Help - Glossary
The following glossary listing contains definitions/descriptions of terms that are related to Federal student aid Title IV programs and/or acronyms..
The terms are listed according to alphabetical order. You can select the All link to view a listing of all of the glossary terms, or you may select the letter equal to the first letter of the term.
Glossary
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, FSA loans cannot be discharged through bankruptcy.Base Year
The 12-month period ending on December 31 of the calendar year that precedes an award year. For example, the calendar year 2004 is the base year for the 2005-2006 award year. Student applicants are required to provide base year data upon which eligibility is determined since tax records are available to verify the information provided on the FAFSA.Batch
A group of records assembled in a single file that is then transmitted electronically as one unit to ED for processing. Each batch contains a header record and a trailer record with information about the records in the batch, including the number of records and the school ID number.Begin/End Date
The month and year on which a grant award begins and ends. It is the funding period for the award, plus any amendments. Normally, the funding period is 12 months.Booked Loan
A Direct Loan award that has been linked to a promissory note and an accepted actual disbursement..Bookkeeping
Analyzing, classifying, and recording financial transactions according to an established plan. Provides a means by which an organization's business may be conducted in an orderly fashion and establishes a basis for reporting the financial condition of an organization and the results of its operation. The two methods of bookkeeping are single entry and double entry.Borrower
The person who receives loan funds and is legally obligated to repay those proceeds with interest at a future date per the conditions established in a promissory note.Borrower Based Academic Year (BBAY)
One of two types of academic years a school can use in determining a period of enrollment or when another year will begin for the student: scheduled academic year (SAY) and borrower-based academic year (BBAY). Clock-hour and nonterm credit-hour programs must use the BBAY. Term-based credit-hour programs can use either SAYs or BBAYs if the program's academic year provides at least 30 weeks of instruction (unless ED grants a waiver for an academic year of less than 30 weeks). For a term-based credit-hour program, the school can use BBAYs for all its students, students enrolled in certain programs or on a studentby- student basis. The school can even alternate BBAYs with SAYs for a student, but the academic years must not overlap. Schools exercising these choices must have a written policy that explains how it applies these options when calculating loan eligibilitying reported, but not yet paid to the appropriate students. Unpaid student wages are considered a school liability.Borrower-specific deferment
Refers to the federal requirement that eligibility for deferment be applied to all of a borrower's loans, rather than to each separate loan. For example, a borrower who has used the maximum 24 months of internship deferment is not entitled to an additional internship deferment.Budget
The total cost of attending a post-secondary school for one academic year. The student's budget usually includes tuition, fees, room, board, books, supplies, travel, and personal expenses. Each school develops its own student budget.Budget Period
Usually, a 12-month period where a grant award has an approved budget. See also project period award.Bursars Office, Business Office
The institutional office that is responsible for the billing and collection of school charges.
