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Home Financial Terms Glossary

Financial Terms Glossary

Finance & Financial aid terms can be an alphabet soup of acronyms like FAFSA, SAR, SAP and EFC and technical terminology. It is almost like speaking a foreign language. This glossary defines the terms and acronyms that are most frequently used in basic finance or student financial aid.

Edvisors® allows the use of its glossary content by any college, university, non-profit, or other educational access agency, if the content is linked from the Edvisors® page. At any time Edvisors® may limit use per its Terms of Use policy.

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B.A.

Bachelor of Arts Degree

B.S.

Bachelor of Science Degree

Bachelor's Degree

A Bachelor’s degree is awarded by four-year colleges and universities.

Balloon Payment

In certain types of loans, the borrower makes interest-only payments throughout the life of the loan, repaying the principal balance at the end of the term of the loan. The payment of principal at the end is referred to as a balloon payment. A balloon payment can also refer to any payment at the end of a loan that is significantly larger than the normal periodic payment.

Bankruptcy

Bankruptcy refers to the cancellation (discharge) of all or part of a borrower’s debts. It allows borrowers who can no longer pay their debts to get a clean slate. It may involve liquidating the borrower’s assets and distributing the proceeds to the borrower’s creditors (Chapter 7) or reorganizing a borrower’s loans to provide a 3-5 year repayment plan (Chapters 11, 12 or 13). Borrowers with a Chapter 7, Chapter 11 or Chapter 12 bankruptcy are ineligible for a Federal PLUS loan for five years from the date of the bankruptcy discharge. The US Bankruptcy Code at 11 USC 523(a)(8) establishes an exception to discharge that makes it almost impossible to discharge federal and private student loans in bankruptcy. Borrowers must demonstrate undue hardship in an adversarial proceeding, which is a very harsh standard.
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Base Year

The base year is the prior tax year (calendar year). Applicants report income earned during the base year on the FAFSA. For example, if a student is applying for financial aid for the 2014-2015 award year, the base year is 2013.

BBAY

Borrower-Based Academic Year

BIA

Bureau of Indian Affairs

Board

Board means receiving regular meals (e.g., a meal plan). For example, college costs include room and board.

Borrower

A borrower agrees to repay a loan of money, usually with the addition of interest.

Borrower Benefit

A borrower benefit, sometimes called a loan discount, reduces the cost of the loan as an incentive to encourage particular types of borrower behavior. For example, a lender might offer to reduce the interest rate on the loan if the borrower makes the monthly loan payments through automatic direct debit (auto-debit) from the borrower’s bank account. Lenders have sometimes offered principal reductions or interest rate reductions to borrowers who make all of their monthly payments on time.
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Borrower Status

A borrower status specifies whether the borrower is in repayment on one or more loans, in the grace period before entering repayment or enrolled at least half-time in a college or university.

Borrower-based Academic Year

A borrower-based academic year (BBAY) is individualized to each borrower and floats with the borrower’s start date and progress to a degree. For example, if a student starts school in the spring, the BBAY might consist of the spring term and summer term, followed by the fall term.

Bracket

A bracket refers to figures associated with a range of income. For example, a tax bracket is an income range that is taxed at a particular rate.

Branch Campus

A branch campus is a satellite of the main campus that is located in a separate location. A branch campus is usually smaller than the main campus.

Budget

A budget is an estimate of a consumer’s income and expenses, separated into multiple categories. Descriptive budgets are based on the consumer’s actual spending patterns, while prescriptive budgets set limits on the consumer’s spending. See also Student Budget.

Bursar

The bursar is the college official or office responsible for handling billing and payments for tuition, fees, housing and other related expenses.

Buy-Up Program

In a buy-up program, a member of the U.S. Armed Forces has additional money deducted from his or her military pay in order to increase the amount of veteran’s education benefits.
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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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