The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore™
Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best student loans of 2020.
Max Fixed Rate
Lenders who offered a lower maximum fixed rate were awarded higher scores.
| Aspect Score | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Max Fixed Rate | Over 15.01% | 13.01% – 15% | 11.01% – 13% | 9.01% – 11% | Under 9% |
Perks
We awarded higher scores for lenders that list more perks including services, discounts and special offers for their borrowers.
| Aspect Score | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Perks | No perks | 1 perk | 2 perks | 3 perks | 4 + perks |
Transparency
Lenders that laid it all bare by publishing important data about products — APR, offered loan amounts, applicable fees and customer support contact links — scored higher for transparency.
| Aspect Score | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Transparency | 0 data points | 1 data point | 2 data points | 3 data points | 4 data points |
Loan Amount
Lenders that offered higher loan amounts compared to others received higher scores.
| Aspect Score | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Loan Amount | Under 200K | N/A | $200K – $500K | N/A | 100% of cost |
Fees
We awarded higher scores to lenders that have fewer loan fees for borrowers.
| Aspect Score | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Fees | +4 fees | 3 fees | 2 fees | 1 fee | 0 fees |
