Frequently Asked Questions
If I am admitted to Babson, when will I hear about my financial aid package?
Students who meet the financial aid application deadlines will receive their financial aid packages with their admission decisions.
When do you notify returning students about their financial aid for the next year?
Returning students who meet the financial aid application deadlines will receive their financial aid packages during the first week of July each year. Students can expect their Babson Grants to remain the same unless there is a significant change in their families' financial circumstances or unless a sibling exits or enters undergraduate college.
What should I do if my family’s financial situation changes?
If your parent becomes unemployed or there is some other significant change in your family’s circumstances, please contact your Student Financial Services Counselor. Your SFS Counselor will advise you about any resources that might be available in the short-term or the long-term.
What if my balance due is negative?
A negative balance (in parentheses) means that you have a credit on your account. If you would like to have this money refunded to you, go to SFS on the Babson Hub and click on Request a Refund in the left-hand navigation bar. Refunds will be issued approximately 10 days AFTER the add/drop period has ended. Refunds for credit balances generated by financial aid awards will be issued only after the financial aid has been disbursed. Alternatively, you may request a book voucher to purchase your course materials from the Babson Bookstore. Book vouchers can be used before the add/drop period has ended. Please email us at SFS@babson.edu to request a book voucher.
When should parent loan applications or supplemental student loan applications be submitted?
Submit applications for parent loans or supplemental student loans by July 15. It is your right to apply for loans through the lender of your choice; you are in no way limited to the loans listed on our website. Find more information about recommended parent and student loans here.
Do I have to either waive or enroll in Babson’s health insurance program each year?
Yes, you have to complete this process—waiving or enrolling—each year. Go to SFS on the Babson Hub, and click on Enroll/Waive Health Insurance in the left-hand navigation bar.
What is the average debt of Babson students at graduation?
In 2016, undergraduates borrowing for educational expenses at Babson graduated with an average debt of $36,556. Babson's most recent 3-Year Cohort Default Rate for federal student loan borrowers is 0.5%.
Is it possible to receive aid for winter and summer sessions?
Yes, but on a very limited basis. Financial aid application procedures and deadlines are advertised with the course listings for each session. Your SFS Counselor can advise you about your best financing options for winter and summer sessions.
Does my aid depend on my grades or campus activities?
The need-based financial aid programs require that you maintain satisfactory academic progress. In addition, there is a merit step of $1,500 (starting in 2017–2018) for Babson Grant recipients who achieve a 3.2 cumulative GPA or better in the prior year. The merit scholarships have additional requirements.
What will happen to my financial aid if I decide to live at home?
If we assumed that you would be living on campus and you then decide to live at home, your costs will be significantly less, and your Babson Grant will be reduced accordingly.
Can I use my financial aid to study abroad?
Yes. If you are accepted to participate in a Babson-sponsored study-abroad program, you will be able to apply your financial aid, with the exception of Federal Work-Study, toward your costs. In addition, there are Education Abroad Grants that are awarded to students who receive need-based grants and full-tuition scholarships from Babson. Eligible students receive $2,000 to participate in a semester-abroad program or an off-shore course offered by the Glavin Office of International Programs. There is a $4,000 total funding limit per eligible student.
What can I do in the case of a financial emergency?
If a financial emergency arises, contact Student Financial Services. Requests should be made only for unanticipated expenses. Emergency funds will not be granted to pay for Babson’s tuition, room or board.
How much can I expect to earn working on campus?
Most students work 10–12 hours per week; entry-level rate is $11 per hour, starting in January 2017.
Does my Federal Work Study award get credited to my tuition bill?
No. Students are paid through Payroll every two weeks for their hours worked on campus.
If I receive an outside scholarship, how will this affect my financial aid?
If you receive any private scholarships or awards, you must notify Student Financial Services. We list on your financial aid award letter any outside scholarships of which we have been informed. The combination of your financial aid package and outside awards can never exceed your total Cost of Attendance. Additionally, for federal financial aid recipients, the combination of your financial aid package and outside awards cannot exceed your financial need, as determined by Federal Methodology based on your FAFSA data. If the receipt of an outside scholarship requires us to reduce a portion of your financial aid package, we will reduce any student loans and/or work-study first, based on your preference. We will reduce your Babson grant/scholarship only as a last resort to prevent an over-award. Some outside scholarship providers specify that, in the case of an over-award, funds be returned to them.