Student loans lender reviews methodology

What is the Bankrate Score for student loans?

Bankrate rates student loan lenders using two separate scales for new and refinance loans, split into three categories each: availability, affordability and customer experience. These categories let us to weigh how competitive a lender’s products are and which borrowers they’d serve best.

Score visualization across Bankrate

Bankrate Scores are presented differently across our website. These images display the variations you may encounter.

How we calculate a Bankrate Score for new student loans

Our editorial team begins the process by conducting a thorough analysis of industry trends, as well as market and economic trends that may influence that particular space. This analysis allows us to establish what a competitive student loan product should look like.

Our team then collects lender-specific data related to the categories examined within the Bankrate Score. Lenders are then rated with a score of one to five, with five being the highest.

Though Bankrate receives compensation from some of the lenders reviewed, these partnerships do not influence our ratings. Lender scores are determined based on hard data and expert analysis.

Overall score 

Bankrate evaluates student loan lenders in three core areas, each with its own weight, based on consumer impact.

Availability score 

Availability factors help us rate products’ accessibility and ability to meet different borrowers’ needs. We want to recommend products that many students can benefit from, regardless of their location or degree. 

We like lenders that offer flexible loan amounts and repayment options. Lenders with a loan portfolio that fits different levels of education, as well as those servicing most states, rank higher in this category.

Affordability score

Student loan debts can stay with borrowers for decades, so we prioritize lenders that help borrowers minimize their burden.

Lenders offering low APR ranges and fewer fees secure the highest scores. We also favor lenders that offer loans with and without a cosigner option, as well as those whose loans come with reasonable grace periods.

Customer experience score

It should be easy for customers to contact their lenders and manage their loans — but some lenders make it hard. The customer experience category measures how well-equipped a company is to serve its customers. 

Lenders offering a wide range of contact options and service hours get the highest scores. Those that make the repayment process easy with automatic payments, as well as those with robust online portals and apps, also rank highly.

How we calculate a Bankrate Score for student loan refinance products

Much like for student loans, our editorial team conducts an analysis of industry trends and factors in market and economic conditions. From the analysis we determine what is a baseline offer versus what is competitive.

The data is then examined on a lender-specific level and each lender is rated based on the Bankrate Score criteria. Ratings range from one to five, and just as they are for student loans, five is the highest.

Overall score 

Bankrate evaluates student loan refinance products on three core categories. These categories have several criteria in common with student loans with a few key differences.

Availability score 

Product availability extends from a lender's service footprint to loan amounts. It also accounts for repayment options.

Affordability score

Similar to student loans, low APR ranges and few fees earn lenders higher scores. Lenders that offer discounts and don't require a cosigner also score higher in this category.

Customer experience score

The customer experience score for refinance products revolves around how well the company responds to customer needs, similar to how it does for student loans. A wide range of customer service hours, automatic payments and online account management result in a higher score.