CARES Act/Babson Emergency Fund
Babson College is pleased to provide funding from two sources to assist students with expenses related to the disruption of campus operations due to COVID-19 during the spring 2020 semester:
- The Babson Emergency Fund was created with donations from generous alumni and friends.
- Babson College received funds from the federal government’s Coronavirus Aid, Relief and Economic Security (CARES) Act in the amount of $880,995 in May 2020. Babson signed and returned to the U.S Department of Education the Certification and Agreement and the assurance that the institution has used, or intends to use, no less than 50 percent of the funds received under Section 18004(a)(1) of the CARES Act to provide Emergency Financial Aid Grants to students. Grants from that fund will range from $50 to $6,195 (maximum amount allowed by the U.S. Department of Education).
- The estimated total number of Babson College students eligible to participate in programs under Section 484 in Title IV of the Higher Education Act of 1965 and thus eligible to receive Emergency Financial Aid Grants under 18004(a)(1) of the CARES Act is 1,009
- The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of July 15, 2020 is 20.
- The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of July 15, 2020 is $23,133.
Undergraduate and graduate students who are currently enrolled and matriculated into a degree or certificate program at Babson can submit an application:
- U.S. citizens and Permanent Residents who have applied for Title IV funding by completing the 19-20 or 20-21 FAFSA will be considered for funds from the CARES Act. Although recipients do not need to be recipients of Title IV funds, they must meet the criteria for Title IV funding.
- International students and domestic students not eligible for federal funding will be considered for Babson funding.
Requests will be reviewed based on expenses related to the disruption of campus operations during the spring 2020 semester due to the coronavirus. Funds cannot be used to pay for Babson related costs such as tuition, room and board or any other outstanding balances.
Examples of costs that can be considered and the typical reimbursement amount Babson can consider:
|Food||Up to $400||Food costs for students unable to return home and living off campus|
|Housing||Up to $1400||Students unable to return home and needing to stay on campus, or renting off campus|
|Transportation||Up to $500||Costs to travel home|
|Technology/Course Materials||Up to $250||Internet access, costs related to online learning|
|Storage Costs||Up to $250||Moving or storage costs related to campus closing in March 2020|
|Canceled Programs/Travel Costs||Varies||Costs related to canceled education abroad programs in the spring—amounts will typically be based on the expense categories listed on this chart|
|Health Care||Based on cost||Receipts required|
|Child Care||Based on cost||Receipts required|
Students should submit ONE application for CARES funds. You can include different expenses (food, housing, etc.) all within one application by clicking on "add another response" at the bottom of the request form.
Babson has implemented recommended amounts for each type of request in order to best distribute limited funds. Payment will be directly to the student in the form of a check or EFT refund initiated on the Babson Hub. Given the volume of requests, please allow 2 weeks for processing once you submit your request.
Prior to receiving CARES funds, the College advanced many requests to students via the Babson Emergency Fund. If you previously requested funds for a particular expense, we cannot provide additional funding for that same cost.