The market for student loan refinance offers changes often, and two private channels, Earnest and Splash Financial, frequently appear among competitive options. Both firms publish ranges for fixed and variable APR and highlight small incentives such as an autopay discount. Understanding what those numbers mean in practice — and how a federal servicer like MOHELA differs from a private lender — helps borrowers decide whether to refinance or keep federal protections. This article breaks down the key facts you need to evaluate offers and highlights important caveats tied to federal benefits.
Before comparing specific rates, remember that advertised ranges are conditional: your personal credit profile, selected term length and enrollment in automatic payment can materially affect the final offer. For clarity, the disclosures referenced here include precise licensing and regulatory identifiers, plus sample payment illustrations. You should treat advertised examples as estimates and confirm the latest details directly with each lender. For transparency, some information is current as of January 8, 2026 for Splash Financial, and regulatory references appear for Earnest including NMLS numbers and state licensing notes.
Table of Contents:
What Earnest is offering
Earnest presents both fixed and variable refinance products and emphasizes that final pricing depends on borrower qualifications. Their disclosed fixed APR window runs from 4.40% APR to 10.24% APR (or 4.15%–9.99% with a 0.25% autopay discount), while variable APR options are shown as 6.13% APR to 10.24% APR (or 5.88%–9.99% with the same autopay reduction). Earnest also notes that variable loan rates are tied to the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and that the rate is set based on the index value on the 25th (or next business day) of the prior month. Specific sample math in their disclosure illustrates a $10,000 loan on a 20-year schedule with a 10.74% APR and monthly payments of $101.46, producing a total estimated payment amount of $24,350.40.
What Splash Financial discloses
Splash Financial works as a channel to lender partners and sets expectations that products can vary by state and underwriting. Their stated ranges include fixed APR options from 4.96% (with autopay) to 11.24% (without autopay), and variable APR options from 4.99% (with autopay) to 11.14% (without autopay). Splash calculates variable rates by adding a margin to the 30-day average SOFR, rounded to the nearest one-hundredth. They provide sample payments as an illustration: a $10,000 fixed-rate loan at 5.47% for 12 years would produce a monthly payment of $94.86; a $10,000 variable-rate loan at 5.90% for 15 years would produce $83.85 monthly. Splash also advertises potential cash bonuses for large refinances but requires meeting thresholds (for example, refinancing over $50,000, $100,000 or $200,000 depending on the channel partner) and following specific registration and disbursement conditions.
How MOHELA differs from private refinance lenders
MOHELA (Missouri Higher Education Loan Authority) is a long-standing entity that serves multiple roles: a public loan agency established in 1981, a private lender for certain products, and a large third-party loan servicer for federal and private loans. It began servicing federal student loans in 2011 and manages substantial portfolios. Based on MOHELA January 2026 data, it oversees roughly $512 million in FFELP loans, about $101.3 million in private student loans, and services over $304.4 billion of FDLP debt plus $70.8 billion in third-party private loans. When MOHELA acts as a servicer, the government or the originating lender retains ownership of the loan, while MOHELA handles repayment processing and provides access to federal repayment options.
When refinancing federal loans is appropriate
Refinancing a federal loan with a private lender converts the debt to private status, which means losing access to federal protections such as income-driven repayment, borrower defenses like deferment/forbearance flexibility, and eligibility for loan forgiveness programs such as PSLF. Typical situations where refinancing can be a strong financial move include working in the private sector with stable income, holding an emergency fund, and owing less than about 1.5 times your annual salary. For example, a borrower earning $100,000 who owes $75,000 could benefit from refinancing to a lower rate and aiming for an accelerated payoff under 10 years. Conversely, public-sector employees or those targeting forgiveness should generally avoid converting federal loans to private status.
Practical next steps and cautions
Shop rates annually, compare fixed versus variable options, and verify how much an autopay discount would lower your offer. Remember that promotional examples are illustrative; your actual APR will depend on creditworthiness, loan term and other underwriting factors. If you have complaints about servicing, MOHELA provides an ombudsman route and federal borrowers can contact the Federal Student Aid Feedback Center or mail the FSA Ombudsman Group at P.O. Box 1854, Monticello, KY 42633. For individualized planning, consider speaking with a student loan specialist who can run tailored scenarios—some services also offer tools or quizzes to recommend whether PSLF, IDR, or refinancing is the best path for your profile.