I usually advise against taking out a loan for a bike to the younger crowd. One of your first major hurdles will be insurance. Bank note means full coverage. Full coverage on a motorcycle for a first time rider will usually raise your ins on the bike about 5x what it would be for basic insurance. Just something to keep tucked into the back of your mind.
$5,500 is on the high end of the price spectrum for a decent entry level bike and gear. The bike shouldn't cost you all that much. General rule of thumb is to budget about $1,000 for gear, but the price depends on what you get.
Make damned sure your helmet fits correctly. Go to a reputable dealer and get assistance with finding one for your first time out. It's one of those things that would take about 2 pages worth of typing to try to explain over the internet.
Liquid cooled would be the other form of cooling. The system works the same as in in a car. There is a "Water jacket" around your cylinders, which means there is a chamber filled with antifreeze (coolant). a hose runs from one side of the engine to a radiator in the front of the bike, then returns to the other side of the engine. Coolant is cycled via pump and the radiator is cooled via fans. The difference it would make to you, you probably won't notice. IMO, anyway.
9:1 Means that in that chamber, 9 parts of air will be compressed into one part just before combustion.
Don't sweat the technical names the manufacturers have for their fuel systems.
Final drive is the last part of the driveline connecting your engine to your wheels. On a motorcycle, this final drive would be your chain and sprockets. DID is a chain manufacturer. Links are self explanitory if you look at a chain. Even a bicycle chain. It is each solid section of the chain. This one has 110 of them. 520 is a width measurement, but someone else will have to jump in on what the number represents.
And remember... there are no stupid questions. Only stupid people.
One last thing... A bank takes the amount of money you make monthly and figures in how much of that the payment would take. I forget the percentage, but I want to say they never allow it to exceed 25%. Anyway... if you do end up going that route, you will be MUCH more likely to get a long term loan with small payments than you are a short term loan with huge payments. It is more financially secure for them. How fast you choose to pay it off once you have the money is entirely up to you, though.
Start calling the insurance companies and getting quotes now. See which way (full coverage vs basic) would actually be viable for you, and make sure you can afford ins on the bike you are looking at. (The GS is usually on the cheap end of the spectrum, though, so I think you are safe there. )
EDIT: Had to correct a major technical brainfart. It's late and I'm on my way to bed.