Bachelor's Degree The undergraduate degree granted by four-year colleges and universities.
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.
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.
Borrower The person who receives a loan.
Budget See Cost of Education
Student Accounting & University Cashiering Services Student Accounting & University Cashiering Services is the university office that is responsible for the billing and collection of university charges.