APPLYING FOR NEED-BASED AID

U.S. citizens and Permanent Residents of the United States can apply for need-based financial aid by completing a Free Application for Federal Student Aid (FAFSA), which is available online at www.fafsa.ed.gov. The school code for Babson College is 002121.

Recommended application dates are listed on our Application Timetable

SPECIFIC NEED-BASED PROGRAMS

Federal Stafford Loan (subsidized and unsubsidized)

Effective July 1, 2007, students enrolled in 6 or more credits per semester may apply to borrow up to $20,500 per year through the Federal Stafford Loan Program. The interest rate is fixed at 6.8%. For those students who demonstrate federal financial need, the federal government pays the interest on up to $8,500 of the loan. This interest subsidy lasts while the student is enrolled at least half-time (i.e., enrolled in 6 or more credits per semester) in school, for 6 months after the student's enrollment drops below half-time, and during deferment periods.

Federal Perkins Loan

Full-time students with exceptional financial need will be selected to receive a Federal Perkins Loan. Awards range from $2,000 to $6,000 per year. The interest on the Perkins Loan, which is fixed at 5%, is subsidized while the student is enrolled at least half-time in school, for 9 months after the student's enrollment drops below half-time, and during deferment periods.

Federal Work-Study

Full-time students who demonstrate financial need will be awarded Federal Work-Study. Federal Work-Study students receive preference in hiring at Babson. Most graduate student positions are paid at a rate of $12 per hour. Positions are available in academic and administrative departments.

Canadian Scholarship

Canadian citizens can apply for a need-based grant by completing the College Scholarship Service PROFILE form available on-line at www.collegeboard.com. Preference is given to students who have attended McGill University. Please note that the PROFILE form is generally used to collect the financial information for undergraduate students and their families. Graduate students need only complete the student information on the form.

Needham/Wellesley Town Scholarship

Babson provides grant funding for selected Needham and Wellesley residents who demonstrate financial need. Preference is given to longer-term residents pursuing full-time study. To be considered, you must complete the FAFSA and submit an additional application to the respective town's Board of Selectmen.

VERIFICATION

In order to finalize your tentative financial aid package, Babson will verify the information you report on the FAFSA with the following documents:

• Your signed Federal Income Tax Return and related schedules (and, if applicable, those of your spouse)
• Your W-2s and/or 1099 Forms (and, if applicable, those of your spouse)
• Your 2007-2008 Verification Worksheet

You will receive a request from the College Board Imaging and Documentation Service (IDOC) for these documents. The request will include instructions and a cover sheet for you to complete and return to the College Board. Electronic images of all materials will be forwarded to Babson from the College Board.