Usually a term given to Freshmen, or any person under the age of 15. This term is usually given by an older person, around the age of 18, who has kissed or used their "fishbait."
Additionally, if you are the fishbait, you may be invited to parties with that 18-year-older and be able to partake in comsumption of any drugs or alcohol and the like.
Woah, happy birthday. You're 15. Congradulations- you aren't fishbait anymore!
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