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 deadline will receive their financial aid package right along with their admission decision.
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 package 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 the family’s financial circumstances or 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 you have a credit on your account. If you would like to have this money refunded to you, go to the Babson Hub and click on Request a Refund in the left-hand toolbox. 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.
When should parent loan applications or supplemental student loan applications be submitted?
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 the Babson Hub, and click on Enroll/Waive Health Insurance in the left-hand toolbox.
What is the average debt of Babson students at graduation?
In 2014, undergraduates borrowing for educational expenses at Babson graduated with an average debt of $35,290.
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 $1,000 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 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 $1,000 to participate in a semester-abroad program and up to $2,000 for an off-shore course offered by the Glavin Office of International Programs. There is a $3,000 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 $8 per hour.
Does my Federal Work Study award get credited to my tuition bill?
No. Students are paid every two weeks for hours that they work on campus.