It's been a while since I did a GUI in VB, I
think this would be the preferred way in
Java.
You text fields and buttons are going to be contained within a panel anyway, right? Plus, it makes logical sense to have groupings in a JPanel, then you can put that panel anywhere you want.
If I remember correctly, in VB you just drag a border like this. I guess you could figure out how to draw one manually, doesn't sound like fun.