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 by visiting ELMSelect.
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 firstname.lastname@example.org to request a book voucher.