Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. [2020 Update: Since this post was written, but LinkCapital and Splash have shuttered their resident-specific programs and LinkCapital subsequently shut down completely. Splash Financial is an online student loan aggregator that pairs applicants with financial institutions who provide student loan refinancing. SoFi consistently offers rates that are among the lowest in the country. Splash Financial is unique among the four programs as being a true forbearance alternative. 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. Both offer very competitive interest rates. SoFi offers a variety of solutions when it comes to undergraduate and graduate private student loans and student loan refinancing. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. Based in San Francisco, SoFi positions itself as the “anti-bank” and focuses on borrowers with excellent credit. A lower interest rate is the most obvious criteria you should look for when refinancing your student loan. 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. SoFi is unique in that they throw a lot of resources behind their members—and these go beyond refinancing. matters. not attempt to qualify for PSLF.). Earnest empowers people with the financial capital they need to live better lives. Splash Financial has earned an A+ from the BBB, though without any published complaints or reviews. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write. Trying to decide if it's worth finishing. Find your rate. Just was offered 4.05% from laurel road. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life. 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. Works with 300+ community lenders for higher approval chances. As of August 2017, LinkCapital is no longer offering welcome bonuses. Click here to see more of Splash's offerings and to see how you can save money. The required monthly payment is a bit lower at $75/month. 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. These two lenders are very close in terms of interest rate offerings. 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. These events take place coast to coast, in cities including New York, Oakland, Boston, and San Diego. 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 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. Get a personalized review of your refinancing options with CommonBond today. The deal hasn’t changed much since then. If you owe less than you’ll make as a resident, you won’t need a special program. I've refinanced a few times In the past between my spouse and my loans. SoFi's approach to lending is also different since it … (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. No application or origination fees and no prepayment penalties. 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. Splash Financial is in all 50 states and is … The company also earns 4.4 out of 5 stars on Trust Pilot based on 62 reviews. SoFi is the established giant in the student loan refinance marketplace. 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. Their range is as follows: SoFi offers loans durations of five, seven, ten, and 15 years. Splash Financial is a company that refinances student loans. 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. They've helped borrowers refinance over $14 billion in student loans. Checking your rates takes just a few minutes to complete on Splash’s website. SoFi is a major player in the student loan refinancing marketplace. We recommend consulting a licensed financial professional before making any financial decisions. Loan Terms Compared. See also: Should I Refinance My Student Loans? SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. That is, your loan could be forgiven if you pass away or become disabled before you've finished paying. Once qualified, you will then gain access to the full online application. Borrowers wishing to refinance or consolidate with Splash can borrow a minimum of $5,000, and there is no maximum. Need a speaker? 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. 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) SoFi offers fixed and variable rate loans. 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. With REPAYE, there is the 50% unpaid interest subsidy to complicate (but improve!) All Rights Reserved. If you're all about getting a great interest rate while climbing the career ladder, SoFi is a lender you should consider. They partner with multiple banks and credit unions to offer some of the lowest interest rates for student loan refinancing that you’ll find on the market. Which one is better for you? 6- Citizens One. 6054612. Applying to all of the options that are feasible is the best way to guarantee a good rate. Splash Financial started as a refinancing company for medical students. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. 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. SoFi has an online pre-approval process that lets you find out if you qualify. Lowest rates are reserved for the highest qualified borrowers. Open an invest account today. I'm partway through the splash financial app which is apparently actually penfed credit union. NitroCollege.com is not endorsed or affiliated with the U.S. Department of Education. 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. Earnest Student Loans vs SoFi Student Loans. Splash Financial loans are funded by banks and credit unions to ensure market leading rates. 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. 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. We are committed to help you find the best company for you. 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. How does it compare to SoFi? The only lender we've seen with sometimes better rates at is Splash Financial. It recently announced a $350 million annual loan financing deal and have excellent rates. 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. Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. 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. 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.] In many cases, REPAYE offers the straight up best rate for someone in training (particularly if single and not moonlighting substantially). You’ll know right away if you pre-qualify. 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. I wanted to let you know I put this feed on my daily curator I call The Hospital on my blog. Unlike Laurel Road (but like SoFi), Link offers trainees in their final year to qualify for the attending rate with a signed employment contract. Some state restrictions may apply. Splash Financial gives borrowers quotes from its partner lenders with loans available in all 50 states. Get a personalized quote from LendKey now. No application or origination fees and no prepayment penalties. 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. They match you with a few lenders, and you can choose the terms that best meet your needs. You are eligible as a post-match MS4, but only if your training is 4 years or less in duration. Low-debt residents can refinance with any company. Does It Cost More to Train Residents or to Replace Them? 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. Compare Credible vs. SoFi Student Loan Refinance. 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. Overview. 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. Its original focus was on grad students, but it has since expanded to cover undergrads as well. For every loan they fund, they contribute to the education of a child in need. Physics Explains Why Time Flies as We Age, Osteopaths Settle Class Action Against American Osteopathic Association. Most companies also offer referral bonuses where you can get some cash back with your refinance. SoFi, also known as Social Finance, is a market leader that helped pioneer the technology-driven private student lending market. Disclaimer:  Getting preliminary rates is a quick 2-minute process that is a soft credit check that won’t affect your credit. Even though the company was founded less than ten years ago, SoFi now refinances more student debt than any other lender. On the plus side, via the referral links on this page, most offer welcome bonuses. Splash is best for doctors and dentists with high loan balance who want a lower interest rate. 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. So which of these lenders is better for student loan refinancing? Refinancing with Splash was quick and easy, and their rates were better than Earnest and SoFi. SoFi offers residents $100/month payments for up to 4 years of training. 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. Operates in all 50 states; 2nd largest student loan refinancing lender. The required monthly payment is exactly $1 for up to 84 months (7 years) of training. Updated on September 14, 2020By Jen Williamson. My wife and I both refinanced through Sofi. Ponzi Scheme Suspect Uses Underwater Scooter to Flee F.B.I. Splash Financial Basics. Know the difference between SoFi vs Laurel Road. Say hello? Splash Financial currently does not offer variable rates or accept co-signers through NerdWallet. 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. ©   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. 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. Splash Financial does not charge loan application or origination fees. Laurel Road also specializes in refinancing medical school debt. 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%. To Build Resilience in Isolation, Master the Art of Time Travel. Splash Financial is a student loan refinance lender marketplace based in Cleveland, Ohio, with its own lender network of banks and credit unions. Connecting student borrowers to a network of over 300 community lenders with low interest rates. A surprising number of people don't refinance their federal direct student loans because they are worried they will lose the death and disability protections available in that system. 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. 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. The better question is: which one is better for you? CommonBond will refinance up to $500,000, while SoFi has no maximum amount. Customer service is also a delight. All told I currently have 66 physician financial blogs that are in it with the latest post from each blog. Most residents should be in REPAYE in training and then refinance after training or only once they’ve signed a contract for a job that is not PSLF-eligible. Here’s a closer look at two lenders—Laurel Road and SoFi—that are offering extremely competitive rates and novel refinancing packages right now. Both lenders charge zero origination or pre-payment fees. Splash Financial is the newest student loan refinancing agency on the market today. Like Sofi, Laurel Road also claims big savings from its members—more than $20,000 on average. I’ve discussed REPAYE and even compared REPAYE/PAYE more at length previously. Other than competitive interest rates, SoFi’s loan offerings aren’t particularly exceptional. 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). Laurel Road Student Loan Refinance Review. If you’re married and your spouse earns income, the less your subsidy will be and the less it will lower your rate. Special offers for medical resident and fellow refinance products. See also: Laurel Road Student Loan Refinance Review. Refinance your student loans with Splash Financial, the industry leading platform that connects you with lower interest rates. Getting a lower interest rate is great and will make it easier to pay off your debt fast. SoFi is the leading student loan refinancing provider. Link’s program is only available to PGY2’s and above, so graduating students and interns are not eligible. Want to partner? Splash Financial is a student loan marketplace that connects you with student loan refinancing for undergraduate, graduate and parent loans. CommonBond vs. SoFi: The basics. 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. Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Not only are interest rates offered by Splash Financial industry-leading, but the company has a 95% customer satisfaction rate so far. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. The best way to decide is to carefully consider each lender’s strengths and drawbacks—and apply to find out how your finances might change.Learn more about refinancing with SoFi, Learn more about refinancing with Laurel Road. Our SoFi Review explains how SoFi has grown so quickly. "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 … No application or origination fees and no prepayment penalties. A Historian’s Breakdown of the Siege of Gondor, How Purdue University’s President Froze Tuition, It's Spring Already? With SoFi Invest you can start investing in your favorite companies for as little as $1. They're backed by both banks and credit unions, letting them give you the very best rates possible. While there is no minimum income, many borrowers who refinance with SoFi have graduate degrees. Read our comparison chart below. But other factors matter as well. 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. Finding the right lender often means finding the one that works best for you—not for everyone else. Earnest sets itself apart by taking a more personalized approach to lending. 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). 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. Each loan they write under the California Financing Law License no guarantee a good rate borrowers. Excellent credit a refinancing company for medical students more at length previously product names logos. 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And Puerto Rico, note that REPAYE can be a U.S. citizen and meet other conditions fixed-rate and variable-rate loan... 1 for up to 84 months ( 7 years ) of training splash can borrow a minimum of 5,000... Call the Hospital on my blog any other lender a personalized Review of your refinancing options with today... Ll know right away if you owe less than you ’ ll know right if!
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