The following summary lays out key facts about two private student loan refinancing options: Earnest and Splash Financial. This piece focuses on licensing, sample payment examples, description of rate mechanics and special offers so you can quickly compare features side by side. Where helpful, I use definitions to clarify technical terms such as APR and SOFR. The objective is to preserve all important data while reorganizing the material for clarity and easier comparison.
Before proceeding, remember that refinancing federal loans into private credit may remove access to certain federal programs. If you work in public service, serve in the military, or rely on income-driven repayment benefits or federal forgiveness programs, evaluate federal options carefully. This overview presents factual licensing details, rate ranges and examples for each lender so you can weigh those considerations with concrete numbers.
Table of Contents:
Company profiles
Earnest overview
Earnest loans are originated and serviced by Earnest Operations LLC (NMLS #1204917), with corporate mailing at 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. Earnest operates under a California Financing Law License 6054788; a full list of licensed states is available at the company licenses page. Servicing support is provided in partnership with the Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS #1442770). As a factual note, Earnest LLC and its subsidiaries are not sponsored by agencies of the United States of America. For California residents specifically, loans are arranged or made pursuant to the California Financing Law license.
Splash Financial overview
Splash Financial, Inc. is registered with NMLS #1630038 and is licensed by the California DFPI under California Financing Law (license #60DBO-102545). Splash publishes disclaimers on its website and states that terms, product availability and rates can change before an application is submitted. The company makes clear that an inquiry through its process is used to determine whether lending partners can extend an offer to a borrower. This information is current as of January 8, 2026, and prospective applicants should consult the Splash disclaimers page for the full legal text and latest updates.
Rates, mechanics and sample payments
Rate ranges and variable rate mechanics
Both lenders publish fixed and variable annual percentage rate ranges that depend on creditworthiness, loan term and product choices. For Earnest, fixed APR ranges from 4.45% to 10.24% (or 4.20%–9.99% with a 0.25% autopay discount); variable APR ranges from 6.13% to 10.24% (or 5.88%–9.99% with a 0.25% autopay discount). Earnest’s variable product is tied to a public index: the 30-day average SOFR published by the Federal Reserve Bank of New York. The variable rate is set using the index published on the 25th (or next business day) of the preceding month and rounded to the nearest hundredth. The rate will not adjust more than once per month, but there is no cap on the amount of a single change. Note: Earnest cannot offer variable rate products in AK, IL, MN, MS, NH, OH, TN and TX.
Example payments and term limits
Illustrative examples from the lenders show how APR and term affect monthly payments and total outlay. Earnest provides an example for a $10,000 loan over 20 years (240 payments): at a 10.74% APR the monthly payment is shown as $101.46, yielding a total estimated payment of $24,350.40; the disclosure shows similar numbers for fixed and variable examples. Splash lists 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). Sample Splash payments include a $10,000 fixed loan at 5.47% APR over 12 years with monthly payment $94.86, and a $10,000 variable loan at 5.90% APR over 15 years with monthly payment $83.85. Term availability differs by product: Splash fixed terms run 5–20 years while variable terms run 5–25 years.
Eligibility, discounts and special offers
Both lenders emphasize that the lowest published rates are reserved for the most credit qualified borrowers and often require selecting the shortest available term plus enrollment in an autopay program to receive the 0.25% discount. Enrollment in autopay is typically not a requirement for approval, although it may be necessary to access the stated discounted rate. Borrower eligibility generally requires U.S. citizenship or other eligible status and meeting underwriting standards of the funding partner.
Special bonus and tax considerations (Splash)
Splash Financial advertises periodic bonus offers for new customers who refinance qualifying balances; typical conditions include refinancing at least $50,000, $100,000 or $200,000 depending on the channel partner and completing the application through a specific referral link. After loan disbursement and satisfaction of requirements, Splash sends the welcome bonus by check within 90–120 calendar days; recipients must claim the bonus within 180 days or risk forfeiture. Bonuses of $600 or more in a single year may be reported to the IRS on Form 1099-MISC and are the recipient’s responsibility for tax consequences. Splash reserves the right to modify or terminate offers at any time.
For consumer verification and licensing reference, use nmlsconsumeraccess.org. Additional legal notices include the Earnest copyright statement and the lenders’ terms and conditions, which should be reviewed prior to application. This comparison aims to preserve the core facts so you can evaluate both underwriting and practical terms when considering a private refinance.
