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The principal is the original loan quantity borrowed. The interest rate refers to the worth of borrowing the principal, expressed as a proportion. The APR (Annual Percentage Rate) contains each the rate of interest and any charges, offering a extra comprehensive view of the total price of borrow
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n There are two primary kinds of scholar loans: federal and personal. Federal pupil loans embody backed and unsubsidized loans, while non-public loans are offered by banks and credit score unions. Each kind has completely different phrases, rates of interest, and eligibility requirements. It’s essential to understand the differences earlier than making use
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