A Crazy Better Way to Pay Your Student Loans
This post may contain affiliate links or links to sponsors of the SavingsAngel.com.
The cost of college continues to climb – making paying off the debt of student loans a top goal in a large percentage of American households. It follows that finding ways to save money and make paying off student loan debt easier is also an ever-present priority.
The shadow that large student loans cast over your financial life can be daunting. But I have good news. Splash Financial is here to come alongside you. To find out all about them, I recently chatted with Steve Muszynski, their founder and CEO.
Who is Splash Financial?
Simply put, Splash Financial is a company that specializes in refinancing student loans at lower interest rates. They work with lots of lenders so you have options when refinancing your student loan debt.
How low are we talking for refinance rates?
At the time of this writing, they have rates starting at 3.14%. Of course, not everyone qualifies for that rate but Steve mentioned that rates around 4-5% are common. That’s substantial, especially since the typical student loan is around 8%. You can easily save thousands, even tens of thousands, over the life of a loan!
Along with lower monthly payments (due to a lower interest rate), refinancing with Splash is a huge time saver for anyone currently juggling multiple loans. You can refinance into one loan, with one monthly payment, to one lender – making budgeting and paying your student loan easier.
Furthermore, there are no fees, no closing costs, and no prepayment penalties to refinance with Splash Financial. So even if the interest rate on refinancing only drops a small amount, that’s free money in saved interest!
How does Splash make their money if there are no costs or fees to refinance?
Steve shared openly that they make their money from the banks and financial institutions competing for new loans, not from the customers they help.
What’s it like to work with Splash Financial?
Their name frames their mission. Steve said they chose the name Splash Financial because they’re helping people break free from debt so they can make a “splash” in the world. This philosophy has guided how they conduct business, resulting in highly-accessible, well-trained concierge service that is with you every step of the way. Their advisors are so well-trained in student loan refinance options, they happily offer free advice and information, even if you don’t decide to refinance with them.
To go along with their excellent customer service, they’ve invested in technology to make the refinance process more streamlined. This includes an intuitive student loan refinance calculator that will tell you in just a few minutes if they can help you save money or not. In fact, it will even tell you if they cannot really help you. No games, just honest information. That’s refreshing.
Simply checking their rates will not affect your credit score, so anyone should go to www.savingsangel.com/splash to see in just a few minutes if Splash can help.
How is Splash better than going to my local bank or credit union or working with someone else?
First of all, Splash has the negotiation power to work with a lot of different banks, lenders, and credit unions. This gives them access to hundreds of millions of dollars in capital, dramatically increasing your chances of getting a better rate offer. They work directly so they can streamline the process and get the best loan for you. All with no fees or costs to you.
Furthermore, unlike some competitors, Splash encourages every potential customer to rate shop around. Check them, check their competitors. Steve says that, as much as they’d like to, they aren’t always going to have the lowest rates for every single situation. Knowing that they truly want people to get the best rate and save money, even if it’s not with them, is reassuring.
What about parents and refinancing student loans?
Splash offers ways for parents who co-signed or did a Parent Plus loan to refinance remaining amounts solely into their child’s name. They also have options where parents can co-sign a new loan to help their child refinance at a better rate. Their concierge service will walk you through the various options.
Listen to my podcast for my full interview with Steve Muszynski, founder and CEO of Splash – 234 – Let’s Make a Plan to Protect Our Families, Pay Off Debt, and Make a Big Splash in 2019!