The decision to move federal or private student debt to a private lender starts with understanding the fine print. This guide summarizes the key disclosures from Earnest and Splash Financial, including lender credentials, representative cost examples, stated APR ranges, and how automatic payment discounts and bonus offers work. It highlights the mechanics of variable rates and fixed APR options, and clarifies which protections might be lost when you refinance federal loans.
Read on for clear, side-by-side explanations that preserve the original facts while reorganizing them into an actionable overview for borrowers who are weighing private refinance options.
Table of Contents:
Licensing, servicing and corporate disclosures
Earnest loans are originated and serviced by Earnest Operations LLC (NMLS #1204917), with a listed business address at 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612 and a California Financing Law license (#6054788). Borrowers can view the full list of licensed states at www.earnest.com/licenses. Servicing support is provided with assistance from the Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS #1442770). The company notes that Earnest LLC and its subsidiaries are not sponsored by agencies of the United States. For consumer access and registration details see nmlsconsumeraccess.org. Copyright language remains: © 2026 Earnest LLC. All rights reserved.
Splash Financial registration and scope
Splash Financial, Inc. operates under NMLS #1630038 and is licensed by the California DFPI under the California Financing Law as license #60DBO-102545. The firm makes explicit that terms and availability may change, not all products are offered in every state, and rate information can be updated before you submit an application; the published information is current as of January 8, 2026. Splash emphasizes that the information you provide initiates an inquiry to its lending partners, and that any loan offer will depend on lender underwriting and borrower qualifications.
Rates, representative payment examples and how variable pricing works
Both companies present representative APR ranges and sample payments to illustrate potential costs. Earnest lists fixed APR ranges from 4.40% to 10.24% (4.15%–9.99% when a borrower qualifies and elects a 0.25% autopay discount). Its variable APR range is shown as 6.13% to 10.24% (5.88%–9.99% with the autopay discount). A representative illustration from Earnest: a $10,000 loan over 20 years at a 10.74% APR would have 240 payments of $101.46, producing a total estimated repayment of $24,350.40. Actual rates depend on an applicant’s credit profile and chosen term.
How Earnest ties variable rates to SOFR
Earnest bases its variable loans on the publicly available 30-day average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate uses the SOFR value published on the 25th day of the preceding calendar month (or the next business day), rounded to the nearest hundredth of a percent. Earnest notes the rate can change no more than once per month, although there is no cap on the size of a single rate adjustment. Variable loans are not offered in the states of AK, IL, MN, MS, NH, OH, TN, and TX.
Splash Financial rate structure, payment examples and bonus mechanics
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). The variable product is derived by adding a margin to the 30-day average SOFR that is published two business days before the calendar month, with the result rounded up to the nearest one hundredth of a percent. Representative payment disclosures include a fixed example: a $10,000 loan at 5.47% APR for 12 years would have a monthly payment of $94.86. A variable example shows a $10,000 loan at 5.90% APR for 15 years with a monthly payment of $83.85.
Autopay discounts, eligibility and the Splash bonus program
Both lenders highlight a 0.25% autopay discount that can lower the advertised APR for qualifying borrowers; however, enrolling in autopay is not strictly required to secure approval from Earnest. Qualifying for the lowest published rates generally requires top credit profiles, selection of shorter loan terms, and the autopay discount. Splash also offers a conditional bonus for new customers refinancing certain minimum balances (typically $50,000, $100,000 or $200,000 depending on the channel). To receive that bonus a borrower must register through the provided referral, submit and complete a Splash application, meet underwriting, and provide a valid U.S. address—paid by check within 90–120 calendar days after disbursement. Bonuses not claimed within 180 days may be forfeited, and amounts of $600 or more may be reported to the IRS on Form 1099-MISC; recipients are responsible for any tax consequences.
Before refinancing, compare federal protections — such as income-driven repayment plans or public service loan forgiveness — that do not transfer to private loans. Both Earnest and Splash caution that lowest advertised rates are reserved for the most creditworthy applicants and that final offers will vary by lender underwriting and borrower details, so review all disclosures and confirm state availability before proceeding.
