Vignette
Vignette is the process of washing color out around the edges of a photo. This is an older style many studios used, and can be nice in many instances. Below are a few examples. It can be done lightly just around the edges, or it can be much larger.
While Vignette is typically black or white, it can also be done in colors, as below. This can be done to match clothing, school colors, or wedding colors.