Splash Financial vs ELFI: Student loan refinancing compared

Splash Financial works best for borrowers wanting to compare multiple lender offers through one application, while ELFI suits those seeking a direct relationship with competitive rates and strong customer service. Both lenders offer robust solutions for refinancing federal and private student loans, but they operate on fundamentally different business models that impact your experience.

In this guide, you will learn how each lender handles rates, eligibility, and borrower benefits—plus which is the better fit for your refinancing goals. Whether you are a parent managing Parent PLUS loans or a graduate looking to lower the interest rate on your own debt, understanding these differences is the first step toward a smarter repayment strategy.

Context: Understanding student loan refinancing marketplaces vs direct lenders

Before comparing specific rates and terms, it is essential to understand the structural difference between Splash Financial and ELFI (Education Loan Finance). This distinction shapes everything from the application process to who you eventually pay every month.

Splash Financial operates as a refinancing marketplace. Think of it as a search engine for student loans. When you submit an application to Splash, they do not lend you the money themselves. Instead, they share your information with a network of partner lenders—including banks and credit unions—to find you the best available offers. This model allows you to shop around efficiently, potentially receiving multiple rate quotes from different institutions through a single portal.

In contrast, ELFI is a direct lender. It is a division of SouthEast Bank, meaning they originate, fund, and service the loans themselves. When you apply with ELFI, you are dealing directly with the source of your funding. This model often provides a more consistent borrower experience, as you have a single point of contact throughout the life of the loan. ELFI is known for assigning dedicated Personal Loan Advisors to guide applicants through the process, offering a level of personalized service that marketplaces generally cannot match.

Both models can result in excellent refinancing outcomes. A marketplace offers the convenience of competition, while a direct lender offers the stability of a direct relationship. Now that you understand these different approaches, here is how they compare across the features that matter most.

Quick comparison: Splash Financial vs ELFI at a glance

To help you assess which lender aligns with your financial profile, we have compiled the key features of both Splash Financial and ELFI. This table provides a high-level view of what you can expect regarding rates, terms, and eligibility.

Source: Splash Financial and ELFI websites, as of February 2025.

While the table above outlines the structural limits, the specific interest rate you are offered depends heavily on how each lender assesses your financial health. The next section explains how that process works.

Interest rates and how each lender determines your rate

Securing a lower interest rate is the primary motivation for most borrowers considering refinancing. However, because Splash Financial and ELFI operate differently, the way they determine your rate varies.

With Splash Financial, your rate determination is driven by competition. When you submit a pre-qualification request, Splash queries its network of partners. Each partner lender has its own underwriting criteria—some may weigh income more heavily, while others prioritize credit history. This means you might receive a range of offers: one partner might offer a low variable rate, while another offers a competitive fixed rate. This marketplace approach increases the odds of finding a lender whose specific “buy box” (ideal borrower profile) matches your financial situation.

ELFI, as a direct lender, determines rates based on its own internal underwriting standards. According to ELFI, they focus heavily on credit history, free cash flow, and debt-to-income ratio. Because they do not have to account for third-party fees in the same way a marketplace might, their rates are often highly competitive for borrowers who meet their stricter criteria. ELFI offers both fixed and variable rates, allowing borrowers to choose between stability (fixed) or potentially lower initial costs (variable).

For both lenders, the lowest advertised rates are typically reserved for borrowers with excellent credit scores (often 750+) and strong income relative to their debt. Additionally, choosing a shorter loan term, such as 5 or 7 years, generally results in a lower interest rate compared to a 15 or 20-year term. Understanding these factors leads naturally to understanding exactly what is required to get approved.

Eligibility requirements: Who qualifies for each lender

Before applying, it is crucial to ensure you meet the basic eligibility criteria. Refinancing requires a strong financial profile, as private lenders do not have the government backing that federal loans do.

Credit score and history
As shown in the comparison above, ELFI requires a minimum credit score of 680 as of February 2025. They are transparent about this requirement, targeting borrowers with established credit histories. Splash Financial’s requirements vary depending on the partner lender, but generally, a score of 640 to 670 is the baseline for consideration. According to Betsy Mayotte, student loan expert, “Private loans can make sense for students who have strong credit or a creditworthy cosigner.” This is particularly true for refinancing, where your creditworthiness directly dictates your savings.

Income and employment
Both lenders require proof of income and employment. According to ELFI, they typically require a minimum income of $35,000 per year. Splash Financial’s partners vary, but most look for stable income that comfortably covers your living expenses and debt obligations. For recent graduates with high income potential but short employment history, having a cosigner can significantly improve approval odds with either lender.

Education requirements
This is a key differentiator. ELFI generally requires borrowers to have graduated with at least a bachelor’s degree from an eligible institution. They do not typically refinance loans for borrowers who did not complete their degree. Splash Financial’s network is broader; while most partners require a degree (Associate’s, Bachelor’s, or higher), some partners may lend to parents who took out loans for a child’s education, even if the child did not graduate, provided the parent meets credit criteria.

Loan types
Both lenders refinance federal student loans, private student loans, and Parent PLUS loans. If you are a parent looking to transfer a Parent PLUS loan to your child (so they become the primary borrower), some of Splash’s partners and ELFI may offer this ability, provided the child meets the income and credit requirements on their own.

For a deeper dive into general qualification standards, review our guide to student loan refinancing eligibility. Beyond these basics, each lender offers distinct benefits that may influence your decision.

Splash Financial: Unique features and borrower benefits

Splash Financial’s primary strength lies in its marketplace model, which prioritizes speed and choice. By aggregating offers, Splash allows you to check rates with multiple lenders simultaneously without damaging your credit score. This process uses a “soft credit pull,” meaning you can view potential rates and terms before committing to a formal application.

The partner network
Splash partners with banks, credit unions, and other financial institutions. This diversity is a significant benefit. For example, credit unions often offer lower rates than large national banks but have limited marketing reach. Splash connects you to these smaller institutions that you might not find on your own. According to Splash Financial, as of February 2025, their technology matches borrowers with lenders in minutes, streamlining what used to be a tedious research process.

Cosigner release
Because Splash is a marketplace, policies like cosigner release (removing a cosigner from the loan after a period of on-time payments) depend on the specific lender you choose. Many partners on the Splash network do offer this feature, typically after 12 to 24 months of consecutive on-time payments, but you must verify the specific terms of the offer you select.

Customer service model
During the application phase, Splash’s support team helps you navigate the platform. However, once your loan is funded, your relationship moves to the partner lender. This means if you have questions about billing or hardship later, you will contact the specific bank or credit union that funded your loan, not Splash.

ELFI: Unique features and borrower benefits

ELFI takes a different approach, focusing on a high-touch, personalized experience. Their standout feature is the “Personal Loan Advisor.” Every applicant is assigned a dedicated advisor who serves as a single point of contact from the application through funding. This is rare in the fintech space, where support is often automated or handled by general call centers.

Direct lending relationship
Because ELFI is backed by SouthEast Bank, they have total control over the lending process. This allows for faster decision-making on complex applications and a seamless transition into repayment. There is no hand-off to a third party; the company you apply with is the company you pay.

Cosigner release
According to ELFI, as of February 2025, they offer a clear cosigner release policy. Borrowers can apply to release their cosigner after making 12 consecutive, full, on-time principal and interest payments, provided they meet credit and income requirements on their own. As Mark Kantrowitz, financial aid expert, notes, “Cosigner release is a valuable feature offered by some private lenders, rewarding responsible repayment.” This feature provides peace of mind for parents or relatives helping a student refinance.

Fast payment bonus
ELFI has previously offered referral bonuses and financial wellness resources to their members. Their focus is on building a long-term banking relationship, which can be advantageous if you value stability and customer care over purely transactional interactions.

Understanding what each lender offers helps you prepare for the application process, which differs slightly between the two platforms.

Application process: What to expect from each lender

The application experience is the final logistical hurdle between you and your new loan. Both lenders have optimized their digital platforms for speed, but the workflow differs.

Applying with Splash Financial
The process begins with a simple rate-check form. You enter basic information—degree, income, loan balance—and Splash performs a soft credit inquiry. Within minutes, you are presented with a dashboard of offers from various lenders. You can sort these by interest rate, monthly payment, or loan term. Once you select an offer, you proceed to the specific lender’s portal to upload documents (pay stubs, loan statements, ID) and finalize the loan. A hard credit inquiry is only performed once you select a specific offer and submit the full application.

Applying with ELFI
ELFI’s process is direct. You start by creating an account and submitting a pre-qualification form, which also triggers a soft credit pull to show your rate options. If you like the rates, you move immediately to the full application within the ELFI portal. You will upload your verification documents directly to them. Because of their Personal Loan Advisor model, if you get stuck or have a question about a document, you can call or email your specific contact for help. Funding times for both lenders are typically fast, often within 5 to 10 business days after final approval.

For a detailed list of documents you should gather before starting, refer to our refinancing application checklist. With application logistics clear, you can focus on which lender best fits your situation.

Which lender should you choose? Decision framework

Both Splash Financial and ELFI are reputable options, but they serve slightly different needs. Use this framework to decide which application to prioritize.

Choose Splash Financial if:

• You want to shop the market efficiently: You prefer filling out one form to see rates from multiple banks and credit unions rather than applying to them individually.
• You are looking for specific niche lenders: You are open to borrowing from a credit union or smaller bank that might offer lower rates than national lenders.
• You have a smaller loan balance: You need to refinance between $5,000 and $10,000, which is below ELFI’s minimum.
• You have a credit score between 640 and 680: You may find a partner on the Splash network with more flexible credit criteria than ELFI.

Choose ELFI if:

• You value customer service: You want a dedicated advisor to walk you through the process and answer questions directly.
• You prefer a direct relationship: You want to know exactly who is servicing your loan from day one, without your loan being sold or handed off.
• You have a strong financial profile: You meet the 680+ credit score and income requirements and want to leverage that for competitive rates.
• You have a large loan balance: ELFI is comfortable refinancing high balances (such as medical or law school debt) provided you have the income to support it.

Consider applying to both if:
Since both lenders offer rate checks with only a soft credit pull, there is no harm in checking your preliminary rates with both. This allows you to compare the specific numbers side-by-side before making a commitment.

Before you refinance: Important considerations

Before you sign any paperwork, it is vital to remember the trade-offs involved in refinancing. If you are refinancing federal student loans, you will permanently lose federal benefits. This includes access to income-driven repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and generous federal deferment options. You can read more about these trade-offs at StudentAid.gov or in our federal vs. private loans guide.

Refinancing is typically best for borrowers with stable income, a strong emergency fund, and no plans to utilize federal forgiveness programs. Additionally, while checking rates uses a soft credit pull, finalizing the loan will result in a hard credit inquiry, which may temporarily dip your credit score by a few points. Finally, if you are using a cosigner, ensure you both understand the repayment obligations and the timeline for potential cosigner release.

If refinancing aligns with your goals, comparing your options is the logical next step.

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Frequently asked questions

Can I refinance Parent PLUS loans with Splash Financial or ELFI?
Yes, both lenders allow you to refinance Parent PLUS loans. You can refinance them in your own name as a parent, or many lenders allow the child to refinance the debt into their own name, provided they meet the income and credit requirements.

Does checking rates with Splash Financial or ELFI affect my credit score?
No. Both lenders utilize a soft credit pull for the pre-qualification process. This allows you to see your potential interest rates and terms without impacting your credit score. A hard credit inquiry is only performed if you accept an offer and proceed with the full application.

Can I refinance if I haven’t graduated yet?
Generally, no. ELFI typically requires a degree to refinance. While some partners on the Splash network may have different criteria, refinancing is almost exclusively available to borrowers who have left school and entered repayment. You can check our guide on refinancing rules for more details.

What is the minimum loan amount for refinancing with each lender?
According to Splash Financial, they allow refinancing for loan balances as low as $5,000 (depending on the partner), while ELFI requires a minimum balance of $10,000 as of February 2025.

How long does refinancing take with Splash Financial vs ELFI?
Both lenders are efficient. The pre-qualification takes only a few minutes. Once you submit your full documentation, approval typically takes 1-5 business days, with funding following shortly after. The entire process from application to payoff of your old loan usually takes 2-3 weeks.

Choosing between Splash Financial and ELFI ultimately comes down to your preference for choice versus service. Splash Financial is a powerful tool for rate shoppers who want to cast a wide net and find the lowest possible rate among various institutions. ELFI is an excellent choice for borrowers who want a premium, guided experience with a direct lender known for competitive terms and flexibility.

Key takeaways:

• Splash Financial offers a marketplace experience, ideal for comparing multiple offers with one form.
• ELFI offers a direct lending experience with dedicated advisors, ideal for those wanting high-touch service.
• Eligibility is slightly stricter with ELFI (680+ credit), while Splash partners may offer more variance.
• Both lenders allow you to check rates without harming your credit score.

Refinancing can be a smart financial move if it lowers your interest rate or reduces your monthly payment, freeing up cash for other life goals. If you are ready to see what you qualify for, you can check your personalized rates today.

Ready to see your refinancing options? Compare personalized rates from Splash Financial, ELFI, and other top lenders in minutes—checking won’t affect your credit score. Compare rates from 8+ lenders

References and resources

• Splash Financial Official Website – Marketplace for student loan refinancing.
• ELFI Official Website – Direct lender for student loan refinancing.
• StudentAid.gov – Official information on federal loan protections and forgiveness.
• College Finance: Student Loan Refinancing Guide – Comprehensive guide to eligibility and savings.
• College Finance: Federal vs. Private Loans – Understanding the trade-offs of refinancing.
• College Finance: Best Refinancing Lenders – Top-rated lenders for 2025.