Undergraduate aid awarded in 2022
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We want to make sure you and your family understand the financial aid process and that you have the support and resources you need to thrive while at Babson. A typical financial aid package includes a combination of grants, scholarships, loans, and employment, and Babson meets 100% of incoming students’ demonstrated need in the first year.
The Student Financial Services staff will work with you to review financing options, determine eligibility for specific programs, and help you select the best plan for financing your degree.
Undergraduate aid awarded in 2022
Average starting salary for Undergraduate Class of 2021
For a lot of incoming college students, the world of financial aid is new. Here are some terms you will come across as you start your application.
The IDOC collects all of your family’s financial documents submitted when applying for aid, and then provides them to your schools of choice for you. It finalizes your financial aid package. You will submit your materials on the College Board website.
An application set up through the College Board that allows you to apply for grants aid for a variety of schools. It is the first step all students will want to take when applying for financial aid. You set up your CSS Profile on its website.
It is different than the FAFSA, which is how you apply for federal financial aid.
Domestic students will fill out a FAFSA, which stands for Free Application for Federal Student Aid. This information helps us determine the federal aid you qualify for and you will fill it out every year. Go to www.fafsa.gov to apply.
Merit-based aid is determined by your academic and personal accomplishments. Sometimes there are GPA or academic stipulations on this aid and scholarships. You can find out more about the merit options we offer on our aid website.
Need-based aid is based on your family’s financial situation and Babson, federal, and state grants are available. Offerings are determined by demonstrated need in your FAFSA and CSS profiles. You can find out more about the need options we offer on our aid website.
A term that encompasses the cost of living and food expenses. You can find out more on our tuition page.
You can reach out to Student Financial Services (SFS) at firstname.lastname@example.org or 781-239-4219 with any questions about the process.
If I’m 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 throughout their time at Babson unless there’s a significant change in their families’ financial circumstances or if 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’s some other significant change in your family’s circumstances, please contact your Student Financial Services Counselor. Your Student Financial Services Counselor will advise you about any resources that might be available in the short term or the long term.
If I did not receive a merit scholarship for my first year at Babson, are there any scholarships I might be able to qualify for in my sophomore year?
The Class of ’49 and Dean’s Scholarships are awarded beginning sophomore year to students who are among the highest GPA earners and who have demonstrated outstanding leadership in campus activities. The award is $5,000 and will be renewed in the junior and senior year.
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.
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 Student Financial Services Counselor can advise you about your best financing options for winter and summer sessions.
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.
Are their outside scholarships available?
Yes, there are options available to you beyond what Babson provides. Your high school guidance counselor will be able to help you identify scholarships in your local community. In addition, if you or a family member has an affiliation with a civic or religious organization that may offer scholarships, those are great options to pursue
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.
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 for Babson Grant recipients who achieve a 3.2 cumulative GPA or better in the prior year. Merit-based scholarships may have additional requirements.
What will happen to my financial aid if I decide to live at home?
If you decide to live at home, your Babson Grant may be reduced accordingly.
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 Student Financial Services 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 email@example.com to request a book voucher.
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 Student Financial Services on the Babson Hub, and click on Enroll/Waive Health Insurance in the left-hand navigation bar. Further information can be found on our Admission website.
For more information, please reach out to the Babson Health Services Office at 781-239-6363.
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. Please contact your Student Financial Services counselor for more information.
The Glavin Office of International Education can answer further questions about studying abroad at firstname.lastname@example.org or 781-239-4565.
How much can I expect to earn working on campus?
Most students work 10 to 12 hours per week; Massachusetts minimum wage is $14.25, starting in January 2022.
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.