Debt – A promise of payment made by a debtor and a creditor lending money. Secured loan – For people with lower credit scores, usually less than 700. The term “secure” means that the borrower must deposit collateral such as a house or car if the loan is not repaid. Therefore, the lender is guaranteed to receive an asset from the borrower if it is repaid. Like any legally binding agreement, a credit agreement has certain terminologies that are scattered throughout the treaty. These terms have their own purpose in the credit agreement and it is therefore important to understand the meaning of these terms in the design or use of a credit agreement. A parent plus loan, also known as a “Direct PLUS Loan,” is a federal student loan obtained by the parents of a child who needs financial assistance for school. . . .