Babson College is renowned for its focus on entrepreneurship and business leadership. With innovative programs and real-world experiences, Babson equips students to make a positive impact as entrepreneurs and value creators. However, a Babson education comes at a significant cost.
Babson’s Commitment to Access and Affordability
Founded in 1919, Babson has grown to become one of the top-ranked schools for entrepreneurship education in the world. Located just outside of Boston in Wellesley, Massachusetts, Babson offers Bachelor of Science degrees through its highly selective undergraduate program. The college has also developed renowned graduate programs, such as its MBA, with specializations in entrepreneurial management and leadership.
Though Babson provides an elite education, it is committed to accessibility. School leadership understands financial barriers can prevent talented students from accessing life-changing opportunities. For this reason, Babson dedicates significant resources toward need-based scholarships and grants. Each year, the college awards over $40 million in financial assistance to help deserving candidates realize their potential through a Babson education.
Leveraging need-based aid
Nearly all undergraduate students at Babson receive some form of need-based financial aid. To be considered, accepted students must complete the Free Application for Federal Student Aid (FAFSA). Babson then evaluates a family’s financial circumstances and ability to contribute based on federal guidelines.
Candidates with higher levels of demonstrated need may qualify for merit-based scholarships on top of federal, state, and institutional grants. These can reduce the cost of attendance significantly. For example, a student with an Expected Family Contribution (EFC) of $0 and high academic standing could potentially receive a Babson Grant and Scholarships covering over 75% of their demonstrated need.
Types of need-based assistance
The main sources of need-based assistance at Babson include:
- Federal Pell Grants: Awards up to $6,495 for undergraduate study based solely on financial need (no repayment required).
- Federal Supplemental Educational Opportunity Grants: Provides $100-$4,000 per year to Pell Grant-eligible undergraduates (no repayment required).
- Babson Grants: Instittional grants that supplement federal and state aid based on EFC and financial need. Renewable annually based on satisfactory academic progress.
- State Grants: Many states offer need-based grants for residents attending in-state private colleges. Amounts and eligibility vary by program.
- Work-Study: Provides part-time jobs on or near campus, allowing students to earn money toward education expenses. Working 10 hours per week at a typical rate of $12-$14/hour could net $3,000-$4,000 annually.
Completing the FAFSA is essential for all need-based funding sources. For further details on eligibility and application processes, consult Babson’s Financial Aid website.
Merit Scholarships for Academic Excellence
While need-based aid focuses solely on financial circumstances, merit scholarships reward outstanding students based on academic and personal achievement. Babson offers several competitive awards meant to attract the best and brightest to its entrepreneurially-focused programs.
Presidential and Trustee Scholarships
The Presidential Scholarship and Trustee Scholarship are Babson’s most prestigious undergraduate merit awards. Both come with full-tuition coverage, plus additional funding for summer experiences or research. To be considered, candidates must exemplify exceptional leadership, service, and initiative in addition to demonstrated academic excellence.
- Presidential Scholarship: Awarded to 10-15 incoming freshmen annually based on high school academic performance (minimum 3.8 GPA), test scores, extracurricular accomplishments, and strength of recommendation letters.
- Trustee Scholarship: Covers 6-10 entering freshmen per year, meeting high standards of achievement, involvement, and passion for Babson’s mission. The minimum requirements are a 3.7 GPA and a 1300 SAT or 29 ACT score.
These ultra-competitive awards are determined through a rigorous selection process involving application materials, interviews, and final review by a faculty scholarship committee. Maintaining at least a 3.5 GPA is required for renewal each academic year at Babson.
Deans’ Scholarships
Applicants who achieved high academic marks in high school but do not receive a Presidential or Trustee Scholarship may still qualify for a Deans Scholarship. Several tiers exist based on prior academic performance:
- Tier 1 Deans’ Scholarship: $20,000 annual award for students with a minimum 3.5 GPA and 1200 SAT or 27 ACT.
- Tier 2 Deans’ Scholarship: $15,000 per year for qualifying applicants with 3.3-3.49 GPA and 1100-1190 SAT or 25-26 ACT scores.
- Tier 3 Deans’ Scholarship: $10,000 annually awarded to solid students meeting 3.0-3.29 GPA and 1050-1090 SAT or 23-24 ACT standards.
Renewal for Deans’ Scholarships is contingent on maintaining at least a 3.0 cumulative GPA each year at Babson. No separate application is necessary—merit is determined through the admissions review process.
Scholarships for Specific Groups and Qualifications
In addition to need-based aid and general merit scholarships, Babson offers targeted awards for students with compelling backgrounds or goals aligned with the college’s priorities:
The Peter J. Kaufman Scholarship
This full-tuition scholarship supports one extraordinary incoming freshman per year who demonstrates high entrepreneurial potential and a heart for serving community needs. Candidates must submit an essay outlining their social venture concept in addition to merits meeting Presidential Scholarship standards.
Merit Fellowships in Energy Management
Students pursuing Babson’s dedicated Energy Management concentration receive tuition support through these fellowships. Applicants must submit a statement of interest specifically addressing sustainability, clean energy initiatives, venture capital investment, or energy policy reform. Awards range from $10,000-$30,000 based on merit.
Diversity and Inclusion Scholarships
Financial assistance targeting ethnic or social groups historically underrepresented on Babson’s campus helps strengthen inclusive excellence. These include:
- Brabson Scholarship (Black/African American students)
- Asian Pacific American Scholarship
- Latino/Hispanic Scholarship
- Native American Scholarship
- LGBTQ+ Ally Scholarship
- Veterans Scholarship
Eligible candidates must demonstrate high leadership potential through academic achievements, community involvement highlighting their cultural identity, and a commitment to promoting diversity. Awards vary based on need and merit.
Special Interest Scholarships
For select passions aligning with Babson’s strengths, dedicated scholarships provide $5,000-$15,000 one-time or renewable awards. Examples include:
- Entrepreneurship Scholarship
- Sports Business & Social Impact Scholarship
- Fashion Leadership Scholarship
- Arts Administration & Nonprofit Management Scholarship
- Global Scholarship
Requirements range but emphasize related experiences, future goals, and drive to contribute as described. No additional application is usually necessary for admission-eligible candidates.
External Scholarship Opportunities
In addition to institutionally administered programs, Babson students qualify for many outside scholarships awarded independently based on personal attributes or community ties. Pursuing external funding can further reduce out-of-pocket costs:
Community & Organization Scholarships
Civic groups, places of worship, employers, alumni associations, and other local organizations commonly offer $1,000-$5,000 one-time awards for qualified applicants within their membership. Research opportunities by checking with relevant connections.
Industry & Field Scholarships
Associations advocating for certain industries like engineering or healthcare provide dedicated support. Examples include SWE (Society of Women Engineers), NSHSS (National Society of High School Scholars), and AIPG (American Institute of Professional Geologists) scholarships.
Creative & Talent Scholarships
For exceptional skills and talents, competitions administered outside of Babson present funding chances. Consider scholarships recognizing academics plus art, music, debate/speech, entrepreneurship contests, volunteer service, or other strengths.
Rare Disease/Medical Scholarships
Students managing chronic illness or who have family members affected by rare diseases may find dedicated assistance programs. Researching condition-specific non-profits is recommended.
The Babson Financial Aid office can advise on pursuit of outside awards complementary to assistance received directly from the college. Combining internal and external support maximizes affordable access to Babson’s unequaled learning environment.
Frequently Asked Questions
This extensive post on Babson scholarships aims to provide a comprehensive resource for prospective students and families. However, additional questions may still arise. Here are answers to some frequently asked inquiries:
Is there a scholarship search engine I can use to find awards?
Yes, College Greenlight and Fastweb are great free online tools for browsing external scholarship opportunities matching different attributes and backgrounds. Be sure to also regularly check individual organization websites.
What are my chances of receiving a merit scholarship from Babson?
Competition is understandably high for the most prestigious awards covering full tuition. However, Babson offers aid through multiple tiers ensuring support for strong candidates based on academics and involvement. Having a well-rounded application strengthens one’s scholarship eligibility.
If I receive need-based aid, can I still get a merit scholarship?
Yes, need-based aid and merit scholarships are assessed separately at Babson. Students who demonstrate high financial need but also exhibit strong academics and leadership can potentially receive both need-based grants and a merit award. This “stacking” of different types of assistance further increases accessibility for candidates of all backgrounds.
What are the renewal requirements for keeping scholarships?
Most scholarship stipulations at Babson require maintaining a minimum cumulative GPA, usually 3.0 or higher, to renew the annual award. Presidential and Trustee scholarships demand a higher standard of 3.5 GPA. Timely progress toward degree completion is also expected. As long as renewal benchmarks are met, scholarships should continue through the expected four years of undergraduate study, barring any extenuating circumstances.
Are there scholarships for graduate or online programs at Babson?
While Babson focuses significant scholarship resources on its highly selective and residential undergraduate population, the college does provide some targeted aid for graduate students. This includes merit-based fellowships associated with specialized MBA tracks, as well as grants for those pursuing online degrees through Babson’s Continuing and Professional Education division. Eligible candidates should research current opportunities through the applicable academic department.
