Financial Aid for Undergraduates

Highlights:

• In 2007-2008, Babson awarded $18.5 million in grants and scholarships from its own funds to undergraduate students.
• Awards are made primarily on the basis of financial need, but consideration is also given to students' academic and personal accomplishments.
• If your family experiences a major change in its financial circumstances, please be sure to let us know. Your SFS counselor can advise you accordingly.

Applying for Aid
(If you are a prospective undergraduate, 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 online.

1. File the Free Application for Federal Student Aid (FAFSA) by April 15th

• Complete the form online at www.fafsa.ed.gov and be sure to list Babson College. Our federal school code is 002121. Sign the FAFSA. One parent (for a dependent student) must also sign.
• Your PIN can serve as an electronic signature. If either you or your parent does 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 student and parent federal tax returns and W2's to IDOC by April 15th

• You will receive a request in the mail from IDOC (Imaging and Documentation Service of the College Board) for signed copies of your and your parents' federal tax returns, including all pages, schedules, and W-2 forms.
• Mail these documents to IDOC with the Cover Sheet they provide. For a duplicate Cover Sheet, go to http://idoc.collegeboard.com or call (305) 829-9793.

3. Submit the federal verification worksheet to IDOC by April 15th

• Download the 2008-2009 Verification Worksheet.
• Complete and mail this document along with your tax returns and the Cover Sheet provided by IDOC.

Babson Grants
Babson Grants and the other programs listed here are awarded to students with financial need. Grant and scholarships awards are considered gifts that do not need to be repaid.

Babson Level Grants

• Award amount based on each student's financial need, as determined by a standard need-analysis methodology.
• Award amount committed for four years, provided there are no major changes in a family's financial circumstances or the student's enrollment status.
• Students who receive the Babson Level Grant are eligible for a Merit Step of $1,000 in each year after a cumulative GPA of 3.2 or better is acheived.

Alumni Scholarships

• A four-year, $5,000-per-year scholarships awarded at the point of admission.
• Awarded based on need and sponsored by an alumna, alumnus, or alumni group.

Arthur M. Blank Scholarships

• A four-year, $7,000-per-year scholarships awarded at the point of admission.
• Awarded on the basis of enterpreneurial potential, academic achievement, and financial need.
• A special essay must be submitted with admission application materials.

Sorenson Arts Scholarship

• A four-year, $5,000-per-year scholarship awarded at the point of admission.
• Awarded on the basis of artistic ability, the strength of the student's ideas about combining artistic pursuits with a business degree, academic achievement, and financial need.
• A special essay must be submitted with admission application materials.

George I. Alden Scholarship

• For students who transfer from a Massachusetts community college.

Little Bodman Scholarship

• For women attending Babson mid-career.

Canadian Scholarship

• For Canadian citizens.

Rodger and Rosemary Enrico Dallas Scholarship

• A four-year, full-tuition scholarship awarded to an economically disadvantaged student from Dallas, Texas.

Wellesley and Needham Town Scholarships

• For students who are residents of these neighboring towns.
• In addition to applying for financial aid at Babson, an application must be submitted to the Town Hall.
• Applications are available at the Wellesley and Needham Town Halls.

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Federal & State Aid
Students who complete the aid application procedures listed above will be considered for all federal and state aid programs for which they qualify. More information about the federal programs is available at www.studentaid.ed.gov and the Massachusetts programs at www.osfa.mass.edu.

Federal Grants

• Federal Pell and Supplemental Educational Opportunity grants are awarded to undergraduates with the greatest financial need.

State Grants

• MassGrants and Gilbert Grants are awarded to Massachusetts residents with the greatest financial need.
• Residents of CT, DC, ME, MD, NH, NJ, PA, RI, and VT may be eligible for state grants that can be used at Babson.

Federal Stafford Loan Program

• Qualified students are eligible to borrow up to the following amounts through the Federal Stafford Loan program:

• Effective for loans processed after July 1, 2008, the Subsidized Stafford Loan rate is fixed at 6.0 percent. The Unsubsidized Stafford Loan rate is fixed at 6.8 percent.
• Independent students can borrow additional amounts through the unsubsidized Stafford Loan program.
• For students who qualify for the subsidized loan, the interest is paid by the federal government while in school and for a six month grace period.
• For students who don't qualify for the subsidy, the interest begins accruing at the time of the loan disbursement. Students can elect to pay the interest while in school or have it capitalize for after graduation.
• Repayment begins six months after you leave school.

Federal Perkins Loan Program

• Awarded to students who demonstrate exceptional financial need depending on the availability of funds.
• Interest rate is fixed at 5 percent. No fees.
• Interest starts accruing and repayment begins nine months after you leave school.

Federal Work-Study

• Federal Work-Study students receive preference in hiring at Babson.
• Students are paid bi-weekly for hours worked, thus the amount of Federal Work-Study cannot be deducted from your tuition bill.
• The entry-level wage for most jobs on campus is $8.00 per hour.
• Paid community service jobs are available to Federal Work-Study students.
• To search for employment, please go to www.babson.edu/offices/hr/students

Mass No Interest Loan Program

• For Massachusetts residents with the greatest financial need. Interest rate is 0 percent. No fees. Repayment begins nine months after you leave school. Limited funds available.

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Merit Scholarships
Merit scholarships are awarded upon admission to the College. No separate application is necessary.

Presidential Scholarships

• For incoming students, scholarships are valued at 1/2 tuition.
• Presidential Scholars must maintain a minimum 3.0 grade point average.

Women's Leadership Awards

• Awarded to selected students based on demonstrated leadership experience, future leadership potential, and academic achievement.
• For incoming students, awards are valued at 1/4 tuition.
• Award recipients participate in the Women's Leadership Program, including mentoring and leadership development activities.
• Candidates are invited to interview for the award.

Diversity Leadership Awards

• Awarded to students with the greatest potential for leadership in creating a richly diverse Babson community.
• For incoming students in September 2006 and beyond, awards are valued at either full tuition or 1/2 tuition, with the full tuition scholarships reserved for students who demonstrate financial need.
• Award recipients are provided mentoring and leadership development opportunities.
• Preference in selection is given to historically under-represented student groups.

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FAQs
Q. What is the average debt of Babson students at graduation?
A. The average debt of May 2007 graduates who borrowed educational loans is $28,902.

Q. Is it possible to receive aid for winter and summer sessions?
A. Yes, but on a very limited basis. Financial aid application procedures and deadlines are advertised with the course listings for each session. Your SFS counselor can advise you about your best financing options for winter and summer sessions.

Q. Does my aid depend on my grades or campus activities?
A. The need-based financial aid programs require that you maintain satisfactory academic progress. In addition, there is a merit step of $1,000 for Babson Level Grant recipients who achieve a 3.2 cumulative GPA or better in the prior year. The merit scholarships -- Presidential Scholarships, Women's Leadership Awards, and Diversity Leadership Awards, have additional requirements.

Q. What will happen to my financial aid if I decide to live at home?
A. If we assumed that you would be living on campus and you decide to live at home, your costs will be significantly less, and your Babson Level Grant will be reduced accordingly.

Q. Can I use any of my financial aid to study abroad?
A. 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 the cost of attendance.

Q. What can I do in the case of a financial emergency?
A. If an emergency arises, contact Student Financial Services. Requests should be made only for unanticipated expenses. Emergency loans will not be granted to pay for tuition, room or board. Funding is limited.

Q. How much can I expect to earn working on campus?
A. Most students work 10-12 hours per week and make an entry-level wage at Babson of $8.00. In addition, there are community service jobs for Federal Work-Study students at off-campus locations. The pay rate for these positions starts at $8.50.

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