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Splash Financial vs Laurel Road: Student Loan Refinancing Comparison

Splash Financial vs Laurel Road has a lot of things in common. Each advertises affordable rates and both are comparatively well-known.

But these two lenders couldn’t be more unlike one another. The key differences between Splash and Laurel Road can have a big impact on which lender is preferable for borrowers.

The basic terms and conditions of Laurel Road and Splash are quite similar. No application fees, prepayment fines, or loan origination charges are assessed by any lender. Additionally, the lack of fees isn’t precisely a selling point as the bulk of reputable refinancing lenders doesn’t impose them.

Splash Financial vs Laurel Road

Splash FinancialLaurel Road
Interest RatesFixed APR: 1.89% – 11.82%
Variable APR: 2.49% to 11.97%
Fixed APR: 3.99% to 6.40%
Variable APR: 2.50% to 6.30%
Loan Terms5, 7, 8, 10, 12, 15, 20, and 25 Years 5 – 20 Years
Minimum credit score640Does not disclose

Splash Financial Advantages

Splash Financial is well-known for its extremely low-interest rates on student loans, which might assist qualifying students in saving money on interest, paying off their debts more quickly, or both.

It has only begun providing private student loans, but it already has over 100,000 active accounts and more than $6 billion in refinancing requests on its CV.

It works with banks, credit unions, and other lenders in order to obtain the best rates rather than making its own loans. Additionally, there are no origination or fees associated with Splash Financial’s refinancing services.

This suggests that you may be eligible for a less expensive loan and be able to repay it anytime you want with even more money. Your previous loan servicer may need 14 days to receive the funds.

It also fits:

Hint: Dave Ramsey just recommended Splash Financial.

Laurel Road Advantages

Laurel Road will not be providing graduate loans for the 2022–2023 school year. They do provide refinancing for undergraduate and some associate degrees. Federal and private parent loans are both eligible for refinancing through Laurel Road, and eligible students are also given the chance to take on the debt.

2019 saw Laurel Road join KeyBank, a provider of business and community banking services. The Higher Education Loan Authority of the State of Missouri, better known as MOHELA, is responsible for servicing the student loans issued by Laurel Road, a New York City-based firm.

Borrowers with undergraduate degrees who wish to refinance their loans at a cheaper interest rate should use Laurel Road Student Loans.

Associate degree holders in relevant disciplines who are currently borrowing desire to refinance their debts at a cheaper interest rate. Parents want to refinance a parent-student loan so that the kid would take on the remaining balance.

How to Choose Between Splash Financial and Laurel Road

In the end, Splash Financial is the lender that offers the most favorable terms to the majority of borrowers and has the lowest interest rate. Shopping around and comparing rates from other lenders is the best course of action.

Splash is now ranked as the best lender on our website due to its consistent practice of offering applicants the best rate. However, due to their unique approach, many borrowers will find Earnest gives the best rate.

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