| BA or BS |
BA stands for bachelor of
arts, and BS stands for bachelor of science. Both degrees
can be earned at four-year colleges. The type of degree
awarded depends on the kinds of courses offered at the particular
school. |
| Bad credit |
A negative rating from the
credit reporting agencies. Many factors can contribute to
someone getting a "bad credit" rating, among these are non-payment
of an account or late payments over an extended length of
time. Whether non-payment of an account is willful or due
to financial hardship, the result can be the same, a negative
rating. However, lenders are more willing to work with individuals
if the person contacts the lender to let them know they
are having problems meeting their commitment to pay. |
| Balloon |
Loan in which little, if any,
of your monthly payments go toward paying off the outstanding
balance. Rather, one large, lump-sum payment is due at maturity.
|
| Balloon Payment |
A large extra payment that
may be charged at the end of a loan or lease. |
| Bankruptcy |
A person is declared bankrupt,
when found to be legally insolvent and the person's property
is distributed among creditors or otherwise administered
to satisfy the interests of creditors. Generally, Federal
student loans cannot be discharged through bankruptcy. |
| Base Year |
The tax year prior to the
academic year (award year) for which financial aid is requested.
Financial information from this year is used to determine
eligibility for financial aid. |
| Billing Error |
Any mistake in your monthly
statement as defined by the Fair Credit Billing Act. |
| Borrower |
The person who receives the
loan. |
| Budget |
The total cost of attending
a postsecondary institution for one academic year. The student's
budget usually includes tuition, fees, room, board, books,
supplies, travel, and personal expenses. Each institution
develops its own student budget. |
| Bursar's Office |
The university office that
is responsible for the billing and collection of university
charges. |
| Business Days |
Check with your institution
to find out what days it counts as business days under the
Truth in Lending and Electronic Fund Transfer Acts. |
| Buydowns |
Mortgage in which the rate
is offset by paying more points up front. |
