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CARES Act/HEERF I

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 970.
  • As of November 2020, CARES funds have been fully distributed to undergraduate and graduate students who completed either the 19-20 or 20-21 FAFSA and were enrolled for Spring 2020 and continuing into Summer 2020 or Fall 2020.  Students could submit an application through October 2020.  As of November 2020, any remaining CARES funds were evenly distributed to all eligible students who had not previously submitted an application for CARES funds.  
  • 30-Day HEERF Reporting for 5/31/2020: The total number of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of May 31, 2020 is 0.  The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of May 31, 2020 is $0. 
  • Quarterly HEERF Reporting for 6/30/2020:  The total number of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as June 30, 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 June 30, 2020 is $23,133.
  • Quarterly HEERF Reporting for 9/30/2020: The total number of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as September 30, 2020 is 45.  The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of September 30, 2020 is $65,085. 
  • Quarterly HEERF Reporting for 12/31/2020: The total number of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as December 31, 2020 is 952.  The total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) of the CARES Act as of December 31, 2020 is $880,995.  This is the final quarterly HEERF Student Portion report for Babson College.