Splash Financial and PenFed Credit Union have agreed to a deal that will help Splash expand its product offerings.
Splash Financial, Inc. announced it is partnering with PenFed Credit Union to expand their student loan refinancing options. PenFed will fund $350 million annually, allowing Splash Financial to offer more options to borrowers interested in consolidating or refinancing their student loans.
Splash Financial is a financial education company that offers student loan refinancing on both federal and private loans. They offer refinancing rates that start as low as 3.5 percent and can save borrowers up to $350 a month.
Initially, Splash Financial focused on medical residents and fellows. Now, this partnership with PenFed will allow the company to expand its customer base to all graduates interested in refinancing their loans.
Steve Muszynski, CEO of Splash Financial, said the partnership with PenFed will allow the company to offer competitive rates and support the company’s “…mission of helping young professionals find financial freedom by reducing the burden of their student loan debt."
PenFed is the second-largest federal credit union in the country. It offers a variety of financial services including mortgages, car loans, credit cards, student loans, and more. Shashi Vohra, Executive Vice President of PenFed, said the company looks forward to the partnership with Splash Financial and expanding its student loan refinance market presence.
Consolidating and refinancing has become a smart option for many borrowers looking to lower their monthly loan payments. Borrowers can reduce their debt to a single monthly payment and possibly lower their interest rates.
For borrowers looking for opportunities to refinance their loans, here are a few things to keep in mind. First, it’s important that borrowers start by taking inventory of the loans they currently have. Borrowers who have both private and federal loans will want to look for lenders that are willing to refinance these loans together.
Once they know what their current interest rates are, borrowers can begin looking for companies offering a better rate. It’s also a good idea to find a lender that offers flexible repayment terms like forbearance and alternative payment plans. And borrowers should do their research and find out what kind of customer support that lender provides.