Private Student Loans Annual Percentage Rate - Wells Fargo

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Annual Percentage Rate

The annual percentage rate (APR) describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate. The APR allows a borrower to compare costs of credit because it factors in loan term, interest rate and fees associated with the loan.

With student loans, two things may cause the APR to be different than an interest rate:

  1. Origination fees
  2. The length of time before repayment begins