make a specific number of consecutive, on-time payments (often 12 months, though this is subject to change) and meet current underwriting criteria on your own regarding income and credit score. This provides a clear path to financial independence for the primary borrower.
Because Splash is a marketplace, cosigner release policies vary entirely by the partner lender. Some credit union partners may offer release after 12 to 24 months of on-time payments, while others may not offer cosigner release at all. When reviewing offers on the Splash dashboard, it is critical to check the specific terms of each lender if releasing your cosigner is a priority.
If you are applying with a cosigner, make sure you both understand the responsibilities involved. For more guidance, read our guide to student loan cosigners.
Borrower protections and hardship options
When you refinance federal loans, you lose federal protections. Private lenders offer some safeguards, but they are generally less comprehensive than federal programs.
According to Earnest.com, the company offers a forbearance option for borrowers facing involuntary job loss or other economic hardships. While policies can change, they typically allow for forbearance in three-month increments, up to 12 months over the life of the loan. Additionally, the “Skip-a-Payment” feature acts as a mini-forbearance for short-term cash flow issues.
Protections for Splash borrowers depend on the partner lender. Most reputable private lenders offer some form of temporary forbearance for economic hardship (often 2-3 months at a time). However, death and disability discharge policies vary. While federal loans offer automatic discharge if the borrower dies or becomes permanently disabled, private lenders are not legally required to do so, though many (including Earnest) have adopted compassionate discharge policies.
Customer service and support
The quality of customer support can define your repayment experience, especially if you encounter issues or need to change payment details.
Earnest is frequently praised for its “Client Happiness” team. Because they are a direct lender, their support agents have direct access to your loan details and can make decisions regarding payments or forbearance. Support is available via phone, email, and chat, and their mobile app is highly rated for ease of use.
Splash Financial offers excellent support during the application and comparison phase. Their team can help you navigate the marketplace and understand different offers. However, once your loan is funded, your customer service relationship transfers to the partner lender. This means your experience will depend on whether you matched with a tech-forward online bank or a small local credit union with more limited hours.
When evaluating Splash offers, it is wise to do a quick search for reviews of the specific partner lender before signing the final agreement.
Earnest vs Splash Financial: Pros and cons summary
To summarize your options, here are the primary advantages and disadvantages of each platform.
- Pros:
- Precision pricing rewards responsible financial habits.
- Skip-a-payment feature offers flexibility.
- Rate-match guarantee ensures competitiveness.
- Consistent, single-servicer experience.
- No origination or prepayment fees.
- Cons:
- Single lender means no comparison shopping within the platform.
- Strict eligibility requirements (must have completed degree).
- Not available in all 50 states (check current exclusions).
- Pros:
- Compare offers from multiple lenders with one application.
- Access to credit union rates that may beat big banks.
- Higher chance of approval for diverse credit profiles.
- Potential for no loan maximums (partner dependent).
- Cons:
- Servicing experience varies by partner lender.
- Cosigner release and hardship policies vary by partner.
- You don’t know your exact servicer until you select an offer.
Which lender is right for you: Ideal borrower profiles
Choosing between Earnest and Splash Financial ultimately comes down to your priorities: do you want a specific set of features, or do you want the absolute lowest rate the market can bear?
Choose Earnest if you:
- Value payment flexibility: The ability to skip a payment and customize your loan term is unique to Earnest.
- Want a consistent experience: You prefer dealing with one company for origination and servicing.
- Have strong financial habits: You have savings and investments that might help you get a better rate through precision pricing.
- Are confident in your credit: You likely meet their 680+ credit score requirement.
Choose Splash Financial if you:
- Are a comparison shopper: You want to see rates from banks, credit unions, and online lenders simultaneously.
- Have a cosigner: You want to access lenders with different underwriting criteria to maximize your approval odds.
- Want access to credit unions: You are looking for the low rates often provided by non-profit lenders.
- Need to borrow a very high amount: Some Splash partners have no maximum loan limit.
Strategy Tip: Because both lenders use soft credit pulls to check rates, there is no downside to checking your rate with both. This allows you to compare Earnest’s precision offer against the best offer Splash’s marketplace can find.
Frequently asked questions
Neither is objectively “better”; it depends on your needs. Earnest is better for borrowers seeking flexible repayment features and a direct relationship. Splash Financial is better for borrowers who want to shop the market for the lowest possible rate across multiple lenders.
Yes, both lenders allow you to refinance federal and private loans, or combine them into a single new loan. However, remember that refinancing federal loans permanently forfeits federal protections like IDR and PSLF.
No. Both Earnest and Splash Financial use a soft credit inquiry to provide you with preliminary rate offers. This allows you to shop around without harming your credit score. A hard inquiry will only occur if you accept an offer and proceed with the final application.
Yes, both platforms support Parent PLUS loan refinancing. Parents can refinance these loans in their own name to lower the rate, or in some cases, refinance them into the child’s name (transferring the debt), though this depends on specific lender criteria.
Absolutely. Since initial rate checks do not impact your credit score, it is a smart financial strategy to apply to both to ensure you are getting the most competitive interest rate available.
Both Earnest and Splash Financial are top-tier options for student loan refinancing, offering competitive rates and a fee-free structure. Earnest stands out for its borrower-centric features like skip-a-payment and precision pricing, making it an excellent choice for those who value flexibility and a streamlined digital experience. Splash Financial shines as a powerful marketplace tool, ideal for borrowers who want to ensure they aren’t missing out on a lower rate from a credit union or partner bank.
Key takeaways:
- Earnest is a direct lender; Splash is a marketplace connecting you to a network of lenders.
- Both offer soft credit checks, so checking rates will not hurt your credit score.
- Earnest offers unique repayment flexibility; Splash offers broad market access.
- Refinancing federal loans permanently removes federal benefits—weigh this carefully.
The smartest move is to leverage the technology both companies provide. Since there is no cost and no credit impact to check your preliminary rates, compare offers from both to see which lender favors your specific financial profile.
Ready to find your best rate? Compare personalized offers from multiple lenders—check your rate with Splash Financial or get a precision rate from Earnest in minutes with no impact to your credit. Trusted by thousands of borrowers.
References and resources
For further research and to verify current terms, consult the following resources:
- Official Lender Sites: Visit Earnest.com and SplashFinancial.com for the most up-to-date rates and eligibility rules.
- Federal Loan Information: Review StudentAid.gov to understand the federal benefits you may be giving up.
- College Finance Guides:
- Consumer Protection: Visit the Consumer Financial Protection Bureau (CFPB) for complaints and ombudsman resources.
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