Financial Aid for MBA Students
Highlights
The F.W. Olin Graduate School of Business is pleased to offer a variety of financial aid programs and financing optionsto MBA students.
- In 2007-2008 Babson is awarding $3.4 million in grants, scholarships and fellowships to MBA students.
- Approximately one half of all full-time MBA students receive some form of assistance.
- Need-based programs, merit based programs and supplemental financing options are available.
- Your SFS counselor will work with you to help select the best means for securing your MBA.
Applying for Aid
(If you are a prospective MBA student, please click here.)
Need-based aid is available to U.S. citizens and permanent residents. Students must apply for financial aid each year. Current students can check their application status here.
1. File the Free Application for Federal Student Aid (FAFSA) by April 15th
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Go to www.fafsa.ed.gov. Complete the form online and list Babson College. Our federal school code is 002121. -
Sign the FAFSA. Your PIN can serve as an electronic signature. If you do not have a PIN, go to www.pin.ed.gov. As an alternative, you can print the signature page and mail to the address listed.
2. Submit your (and spouse's) federal tax returns and W-2s to IDOC by April 15th
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You will receive a request from IDOC (Imaging and Documentation Service of the College Board) for signed copies of your (and spouse's) federal tax returns, including all pages, schedules, and W-2 forms. Mail these documents to IDOC with the cover sheet they provide.
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3. Submit federal verification worksheet to IDOC by April 15th
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Need-based Aid
Federal Stafford Loan Program
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Qualified students are eligible to borrow up to $20,500 per year through the Federal Stafford Loan Program.
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Students who demonstrate financial need are subsidized by having the interest on the first $8,500 paid by the federal government while enrolled at least half-time, for a six-month grace period, and during deferrment periods.
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The Federal Stafford Loan interest rate is fixed at 6.8 percent.
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Repayment of the loan extends up to 10 years, with deferments available during unemployment, economic hardship, or continued education.
Federal Perkins Loan Program
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Awarded to full-time students with exceptional financial need depending on the availability of funds.
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Annual awards range from 1,000 to $6,000. Interest rate is fixed at 5 percent.
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No fees.
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Interest starts accruing and repayment begins nine months after you leave school.
Federal Work-Study Program
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Federal Work-Study recipients receive preference in hiring at Babson.
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Federal Work-Study recipients work for an hourly rate (most graduate level positions pay $12).
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Students are paid bi-weekly for hours worked, thus, the amount of Federal Work-Study cannot be deducted from your tuition bill.
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To search for employment, please click here.
Wellesley/Needham Grants
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Babson provides grant funding for selected residents of Wellesley and Needham, Massachusetts, who demonstrate financial need.
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Preference is given to long-term residents pursuing full-time study. An additional application to the appropriate town’s board of selectman is required. Forms are available at the Wellesley and Needham Town Halls.
Canadian Scholarship
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Merit Aid
The F.W.Olin Graduate School of Business awards merit aid to the most qualified full-time MBA candidates. Awards are made on the basis of academic, professional, and personal merit. Candidates are notified of merit awards upon acceptance into the MBA program. No separate application is required unless otherwise indicated.
All merit awards are made in anticipation of significant academic and professional contributions to the graduate school. Recipients are expected to provide leadership in the classroom and all related activities.
Olin Fellows
- Recognizes outstanding full-time MBA candidates.
- Olin fellowships are valued at full tuition plus books.
- Olin Fellows are expected to devote 240 hours per academic year to a designated research or administrative project.
Babson Fellows
- Babson fellowships range from $15,000 to full-tuition and are awarded to highly qualified full-time MBA candidates.
- The work requirements are the same as for the Olin Fellows.
- Members of the following professional organizations will be considered for designated fellowships: National Association of Black Accountants (NABA), National Society of Hispanic MBAs (NSHMBA), Association of Latino Professionals in Finance and Accounting (ALPFA), and Posse Alumni.
Price-Babson Fellows
- A full-tuition award based on entrepreneurial experience, academic and personal accomplishments, and financial need.
- The work requirements are the same as for the Olin Fellows.
- A financial aid application and an additional admission essay are required for consideration.
Olin and Babson Scholars
- Scholars receive awards of $5,000 to $20,000 per year in recognition of academic ability and personal and professional accomplishments.
Frederic C. Hamilton Scholars
- Scholars receive $10,000 to $20,000 per year, awarded to outstanding MBA candidates with significant entrepreneurial experience.
- An additional admission essay is required for consideration.
Forte Foundation Fellowship
- Forte Foundation fellowships of $10,000 and $20,000 per year are awarded to exceptional female candidates who have demonstrated significant leadership.
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One-Time Scholarships
The following scholarships are special need-based scholarships for MBA students who are in their final year at Babson. These are one-time only scholarships with applications solicited in September and the awards are for the current academic year.
Bodman Scholarship
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In memory of former Babson trustee, Elizabeth L. Bodman.
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Designed to provide assistance to graduate Babson women who are furthering their education mid-career.
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Amount of award varies depending on number of qualified applicants (in 2007-2008 there are 5 recipients each receiving $5,400).
Class of 2001 Scholarship
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Created by the MBA Class of 2001.
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Awarded to a continuing student who has done work in a developing country or non-profit company.
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In 2007-2008 there are 2 recipients each receiving $2,400.
Class of 2002 Scholarship
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Created by the MBA Class of 2002.
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Endowed fund designed to assist a second year student experiencing financial difficulty.
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Students already receiving fellowship or scholarship funds through Babson will not be considered.
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In 2007-2008 there are 5 recipients each receiving $2,300.
Donald M. Gally Scholarship
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Gift from the late Donald M. Gally '27.
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Awarded to students with financial need preferably from the southern states.
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In 2007-2008 there are 2 recipients each receiving $4,100.
European Students Endowed Scholarship
Wertheimer International Scholarship
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In memory of Robert G. Wertheimer, former professor of economics at Babson.
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Awarded to an international MBA student with financial need.
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The 2007-2008 scholarship amount is $2,100.
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FAQs
Q. What is the average debt of Babson students at graduation?
A. Babson MBA students borrowing for educational expenses graduated with an average debt of $50,700 in 2006.
Q. What if I have concerns about my financial aid award?
A. Please contact your SFS Counselor. We can discuss how we determined your award and see if there are any financial circumstances that we had not considered. We can also advise you regarding alternative financing options and procedures for filing an appeal.
Q. What happens if I receive an outside scholarship?
A. You are required to notify Student Financial Services of private scholarships. It is possible that a portion of your financial aid package will need to be reduced.
Q. Is it possible to receive aid for study abroad?
A. Yes, as long as the credits will be used to fulfill degree requirements. Some restrictions apply in the case of study-abroad programs not sponsored by Babson. Contact SFS for more information.
Q. How much can I expect to earn working on campus?
A. MBA students working under the Federal Work-Study program are typically scheduled for eight to ten hours per week at $12 per hour. Students cannot work more than 20 hours per week on campus when classes are in session.
Q. Does my aid depend on my grades or campus activities?
A. No, with the exception that you must maintain satisfactory academic progress according to the standards outlined in the Graduate Student Handbook.
Q. What will happen to my financial aid if I live with my parents?
A. If we assumed that you would be living on your own but instead decide to live with your parents, your financial aid may be reduced because your costs are lower.
Q. What can I do in case of a financial emergency?
A. Contact Student Financial Services if an emergency arises. Requests should be made only for unanticipated expenses. Emergency loans will not be granted for tuition and fees. Funding is limited.
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