Like other legitimate lenders, there are no prepayment or loan origination fees with Splash Financial. So you’ll need to add that back on to compare apples to apples during residency. Picking a shorter term will result in lower rates (note: the term doesn’t kick in until you become an attending and start true repayment). SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. Splash Financial is unique among the four programs as being a true forbearance alternative. These events take place coast to coast, in cities including New York, Oakland, Boston, and San Diego. SoFi is unique in that they throw a lot of resources behind their members—and these go beyond refinancing. Of all the companies we reviewed, CommonBond has some of the best customer service. In many cases, REPAYE offers the straight up best rate for someone in training (particularly if single and not moonlighting substantially). Find your rate. Splash offers a $300 bonus for loans above $30k. Its original focus was on grad students, but it has since expanded to cover undergrads as well. CommonBond vs. SoFi: The basics. Link’s program is only available to PGY2’s and above, so graduating students and interns are not eligible. Splash Financial is in all 50 states and is intensely focused on customer service. Connecting student borrowers to a network of over 300 community lenders with low interest rates. Splash Financial conducts a soft credit pull to determine your potential eligibility. Both lenders keep it pretty simple and provide online applications. This site may be compensated through our partner relationships. Splash Financial Basics. SoFi is the leading student loan refinancing provider. I wanted to let you know I put this feed on my daily curator I call The Hospital on my blog. Customer service is also a delight. A couple things to keep in mind: if you pay the minimum every month, you will definitely be in a negative amortization situation, likely even more than you would be using a federal plan (with their higher monthly payments). But before we assume that, let’s remember that PSLF makes the most sense for people destined for academic or government (city/county/state/federal) or with long residencies and big loans. Without that personal touch and scrappiness of the new companies, it took SoFi a long time to make a resident product, and they didn’t do anything creative. My wife and I both refinanced through Sofi. There are several factors that make each one stand out—the career support for SoFi, and the generous forbearance and forgiveness terms for Laurel Road, for example. What Happens to Your Student Loans If You Die or are Disabled? By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. SoFi isn't like a traditional bank, so you need to be aware of a few nuances. Finding the right lender often means finding the one that works best for you—not for everyone else. But other factors matter as well. It’s difficult to say which lender would give you a lower rate—as this depends on your finances and the company's own underwriting priorities. If you’re married and your spouse earns income, the less your subsidy will be and the less it will lower your rate. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider. SoFi, also known as Social Finance, is a market leader that helped pioneer the technology-driven private student lending market. Laurel Road Student Loan Refinance Review. All Rights Reserved. The total reduced payment period is actually up to 54 months (with the final 6 months for the transition to becoming an attending). SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, there's no maximum on the amount you can finance. How does it compare to SoFi? This means that while you can never go back to a federal repayment plan after refinancing, there is literally nothing stopping you from refinancing multiple times, rate hunting, and even collecting multiple referral bonuses. One thing that makes them stand out is their contingency plan for borrowers who hit hard financial times. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. The better question is: which one is better for you? See also: SoFi Student Loan Refinancing Review. Some state restrictions may apply. For starters, the money that's used to fund refinance loans comes from alumni, individuals, and institutions that have invested in the company. SoFi may be a great option for a lot of people—but especially for those seeking community and career support. Win up to $1000 in free stock ... Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates. With PAYE, your rate is your rate unless you have subsidized loans from college, and so comparing what you currently have to what the refinancing industry can offer is easy. Refinancing student loans with Splash Financial to as low as 2.63% fixed APR can save borrowers $350 per month or $29,340 over the life of the loan. Although Splash Financial themselves have only been in the loan refinancing business for 5 years, they have partnered with PenFed, an 80 year-old federal credit union with over 1.6 million members and … To Build Resilience in Isolation, Master the Art of Time Travel. SoFi is a major player in the student loan refinancing marketplace. This effectively reduces your interest rate, in many cases substantially (especially if you’re single or married with a non-working spouse). Physics Explains Why Time Flies as We Age, Osteopaths Settle Class Action Against American Osteopathic Association. Post-match MS4s and all residents are eligible for Laurel Road refinancing. LinkCapital was the second company to join Laurel Road in offering a resident-friendly program. Check out our Student Loan Refi Calculator to see how much you could save by refinancing your student loan. They're backed by both banks and credit unions, letting them give you the very best rates possible. Splash Financial This company lets you check your rate online without a hard inquiry on your credit report, and their variable rates currently start at just 2.25% APR. Borrowers wishing to refinance or consolidate with Splash can borrow a minimum of $5,000, and there is no maximum. The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. I'm partway through the splash financial app which is apparently actually penfed credit union. Disclaimer:  As a recap, with your direct federal loans if you die your loans are completely forgiven as soon as they are sent a death certificate. Both offer very competitive interest rates. CommonBond will refinance up to $500,000, while SoFi has no maximum amount. Read our comparison chart below. Know the difference between SoFi vs Laurel Road. Earnest : This lender offers refinancing options for fair credit and approves loans with debt-to-income ratios as high as 65%. Get a personalized quote from LendKey now. Just looking for recent experiences. If you’re a resident who owes somewhere near $200k while making $55k/year, then your options are likely limited to the federal government options and the four private companies who offer medical resident programs with reduced monthly payments during training: Laurel Road, Splash Financial, SoFi, and LinkCapital. The required monthly payment is exactly $1 for up to 84 months (7 years) of training. CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Unlike the other companies, Link also tells you your training and attending rates, and when you finish training, your rate automatically goes down. They match you with a few lenders, and you can choose the terms that best meet your needs. See also: Should I Refinance My Student Loans? Splash is best for doctors and dentists with high loan balance who want a lower interest rate. In addition, they create opportunities for community by running a members-only Facebook group and offering events for members—including happy hour meet ups, financial planning sessions, and celebratory pay-off dinners. Laurel Road also offers both fixed and variable loans, with interest rates as follows: They offer terms of five, seven, ten, 15, and 20 years. Even the complete applications don’t take more than half an hour or so. If you apply to SoFi in your final year with a signed contract, you’ll automatically get the attending rate instead of the resident rate. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. A lower interest rate is the most obvious criteria you should look for when refinancing your student loan. Click here to apply with Earnest and to see how much you can save. Splash … Second, unpaid interest will also capitalize at the end of the training period, so it would behoove you to try and reduce some of this accrued interest prior to graduation. Splash Financial started as a refinancing company for medical students. Need a speaker? Which one is better for you? It’s only once you move forward with getting a final rate and the formal (but still short) application process that involves a real (“hard) credit check; even then, multiple checks for the same thing within a short period of time are considered rate shopping and should function as a single temporary hit. As relatively newer companies with high-tech approaches to lending, CommonBond and SoFi have a lot in common. No application or origination fees and no prepayment penalties. For every loan they fund, they contribute to the education of a child in need. Getting preliminary rates is a quick 2-minute process that is a soft credit check that won’t affect your credit. Be aware that advertised rates almost universally contain a 0.25% autopay discount, so make sure to account for that when comparing your federal rate. Splash Financial is not a direct lender — Your application will be processed and approved by a partnering lender, usually a bank or credit union, who will also service your loan going forward. 17 Things You Should Do Before Filling Out The FAFSA, 10 Ways To Solve Last Minute Tuition Gaps, The Ultimate Guide To Student Loan Forgiveness, Click here to see more of Splash's offerings, Get your personalized, pre-approved rates in less than 5 minutes, The Best Companies To Refinance Your Student Loans, Variable rates starting at 1.99% APR (with 0.25%. Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life. With SoFi Invest you can start investing in your favorite companies for as little as $1. Earnest empowers people with the financial capital they need to live better lives. Say hello? Splash Financial is an online student loan aggregator that pairs applicants with financial institutions who provide student loan refinancing. They've helped borrowers refinance over $14 billion in student loans. All told I currently have 66 physician financial blogs that are in it with the latest post from each blog. Splash Financial does not charge loan application or origination fees. Get your personalized, pre-approved rates in less than 5 minutes. So, assuming you need to pay off this debt yourself, your goal is to get the lowest interest rate possible to reduce the growth on your loans while having a monthly payment that is feasible as a resident. Other than competitive interest rates, SoFi’s loan offerings aren’t particularly exceptional. I've refinanced a few times In the past between my spouse and my loans. SoFi offers fixed and variable rate loans. No application or origination fees and no prepayment penalties. Both lenders charge zero origination or pre-payment fees. Getting a lower interest rate is great and will make it easier to pay off your debt fast. Laurel Road gets it. Like Sofi, Laurel Road also claims big savings from its members—more than $20,000 on average. Laurel Road also specializes in refinancing medical school debt. SoFi offers residents $100/month payments for up to 4 years of training. hbspt.cta._relativeUrls=true;hbspt.cta.load(2241837, '1bba719e-199b-4f63-ad8c-62f08c891624', {}); © 2020 Nitro College. That's with good reason. A Historian’s Breakdown of the Siege of Gondor, How Purdue University’s President Froze Tuition, It's Spring Already? (www.nmlsconsumeraccess.org) To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. Loan Terms: 5 – 20 years Variable APR: 2.80% – 1.909% (includes 0.25% autopay discount) Fixed APR: 3.899% – 8.179% (includes 0.25% autopay discount) ... To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. The only lender we've seen with sometimes better rates at is Splash Financial. That is, your loan could be forgiven if you pass away or become disabled before you've finished paying. Just was offered 4.05% from laurel road. You’ll need to get payoff statements from each current student loan servicer — Obtaining these can be a bit of a complicated process if you’ve never done it before. Save thousands on your student loans and pay off your loans sooner. Once qualified, you will then gain access to the full online application. Applying to all of the options that are feasible is the best way to guarantee a good rate. SoFi was the first company that I discovered when I refinanced my pharmacy school loans. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. On the plus side, via the referral links on this page, most offer welcome bonuses. Laurel Road provides up to one year of forbearance for those under economic hardship, including involuntary job loss and unpaid maternity leave—which is an extremely rare benefit from a private lender.They also offer death and disability loan forgiveness. ©   BWMD LLC 2007-20   ||   CONTACT: BEN AT BENWHITE DOT COM, A few docs talk about early career financial mistakes, The Texas Medical Jurisprudence Exam: A Concise Review, The Essential List of My Writing Concerning Medical School, the NBMEs, USMLEs, and Residency, My Student Loan Refinancing Breakdown and Cashback Links, REPAYE can be a particularly good deal for your intern year, Some Practical Thoughts on the Virtual Interview Season, Highlighted advice for medical school, the boards, & residency, Unisex Disability Insurance Rates Are Basically Gone at the End of 2020, For-Profit Medical Schools, Once Banished, Are Sneaking Back. Works with 300+ community lenders for higher approval chances. Splash Financial operates in every state to refinance student loans, including federal, ... SoFi is an online lender that has provided more than 375,000 borrowers with over $30 billion in refinanced student loans, including undergraduate, graduate and parent loans. I’ve discussed REPAYE and even compared REPAYE/PAYE more at length previously. Click here to see more of Splash's offerings and to see how you can save money. If you owe less than you’ll make as a resident, you won’t need a special program. Most importantly, however, is to make sure that your effective REPAYE rate isn’t as good if not better than what the private industry can offer you. Even if refinancing is a generally good choice for your situation, unless you had substantial income as a family during your final year of school, private companies are going to have a really hard time beating the feds if you consolidate and apply for REPAYE right after graduating. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. Operates in all 50 states; 2nd largest student loan refinancing lender. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. Most companies also offer referral bonuses where you can get some cash back with your refinance. Updated on September 14, 2020By Jen Williamson. Here’s a closer look at two lenders—Laurel Road and SoFi—that are offering extremely competitive rates and novel refinancing packages right now. Unlike Laurel Road (but like SoFi), Link offers trainees in their final year to qualify for the attending rate with a signed employment contract. While most residents should not be forbearing and should hopefully be able to find $100 of flexibility in their monthly budget, many feel pinched and forbear anyway. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. While there is no minimum income, many borrowers who refinance with SoFi have graduate degrees. That's why we've taken the time to provide clear and easy-to-read rankings, reviews, and breakdowns of companies in over 100 different industries To apply with Laurel Road, you’ll need two recent pay stubs or other proof of income, a photo ID, and payment statements for your student loans. With REPAYE, there is the 50% unpaid interest subsidy to complicate (but improve!) Splash is a great option for borrowers who want to compare rates from banks and credit unions and refinance their federal student loans, private student loans or both. The required monthly payment is a bit lower at $75/month. Open an invest account today. Not only are interest rates offered by Splash Financial industry-leading, but the company has a 95% customer satisfaction rate so far. SoFi offers one-on-one advisory services so you can get customized support to improve your finances, develop a resume, or transition your career. Trying to decide if it's worth finishing. Special offers for medical resident and fellow refinance products. We recommend consulting a licensed financial professional before making any financial decisions. Oddly, you will be placed in a mandatory forbearance during that year so that you won’t be able to get an autopay discount during that time. Additionally, you used to have to use a different email address to get an updated rate and that has been fixed, thank goodness! Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. Even though the company was founded less than ten years ago, SoFi now refinances more student debt than any other lender. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. If you’re looking into refinancing your student loan, then you know every lender is different—and choosing the right one is crucial. $30 billion+ in refinanced student loans. Splash Financial is a company that refinances student loans. SoFi consistently offers rates that are among the lowest in the country. Assuming you have the financial flexibility to afford all four plans, the only reason to completely exclude a company is if their plan doesn’t conform to your current PGY status and training duration. Start saving today with a refreshing take on student loan refinancing. Earnest offers both fixed and variable interest rates as low as 2.37% APR and 3.47% APR, respectively, with a 0.25% discount for enrolling in autopay. As of August 2017, LinkCapital is no longer offering welcome bonuses. The company prides itself on being easy to reach by email, phone, or live chat. SoFi is the established giant in the student loan refinance marketplace. If you're all about getting a great interest rate while climbing the career ladder, SoFi is a lender you should consider. 6054612. Splash Financial is in all 50 states and is … Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Splash Financial is a leader in student loan refinancing with new rates as low as 2.63% fixed APR which can save you tens of thousands of dollars over the life of your loans. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write. No application or origination fees and no prepayment penalties. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment. Typical credit score of approved borrowers or co-signers: 700+. All product names, logos, and other trademarks displayed within the Nitro site are the property of their respective owners. Earnest sets itself apart by taking a more personalized approach to lending. If you want to refinance to a better rate but you're worried about losing some of the benefits of federal loans, Laurel Road may be a good choice for you. With other companies, you’d likely be on the lookout to refinance again. Back in 2015 when the company was just called DRB, they were the first to create a student loan refinancing program for medical residents. It recently announced a $350 million annual loan financing deal and have excellent rates. Splash Financial is the newest student loan refinancing agency on the market today. Overview. You’ll know right away if you pre-qualify. Splash Financial is in all 50 states and is … Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. 6- Citizens One. Our SoFi Review explains how SoFi has grown so quickly. Splash offers both fixed-rate and variable-rate student loan refinancing and consolidation. SoFi has an online pre-approval process that lets you find out if you qualify. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education. For one, they provide student loan refinancing for the most debt-burdened borrowers. "Since the early days, SoFi has been operating across every state in the U.S. but Nevada for our student loan refinancing product, and we’re now lending in … Earnest Student Loans vs SoFi Student Loans. ], Let’s assume that you are a graduating medical student or resident and plan to actually pay off your loans (i.e. Unfortunately, all special resident programs offer less good rates (at least during the training period) than refinancing as an attending, but for some borrowers, you can still save some real money. We are committed to help you find the best company for you. So which of these lenders is better for student loan refinancing? Splash Financial currently does not offer variable rates or accept co-signers through NerdWallet. While a lifestyle that requires forbearance is far from ideal, Splash is the only company that makes forbearance completely unnecessary in your quest to get a better rate. They started out focusing on medical school loan refinancing, but they now have expanded and offer an general student loan refinancing product open to anyone with a bachelors degree. There is no maximum number of training years, and you can continue the reduced payment up to 6 months after finishing training to help get you through the fresh start. Splash Financial loans are funded by banks and credit unions to ensure market leading rates. Splash Financial has made a "splash" in the student loan refinancing market over the last year by offering some of the best rates and best student loan bonuses available.. Loan Terms Compared. Get a personalized review of your refinancing options with CommonBond today. Checking your rates takes just a few minutes to complete on Splash’s website. All of these companies offer no-cost refinancing with zero fees. You are eligible as a post-match MS4, but only if your training is 4 years or less in duration. Ponzi Scheme Suspect Uses Underwater Scooter to Flee F.B.I. Want to partner? Lowest rates are reserved for the highest qualified borrowers. In short, the government forgives half of the interest that accrues each month that remains unpaid after applying your scheduled calculated payment. Resident Refinance: Laurel Road vs LinkCapital vs SoFi vs Splash vs REPAYE Finance // 09.17.18 1 [2020 Update: Since this post was written, but LinkCapital and Splash have shuttered their resident-specific programs and LinkCapital subsequently shut down completely.] not attempt to qualify for PSLF.). See also: Laurel Road Student Loan Refinance Review. Their range is as follows: SoFi offers loans durations of five, seven, ten, and 15 years. ... 9 - Splash Financial. Splash Financial gives borrowers quotes from its partner lenders with loans available in all 50 states. The information obtained throughout the Nitro site is intended to be used for educational purposes only. Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. Based in San Francisco, SoFi positions itself as the “anti-bank” and focuses on borrowers with excellent credit. You can check your rate with Splash in just minutes. SoFi is the biggest player in the student loan refinancing market, and they’ve grown and grown into a big corporate entity that offers all varieties of personal loans, mortgages, etc. SoFi offers a variety of solutions when it comes to undergraduate and graduate private student loans and student loan refinancing. Residents or to Replace them ’ ll need to add that back on to apples. Loan balance who want a lower interest rate offerings lot in common don ’ t much! Pilot based on 62 reviews a lower interest rate while climbing the career ladder, positions! A resume, or live chat and then switches when you finish training are Disabled, Boston, their. 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