The decision to refinance student loans often comes down to a few practical details: who issues the loan, what rates are available, and how repayment works. This overview lays out the credentials and product highlights for Earnest and Splash Financial, then walks through sample costs, rate mechanics and important eligibility points. Throughout, APR and autopay are used as focal concepts to help you compare offers in clear terms. Expect to see regulatory identifiers, servicing notes and concrete examples so you can weigh choices with accurate comparisons.
This guide preserves the factual specifics disclosed by each company while reorganizing the information for easier reading. Both firms operate within state licensing frameworks and use standard industry practices for variable rates tied to published indices. Pay attention to the fine print about federal loan benefits, bonus offers, and tax reporting when bonuses exceed reporting thresholds. The objective here is clarity: identify the core differences, sample payment illustrations, and the conditions that influence the lowest advertised rates.
Table of Contents:
Who issues and services these loans
Earnest makes loans through Earnest Operations LLC (NMLS #1204917) and lists a California office at 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. The company holds a California Financing Law License (6054788); for a complete list of licensed states users are directed to the lender’s license page. 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 independent entities and are not sponsored by U.S. government agencies. The lender also references NMLS consumer access resources and a copyright line that reads © 2026 Earnest LLC.
Licensing and regulatory notes
Splash Financial operates through Splash Financial, Inc. (NMLS #1630038) and is licensed by the California Department of Financial Protection and Innovation under the California Financing Law (license # 60DBO-102545). Splash notes that products may vary by state and that terms can change before a borrower submits an application; the company’s public disclaimer page contains additional details and is current as of January 8, 2026. As with any private refinance, state licensing and lender underwriting determine whether an offer is available to you.
Rate ranges, indexing and autopay discount
Both lenders publish ranges for fixed APR and variable APR and offer a small reduction for customers who enroll in autopay. Earnest lists fixed APRs from 4.34% to 10.24% (or 4.09% to 9.99% with a 0.25% autopay discount) and variable APRs from 6.13% to 10.24% (or 5.88% to 9.99% with autopay). Earnest’s variable rate is tied to the 30-day average SOFR published by the Federal Reserve Bank of New York; the lender references the rate published on the 25th (or next business day) of the prior month and notes monthly adjustments are possible with no cap on the size of a single increase. Earnest cannot offer variable loans in AK, IL, MN, MS, NH, OH, TN, and TX.
Splash rate structure
Splash states 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). Splash’s variable rates are calculated by adding a margin to the 30-day average SOFR, using the index published two business days before the calendar month and rounding up to the nearest 0.01%. Both firms emphasize that the lowest rates are reserved for the most credit-qualified borrowers and that autopay is usually required to access advertised minimums, though enrollment in autopay is not an approval condition for every application.
Payment examples, loan terms and bonus offers
Concrete examples can help illustrate how APR and term affect total cost. Earnest provides a sample where a $10,000 loan over 20 years (240 payments) at a 10.74% APR results in monthly payments of $101.46 and a total estimated payment of $24,350.40. Splash shares sample payments for different terms: a $10,000 fixed loan at 5.47% APR over 12 years produces a monthly payment of $94.86, while a variable $10,000 loan at 5.90% APR over 15 years results in a monthly payment of $83.85. Note that actual borrower terms will vary according to credit profile, loan term, and lender underwriting.
Additional important points relate to bonuses and federal benefit trade-offs. Splash’s welcome bonus requires specific refinance thresholds and steps: refinancing a minimum amount depending on the partner channel ($50,000, $100,000, or $200,000), applying through the referral link, completing the application, providing a valid U.S. address, and meeting underwriting criteria. Bonuses are paid by check within 90–120 calendar days after disbursement; unused bonuses can be forfeited after 180 days. Bonus payments of $600 or more in a calendar year may be reported to the IRS on Form 1099-MISC and recipients are responsible for applicable taxes. Both lenders recommend reviewing the benefits of existing federal loans before refinancing, since programs like income-driven repayment and Public Service Loan Forgiveness do not transfer to private loans.