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Application Procedures
All U.S. citizens and permanent residents are encouraged to apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). Federal student loans are available to students enrolled half time* or more. Students must apply for financial aid each year.
*Note: CAM students enrolled in 4.5 or more credits are considered to be enrolled half time.
To apply, submit the Free Application for Federal Student Aid (FAFSA), available online on the FAFSA website. List Babson College, Babson Park, MA, in the school listing section of the FAFSA. Babson’s Title IV School Code is002121. Babson recommends selecting the option to use the IRS Data Retrieval Process.
Additional documents may be requested to complete the verification of the financial aid application.
Deadlines
Incoming Students: Use your admission application deadline for the FAFSA and all scholarship materials.
Returning Students: We recommend that you complete these steps by April 15.
Awards
Babson College graduate students have the opportunity to apply for additional grants and need-based or special criteria scholarships.
Babson Alumni Lifelong Learner Grant
All alumni with a bachelor’s or a master’s degree from Babson are eligible for the 20% grant on tuition when admitted into a graduate degree program—no separate application is required.
Canadian Scholarship
The Canadian Scholarship is a need-based scholarship that is awarded to Canadian citizens, with preference to students who attended McGill University. Apply by completing a College Scholarship Service PROFILE form online.
FUNED Scholars (Mexican Nationals)
Scholarship Opportunities
Babson College, in partnership with the Fundación Mexicana Para La Educación (FUNED), offers up to two $10,000 scholarships annually to selected incoming MBA students who are Mexican nationals.
There is no separate application for the FUNED Scholarship at Babson; Mexican nationals will be considered based on their admission application materials. Scholarship recipients will be notified at the time of admission. Recipients in the Two-Year MBA program who continue in good academic standing will have the FUNED Scholarship renewed for their second academic year at Babson.
Loan Opportunities
The agreement also provides the opportunity for incoming MBA and MS students to apply for a loan from FUNED covering up to 40% of the total educational cost, not to exceed $20,000 for one year and $40,000 for two years.
Students interested in learning more about scholarship and loan options with FUNED can learn more at www.funedmx.org.
Wellesley and Needham Town Scholarships (Residents & Graduates)
This scholarship is for students who are residents of Wellesley or Needham, Massachusetts, or who are graduates of Wellesley or Needham high schools. An additional application to the respective town's Board of Selectmen is required. For the Needham Town Scholarship, you will need to complete the application found on the town website.
Yellow Ribbon Scholarships (U.S. Veterans)
Established by the Post-9/11 GI Bill®, the Yellow Ribbon Program provides veterans with supplemental education funding, beyond the basic benefits, by matching contributions made by a participating college or university. Qualifying students at Babson will receive an annual $20,000 Yellow Ribbon Scholarship, $10,000 of which is funded by Babson and matched by $10,000 from the Veterans Administration.
Candidates should send a copy of the VA Certificate of Eligibility to Babson’s VA certifying official in Veteran Benefits at the Registrar’s Office. The limited number of scholarships are awarded on a first-come, first-served basis.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government website at https://www.benefits.va.gov/gibill.
MBA Need-Based Scholarships
MBA students with demonstrated financial need are eligible for several scholarships that are only open to students who are nearing completion of their program and will graduate in the year they apply. The application process takes place annually in September, with additional information provided to students from the Student Financial Services team. Below is a list of the awards typically available.
Consideration Criteria
Preference in selection will be given to students who will graduate this academic year and who have not previously received a merit award at the time of admission to Babson.
Other factors used to evaluate scholarship candidates will include: academic accomplishments, involvement in the graduate school community, financial need, and level of educational loan debt.
Nonprofit/Developing Country Work
MBA CLASS OF 2001 ENDOWED SCHOLARSHIP
This scholarship was made possible through the generosity of the MBA Class of 2001. The scholarship is awarded to a continuing student who has done work in a developing country or non-profit organization.
Second-Year Students in Two-Year MBA
MBA CLASS OF 2002 ENDOWED SCHOLARSHIP
This scholarship was made possible through the generosity of the Two-Year MBA Class of 2002. Their successful fundraising effort led to the creation of an endowed fund designed to assist second year students in the Two-Year program experiencing financial difficulty.
Students from the Southern U.S.
DONALD M. GALLY SCHOLARSHIP
This endowed scholarship fund was a gift from the estate of the late Donald M. Gally ’27. The scholarship is awarded based on financial need with preference given to students from southern U.S. states.
Women in Mid-Career
ELIZABETH LITTLE BODMAN SCHOLARSHIP
This endowed scholarship fund was established in memory of Elizabeth L. Bodman MBA’76, former Babson trustee. The scholarship is designed to provide assistance to undergraduate and graduate women who are furthering their education in mid-career.
Students from Europe
EUROPEAN ENDOWED SCHOLARSHIP
One scholarship from this endowed fund is awarded each year to a European MBA student studying at Babson.
Women with Entrepreneurial Experience
THE KATHERINE SAYARE SCHOLARSHIP FOR WOMEN IN BUSINESS
This award provides need-based assistance for graduate women from the U.S. with preference given to female students with entrepreneurial experience.
Full-Time Student Leaders
STUDENT LEADERSHIP SCHOLARSHIP
This GSC-sponsored scholarship will be given to a full-time student who has demonstrated leadership in graduate school activities that strengthen community and enhance the lives of graduate students.
International Students
WERTHEIMER INTERNATIONAL SCHOLARSHIP
Named in memory of Robert G. Wertheimer, former Professor of Economics at Babson, this scholarship is awarded to an international MBA student with financial need.
Loans
Loan Programs
We strongly recommend that all U.S. citizens and permanent residents of the U.S. apply for federal student loans first before pursuing any other loan option. You must be enrolled at least half time* to qualify for federal student loans. Please read Babson Loan Policy Statement
*Note: CAM students enrolled in 4.5 or more credits are considered to be enrolled half time.
Federal Student Loans (U.S. Citizens & Permanent Residents)
FEDERAL DIRECT LOAN PROGRAM FEDERAL
The Federal Direct Loan is the most widely available student loan for U.S. citizens and permanent residents of the U.S. Students are eligible to borrow up to $20,500 per year through this program.
DIRECT GRADUATE PLUS LOANS
Federal Direct Graduate PLUS Loans are student loans for U.S. citizens and permanent residents of the U.S. to cover educational expenses that are not covered by other loans or financial aid. The maximum loan amount is determined by your cost of attendance, less any other financial aid you receive from other sources.
How to Apply
To be considered for a federal student loan, you must complete the FAFSA. Based on your application, you will receive a financial aid offer that may include student loans.
To be eligible for a loan, students must remain enrolled at least half time,* in 6 or more credits
Interest Rates and Fees
You can find details about interest rates and federal loan fees on the Federal Student Aid website.
Loan Repayment
The Standard Repayment term extends up to 10 years, with deferments available during unemployment, economic hardship, or continued education.
Interest Accrual
Interest begins accruing at the time of the loan disbursement. Students can elect to pay the interest while in school or have it capitalized into a repayment schedule that starts six months after they leave school.
Loan Disbursement
Loan funds are issued in two disbursements each year, typically timed to coincide with the start of each semester. Students are notified via email each time Federal Direct Loan funds are credited to their account
Additional Loans and Lenders
For students who need financing beyond what is available through the federal student loan programs, we offer a list of recommended loans and lenders.
We use the following criteria in developing our list of recommended loans and lenders:
- Loan terms and cost to borrower
- Borrower benefits
- Differentiated options (fixed rate versus variable rate loans, for-profit versus nonprofit organizations, regional versus national lenders)
You are in no way limited to loans/lenders on our list of options. Babson will process a loan from any lender, and it is your right to apply for loans through the lender of your choice.
Loans for International Students
Student loans are available to international students with a credit-worthy U.S. citizen or Permanent Resident co-applicant.
Loan Options
We have a list of recommended loans and lenders. Additional financing options for international graduate students may be available from MPOWER Financing, or Prodigy Finance.
Veterans Benefits and Transition Act of 2018
As part of the Veterans Benefits and Transition Act of 2018, section 3679 of title 38, the following policies apply to any individual (“covered individual”) who is entitled to educational assistance under Chapter 31, Veteran Readiness and Employment, or Chapter 33, Post-9/11 GI Bill® benefits.
- The College will permit any covered individual to attend or participate in the course of education during the period beginning on the date on which the individual provides to the College a certificate of eligibility for entitlement to educational assistance under Chapter 31 or 33 (a “certificate of eligibility” can also include a “Statement of Benefits” obtained from the Department of Veterans Affairs’ (VA) website – eBenefits, or a VAF 28-1905 form for Chapter 31 authorization purposes) and ending on the earlier of the following dates:
- The date on which payment from VA is made to the College.
- 90 days after the date the College certified tuition and fees following the receipt of the certificate of eligibility.
- The College will not impose any penalty, including the assessment of late fees, the denial of access to classes, libraries, or other institutional facilities, or the requirement that a covered individual borrow additional funds, on any covered individual because of the individual’s inability to meet his or her financial obligations to the College due to the delayed disbursement funding from VA under Chapter 31 or 33.
- The College may request or require Chapter 31 and Chapter 33 students to take the following actions:
- Submit a certificate of eligibility for entitlement to educational assistance no later than the first day of a course of education.
- Submit a written request to use such entitlement.
- Provide additional information necessary to the proper certification of enrollment by the College.
- Additional payment may be required or a fee may be imposed for the amount that is the difference between the amount of the student’s financial obligation and the amount of the VA education benefit disbursement.
‘‘GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill."
You are in no way limited to loans/lenders on our list of options. Babson will process a loan from any lender, and it is your right to apply for loans through the lender of your choice.