What Does It Cost to Attend Babson College?
Ranked the Best Undergraduate Entrepreneurship Program by U.S. News, and one of CollegeVine’s 10 Most Underrated Colleges in the U.S., Babson College has built a global reputation on its ability to mold business leaders. It should come as no surprise that an education from a top-flight school like Babson is costly. However, a degree from Babson College might not be as expensive as you think.
A common error many students make when researching the price colleges is using the published price of an institution when making their calculations. Rather than using a college’s list price. Net price is the published price minus any financial aid—including any federal, state, or local government aid as well as institutional aid—in addition to merit aid awarded. Net cost provides a much clearer picture of what a student will actually pay for school.
Business leaders, like those being shaped at Babson, know they need to take a big-picture view when looking at finances, and the amount of financial and merit aid awarded is just part of the picture. Business students want to know about the return on the investment of time and money they put into their college education. If Babson is on your list of dream schools, keep reading to learn about the cost of attending and expected ROI to get a clear idea of the overall expense of getting a degree from Babson College.
What is the List Price of Babson College?
The list price for tuition, room, and board at Babson College is $66,564 for both in- and out-of-state students. Worth noting is that the majority of Babson attendees will not pay full price for school, and those who do are typically students from wealthy families with annual incomes exceeding $175,000 who are outside of the top 30% academically of accepted students.
What is the Babson College Financial Aid Net Price?
The financial aid net price of Babson College is $57,859 for both in- and out-of-state students. Financial aid net price is the list price of a college less any financial aid a student receives.
What is the Family Income-Based Cost of Attending Babson College?
The income level of a student’s family is a major factor in determining the amount of financial aid a student will receive and how much they will have to contribute to their education. Below are average net prices at Babson College based on family salary:
|Family Income||Average Net Price|
* These numbers do not reflect any Pell Grants that families may receive. Families with an income of $0-30k often receive Federal Pell Grants, which reduce the amount of financial aid that individual institutions need to award. This is why there is a higher tuition rate for families with $0-30k vs. those with $30k-48k.
The average cost for both in- and out-of-state Babson College students who don’t qualify for financial aid is $64,781, a little less than Babson’s published price.
How Much Merit Aid do Babson College Students Receive?
8.2% of Babson students without need receive merit aid and the average amount of aid awarded is $1,783.
How Many Babson College Students Take Out Loans?
Many students take out loans to finance part of their college education, including 47% of Babson College students. The average federal student loan for Babson students is $3,531 over four years.
Student Outcomes at Babson College
Business-minded students will be excited to learn that the return on an investment in a Babson College education is strong. Babson graduates 89% of students within six years, getting students into the workforce and avoiding extra (costly) years in school. Ten years after graduating, the average salary for Babson alumni is $96,100—far exceeding the average income a Wellesley (an affluent Boston suburb) resident of $71,733 a year.
Local Area Cost Considerations
Babson’s 370-acre campus in Wellesley, Massachusetts, allows students to have the best of both worlds, enjoying a close-knit campus while offering easy access to all professional, cultural, and recreational opportunities afforded by a big city—Boston is just a short drive or train ride away from campus.
Cost of Living Index
According to Sperling’s Best Places, the cost of living in Wellesley is far greater than the national average. Wellesley’s cost of living index—a calculation of factors like housing, transportation, utilities, etc. used to provide a general idea of the overall expense of living in a location—is 287.8, compared to the national average of 100 and Boston’s 181.6.
Average Apartment Rental
Babson believes in the value of residential life to its students (80% of undergraduates live on campus) and offers diverse housing options to its students including residence halls, suite-style accommodations, and special interest housing where students can reside with others who share a specific interest, such as entrepreneurship.
Students who wish to live off campus will find apartments costly; the cost of housing is one of the primary reasons for Wellesley’s—and Boston’s—high cost of living. The average rent for a one-bedroom apartment in the Boston/Cambridge/Newton metro area is $1,518 a month, while two- and three-bedroom apartments fetch $1,868 and $2,350 a month respectively.
The minimum wage in Massachusetts is $12 an hour, a large step ahead from the federally mandated minimum wage of $7.25. There are seemingly unlimited opportunities for students seeking part-time work in Boston and its suburbs, including numerous retail stores, restaurants, bars, and other service sectors.
Ways to Save Money on College
Additional scholarships are one way Babson students can further cut the cost of college. The school awards a handful of merit scholarships to its most highly qualified students, including the Presidential Scholarship, the Weissman Scholarship, and the Diversity Leadership Award. Babson College maintains a webpage highlighting all of their merit awards for students interested in learning more.
Participating in Babson’s work-study program is another way students can reduce the cost of college while gaining work experience. Preference is given to participants in the Federal Work-Study Program—a federally funded program that helps students with financial need to cover the costs of college. Babson maintains a job board for current students to search for on- and off-campus employment opportunities.
If a top-notch school like Babson College is on your list of dream schools, CollegeVine can help get you there. Our Applications Guidance service can show a student’s real chances of being accepted into a particular school, help them craft their essay, and keep them on track throughout the application process. Our Application Program can also help students better understand the actual cost of college and analyze their anticipated return on their investment.
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