For those of you who don’t know, APR stands for Annual Percentage Rate. It’s the actual annual cost of the loan expressed as a percentage. The Truth in Lending Act requires all banks to provide the APR to allow you to compare different loan options on a level playing ground. SimpleTuition’s Loan Comparison Tool allows you to compare many different loans side-by-side, and the APR is one of the most important figures to consider when comparing loans.
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