Babson College is located in Wellesley, Massachusetts, and it primarily focuses only on business and entrepreneurship. So, this is not a typical university or college that has dozens of majors in different disciplines.
Because of its focused academic programs, Babson College is known for preparing students to be great entrepreneurs and future businessmen later down the road. Because of that, the admission rate is 25%, which means only one student out of four gets accepted into this college.
In this article, we will be discussing Babson College scholarships, need-based aid, and loans since you need to acquire merit-based awards and financial assistance to attend this prestigious business school.
Cost of Attendance
Before we talk about the various scholarships offered at Babson College, let’s discuss its cost of attendance. For one year, the annual tuition is over $50,000, and the cost for room and board is approximately $16,000. The estimated cost of attendance for Babson College is around $72,000 per year.
Covering Full Financial Need for First-Year Students
Babson College is committed to meeting the full need of its first-year student. Also, it states while it can’t be guaranteed, it will do its best to meet your financial need for the rest of the years to come. For more information, visit the Financial Aid at Babson Page.
So what does this mean? To apply for financial aid, you will be asked to fill out various forms such as the FAFSA and CSS Profile. Using these forms, the college and the USA government calculates how much you are expected to pay for college tuition.
Next, the college then meets the rest of your financial need by using scholarships, need-based aid, loans, and work-study. In short, you don’t have to worry too much during your first-year since Babson College will do the rest for you!
So, let’s take a look at various Babson College scholarships and avenues of financial assistance. Just to let you know, students at Babson College do not pay the full $72,000 a year. If you are interested in what you would pay, use the net price calculator to get a rough estimate.
Merit-Based Awards at Babson College
Scholarships offered at Babson College are based on academic merit and financial need. In this section, we will be discussing all the scholarships that are available for prospective applicants and current students at Babson College.
These scholarships are for incoming freshmen at Babson College. Some require additional paperwork, while others do not. I will note in the description below whether a separate application is needed or not. If you want to go to the official source, visit Babson College Scholarships Page.
1. Weissman Scholarship
The Weissman Scholarship is the most prestigious scholarship at Babson College. It provides four-year, full-tuition scholarships to top applicants. Additionally, there are opportunities for additional awards on top of this great scholarship!
To be eligible for this scholarship, you need to fill out a separate scholarship application form in addition to your admissions application.
2. Presidential Scholarship
This scholarship is a half-tuition scholarship that renews every year if the student maintains a 3.0 GPA. The additional perks of this scholarship are that there are monthly meetings and activities for Presidential Scholarship recipients!
This scholarship does not require additional scholarship materials to be eligible. This means that you will be automatically be considered when you submit your admission application to Babson College.
3. Diversity Leadership Award
Like the Weissman Scholarship, this is a full-tuition scholarship that is renewable every year based on your academic achievements. There are meetings, activities, and responsibilities that the scholarship recipients need to participate in.
Note that there is no scholarship application for this award. The admission and scholarship committee will look at your admission application and select those that have contributed to making inclusive communities.
4. Center for Women’s Entrepreneurial Leadership Scholarship
I hope that this is obvious to you that this Babson College scholarship is for women only. This is a quarter-tuition scholarship that renews every year. The ideal candidates have great academic achievements and leadership abilities, and the finalists will be selected after a short interview.
There is no separate application needed. However, you do need to attend an interview if you are selected as a candidate for this scholarship.
5. DECA Scholarship
This scholarship is a four-year scholarship that covers $5,000 per year. The eligibility requirement is that you have participated in DECA, or Distributive Clubs of America, which is for young entrepreneurs. This scholarship requires an additional scholarship application.
6. Babson Junior Achievement Scholarship
The Babson Junior Achievement Scholarship is a four-year scholarship that covers $20,000 per year. The eligibility criterion is that you have participated in Junior Achievement USA. There is an additional scholarship application associated with this scholarship as well.
7. NFTE Scholarship
NFTE stands for Network For Teaching Entrepreneurship, and this scholarship provides a four-year scholarship that awards $20,000 per year. The eligibility criterion is that you have participated in NFTE, and you need to fill out an additional scholarship application as well.
Babson College Scholarships for Returners
Scholarships offered at Babson College are also available to returning students, which applies to sophomores, juniors, and seniors attending Babson. Some of these scholarships are stackable with other awards, but some are not so read each description carefully!
Please go to Babson Scholarships Page for more information.
1. Dean’s Scholarship
This merit-based award provides students with up to $5,000 per year. Students are selected according to their GPA, and students with the highest GPA will be selected to receive this award.
2. Honors Program Scholarship
This scholarship is awarded to students who are in the Honors Program, and this award covers up to $3,000 per year for eligible students.
How to Apply for Babson College Scholarships
Now, let’s discuss how to apply for Babson College Scholarships. Some scholarships require that you only apply for admissions at Babson College while others require a separate application. If that is the case, you will need to submit a separate scholarship application in addition to the admission application.
Financial Aid Offered at Babson College
There are many options for you at Babson College for financial assistance. First, they offer need-based aid, which is based on your family’s financial needs To apply, you will need to fill out the CSS Profile and FAFSA and submit those documents to Babson College. For more information, visit Financial Aid Page.
I hope that this article on Babson College scholarships was helpful. If you are interested, I highly suggest going to Massachusetts University Scholarships Category and Authority Scholarships Page for additional information about scholarships