import pandas as pd 

# initialize list of lists 
data = [[1,'High School',7.884], [2,'Bachelors',6.952], [3,'High School',8.185], [4,'High School',6.556],[5,'Bachelors',6.347],[6,'Master',6.794]] 

# Create the pandas DataFrame 
df = pd.DataFrame(data, columns = ['ID', 'Education', 'Score']) 

df['Labels'] = ['Bad' if x<7.000 else 'Good' if 7.000<=x<8.000 else 'Very Good' for x in df['Score']]
df

    ID  Education    Score    Labels
0   1   High School  7.884    Good
1   2   Bachelors    6.952    Bad
2   3   High School  8.185    Very Good
3   4   High School  6.556    Bad
4   5   Bachelors    6.347    Bad
5   6   Master       6.794    Bad