The landscape for private student loan refinance products can be complex. This article summarizes the essential disclosures and examples provided by two lenders—Earnest and Splash Financial—so you can compare licensing, representative rates, sample payments and important conditions like autopay discounts and indexation.
Below you will find a clear, reorganized presentation of each lender’s licensing, typical APR ranges, a worked example of monthly payments, limitations on variable-rate availability, and bonus or promotional terms. The goal is to preserve factual details while explaining them in straightforward language.
Licensing and servicing details
Earnest operates through Earnest Operations LLC (NMLS #1204917), located at 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. They maintain a California Financing Law license (6054788), and provide a list of licensed states at www.earnest.com/licenses. Loans are serviced by Earnest Operations LLC with support from the Higher Education Loan Authority of the State of Missouri (MOHELA, NMLS #1442770). Earnest and its subsidiaries are not affiliated with U.S. government agencies.
Splash Financial, Inc. is NMLS #1630038 and is licensed under California Financing Law by the DFPI (license #60DBO-102545). Splash emphasizes that products and availability may vary by state and that terms are subject to change prior to application.
Representative rates, examples and how rates are set
Both companies provide sample payment illustrations and disclose ranges for fixed and variable APR. These examples assume repayment begins immediately upon disbursement and are intended to show how rates and terms affect monthly obligations.
Earnest sample and rate methodology
Earnest’s published sample: a $10,000 loan over 20 years (240 payments) at a 10.74% APR was shown with monthly payments of $101.46 and a total estimated payment of $24,350.40. Earnest lists fixed APR ranges from 4.15% to 10.24% (or 3.90% to 9.99% when a 0.25% autopay discount is applied). Variable APR ranges are shown as 6.13% to 10.24% (5.88% to 9.99% with the 0.25% autopay discount).
For variable-rate loans, Earnest ties the interest rate to a publicly published index: the 30-day average SOFR (Secured Overnight Financing Rate) as published by the Federal Reserve Bank of New York. The variable rate is set using the SOFR value published on the 25th of the prior month (or the next business day) and is rounded to the nearest hundredth of a percent. Rates may change monthly, and while the rate will not adjust more than once per month, there is no cap on the magnitude of a single increase. Earnest notes variable-rate loans are not offered in AK, IL, MN, MS, NH, OH, TN or TX. Lowest advertised rates require top credit profiles, the shortest available term, and enrollment in the 0.25% autopay discount, although autopay is not required for approval.
Splash Financial sample and rate methodology
Splash lists fixed APR options from 4.96% (with autopay) to 11.24% (without autopay). Variable options range from 4.99% (with autopay) to 11.14% (without autopay). A payment disclosure example shows that a $10,000 fixed loan at 5.47% APR over 12 years would produce a monthly payment of $94.86; a $10,000 variable loan at 5.90% APR over 15 years was shown with a monthly payment of $83.85. Like Earnest, Splash derives variable rates by adding a margin to the 30-day average SOFR, using the index published two business days before the month and rounding to the nearest hundredth of a percent.
Splash emphasizes that listed rates are illustrative and availability depends on underwriting, borrower eligibility (U.S. citizenship or eligible status), income, creditworthiness and other factors. The lowest rates are reserved for the most qualified borrowers and frequently require an autopay discount of 0.25%.
Promotions, restrictions and borrower considerations
Splash may offer referral or bonus programs with conditions: minimum refinance amounts, registration through a referral link, completion of an application, and submission of a valid U.S. address. Disbursement triggers the bonus and payments may be mailed within a specified period. Recipients are responsible for tax reporting on bonuses where applicable. Splash reserves the right to modify or cancel bonus offers and products without notice.
Both lenders advise borrowers to weigh the benefits of federal student loan programs—such as income-driven repayment, public service forgiveness, or military benefits—before refinancing into a private loan, because private refinances typically forfeit federal protections.
Final practical tips
When comparing offers, check the exact APR range, whether the rate is fixed or variable and how the variable rate is indexed to SOFR. Confirm state licensing and servicing contacts, verify whether autopay provides a 0.25% discount, and evaluate whether any promotional bonus conditions match your situation. Always review each lender’s detailed disclosures and your federal loan benefits before making a decision.
For official licensing lookups, Earnest references nmlsconsumeraccess.org and both providers publish disclaimers and full legal terms on their websites. This summary preserves the factual elements disclosed by each lender to help you compare their student loan refinance options.