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| Glossary of Terms
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| Bachelor's Degree: A four year College degree |
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Balloon Payment: A balloon payment is a larger than usual payment used to pay off the outstanding balance of a loan without penalty. Not all loans allow balloon payments. Simple interest loans, like many educational loans, generally do allow balloon payments
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Bankruptcy: When a person is declared bankrupt, he is found to be legally insolvent and his property is distributed among his creditors or otherwise administered to satisfy the interests of his creditors. Federal student loans, however, cannot be discharged through bankruptcy.
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Borrower : The person who receives a loan.
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Bursar's Office: The college or university office responsible for billing and collections.
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