Bachelor's Degree
A four year degree.
Balloon Payment
A balloon payment is a lump sum payment at the end of an installment loan repayment schedule, which is much larger than the regular monthly payments. A balloon payment can also refer to a lump sum payment of the remaining balance at any time during the term of the loan. Many education loans will allow a person to pay it off early without penalty.
Bankruptcy
Bankruptcy is a legal term for not having enough money to pay one’s debts. After declaring bankrupt by a court, much of a persons debts can be wiped out, along with the obligation to repay them. But student loans cannot be dissolved in bankruptcy.
Base Year
The base year is the calendar year immediately prior to the award year. For instance, for a student applying for financial aid for 2007-2008, the base year is 2006. For high school students this will be the last half of their junior year and the first half of their senior year.
Borrower
The person actually borrowing the money. The student, or the student’s parent(s) can become the borrower.
Budget
The entire amount needed to get through school-tuition, room and board, books, lab fees, transportation, living expenses, etc.
Bursar's Office
The bursar‘s office administers the actual billing and receiving of financial aid
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