You can use Workday to complete many account management tasks.
Under the Finances icon you can:
- View your student account online
- Submit payment or set up a payment plan
- Complete the required enrollment (or waiver) of Student Health Insurance.
- Request a refund
Setting up a Third Party Proxy
In the Student Profile you can:
- Set up a Third Party Proxy - A Third Party Proxy is a parent, guardian, or anyone else that the student designates to have online access to their Student Financial Services (SFS) information and make payments.
Avoiding late payment penalties
Students who have not settled their accounts by the semester payment due date will be charged a $200 late fee, denied course registration and add/drop privileges, and may be withdrawn from courses and lose college housing for the period of the housing contract. More detail about late payment penalties can be found in the 2022-2023 Undergraduate Student Handbook (pdf) and 2022-2023 Graduate Student Handbook (pdf) Student Handbooks, including information about account holds and fees on accounts referred for collection. While Babson recognizes that many students receive financial aid or monetary assistance from third parties, the ultimate responsibility for satisfying all financial obligations rests with the student.
Changing your meal plan
You may change your meal plan online through the end of the add/drop period through Housing Self-Service. After the end of the add/drop period, you may increase your meal plan online through Housing Self-Service. No decreases are accepted after the end of the add/drop period.
Requesting a refund
A credit balance (which will appear on your student account in parentheses, as a negative number) means you have excess funds on your account. You can leave these funds on your account for the next semester, or request to have them refunded. Refund requests are processed by SFS after the add/drop period has ended, and after financial aid and loan funds have been disbursed onto your account. Students who have federal Title IV student aid disbursements in an amount that exceeds the costs of tuition, mandatory semester fees, and any room and board charged by Babson will automatically have the amount of the Title IV credit balance refunded by check to their mailing address.
If you have financial aid or loans that exceed billed charges at Babson, you may use these funds to purchase your course materials for the semester. At the Babson Campus Store online checkout, select Financial Aid/Scholarship under Alternate Forms of Payment, and enter your Babson College Student ID for the Account Number.
Setting up a payment plan
If it would work better for you to spread the payments out over a number of months rather than making a single lump sum payment each semester, go to Workday Finances to set up a payment plan.
Claiming education tax credits
Students who have paid qualified tuition/fees for higher education may be eligible for certain tax benefits under the U.S. tax code. Babson reports the qualified tuition/fees that have been billed to U.S. citizens/permanent residents to the IRS each calendar year, and on 1098-T forms that are sent to students by the end of January each year. Your Social Security Number (or Tax Identification Number) is required for this process; if you have not already provided your Social Security Number to Babson please do so by submitting the information to Student Financial Services using IRS Form W9S.
If you are an international student who would like a 1098-T issued to you, please make sure Student Financial Services has your Social Security Number on file.
The best information about the tax benefits, including who qualifies and how to claim the benefits, is available in the IRS Publication 970-Tax Benefits for Higher Education. The IRS form needed to claim the American Opportunity (Hope)/Lifetime Learning Tax Credits, Form 8863-Education Credits, is available here.
Eligible students can download their 1098-T forms by following These instructions.
Understanding California STRF
California residents who pay for tuition in a California-based program are required to be assessed a state fee for the California Student Tuition Recovery Fund (STRF). For Babson students, the STRF applies to California residents enrolling in the San Francisco Blended Learning MBA Program and those attending the San Francisco Babson Undergraduate Semester.
The purpose of STRF is to relieve or mitigate economic losses suffered by California residents enrolled in California-based educational programs in the event of a school closure. Effective January 1, 2015, the STRF assessment rate is zero ($0) per $1,000 of institutional charges. The STRF rate is subject to change based upon the balance in the State of California Student Tuition Recovery Fund. If and when the assessment rate increases, Babson will charge and collect the assessment from qualifying students for each period of enrollment.
For more information about the California STRF, including how to file a claim in the event of school closure, go to the California Bureau for Private Postsecondary Education website.