The landscape for private student loan refinancing can be complex; this guide distills the essentials for two prominent providers. Below you will find the licensing details, typical APR ranges, example repayment scenarios, and important notes about variable-rate mechanics and state availability. The goal is to present the same factual information differently so you can quickly compare features and constraints between Earnest and Splash Financial.
Throughout the article we use APR to indicate the annual percentage rate reflecting the cost of credit, and SOFR to mean the 30-day average Secured Overnight Financing Rate used by both lenders for variable offer calculations. Expect references to autopay discounts, sample payment math, and special bonus conditions—each item is preserved here with clear phrasing and required regulatory identifiers.
How Earnest presents its loan products
Earnest offers loans through Earnest Operations LLC (NMLS #1204917), headquartered at 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612, and holds a California Financing Law License #6054788. A full list of states where Earnest is licensed is available at www.earnest.com/licenses. Loans are serviced by Earnest Operations LLC with administrative support from the Higher Education Loan Authority of the State of Missouri (MOHELA, NMLS #1442770). Earnest and its affiliates are independent entities and are not sponsored by U.S. government agencies. For California residents, loans will be arranged or made pursuant to the California Financing Law license noted above.
Rates, examples and variable rate mechanics at Earnest
Earnest’s published fixed APR range is from 4.20% to 10.24% (or 3.95%–9.99% when you qualify for the 0.25% autopay discount). Its variable APR range is 6.13% to 10.24% (5.88%–9.99% with the 0.25% autopay discount). Example estimates show a $10,000 loan over 20 years (240 payments) at a 10.74% APR results in monthly payments of $101.46 and an estimated total payment of $24,350.40, assuming repayment begins at disbursement. Earnest bases variable-rate offers on the 30-day average SOFR published by the Federal Reserve Bank of New York; the rate used is the value published on the 25th day (or next business day) of the prior month, rounded to the nearest hundredth. The variable rate may change monthly and there is no single-period cap on how much the rate can rise, though it will not increase more than once per month. Note that variable rate loans are not available in AK, IL, MN, MS, NH, OH, TN, and TX. The most competitive rates are reserved for the most credit-qualified borrowers and typically require selecting the shortest available term and enrolling in the 0.25% autopay discount from a checking or savings account; however, autopay enrollment is not a condition of approval.
What Splash Financial discloses about its offerings
Splash Financial, Inc. (NMLS #1630038) is licensed by the California Department of Financial Protection and Innovation under California Financing Law, license #60DBO-102545. Splash’s public disclaimers are available at https://www.splashfinancial.com/disclaimers/. Rates and product availability may vary by state and may change before you submit an application. Splash clarifies that the information it displays is an inquiry to determine whether participating lending partners can extend an offer; it does not guarantee approval. Borrower eligibility generally requires U.S. citizenship or another eligible immigration status plus meeting the chosen lender’s underwriting standards. Splash notes that private refinance loans can eliminate certain federal protections—borrowers using income-driven plans, Public Service Loan Forgiveness, military benefits, or other federal relief should carefully consider whether refinancing is appropriate.
Rates, sample payments and bonus program at Splash
Splash lists fixed APR options from 4.96% (with autopay) to 11.24% (without autopay) and variable options from 4.99% (with autopay) to 11.14% (without autopay). Its variable pricing is tied to the 30-day average SOFR, published two business days before the relevant month, with the calculation rounded up to the nearest one hundredth of a percent. For illustrations, Splash cites a $10,000 fixed loan at 5.47% APR over 12 years with a monthly payment of $94.86, and a $10,000 variable loan at 5.90% APR over 15 years with a monthly payment of $83.85. Splash also operates a conditional bonus program: to receive a welcome bonus you must refinance at or above specific thresholds ($50,000, $100,000, or $200,000 depending on the referral channel), apply via the provided link, complete underwriting and have a valid U.S. address. Bonuses are sent by check 90–120 days after disbursement, may be forfeited after 180 days if not claimed, and amounts of $600 or more in a calendar year may be reported to the IRS on Form 1099-MISC.
Key considerations before applying
Both lenders offer a 0.25% autopay discount when payments are set up from a bank account; the discount and shortest term choices help secure the lowest advertised rates but are generally limited to top-tier borrowers. Neither lender guarantees an offer prior to underwriting, and both remind applicants to weigh private refinancing against the benefits of federal programs. Splash’s public information is current as of January 8, 2026. For regulatory lookups and credential verification you can visit nmlsconsumeraccess.org. © 2026 Earnest LLC. All rights reserved.
