At Harvard Business School, the primary form of financial assistance for MBA students comes in the form of need-based scholarships, known as HBS Fellowships. The school is committed to making education accessible to all admitted candidates, regardless of their financial situation. These fellowships are grants that students do not need to repay, making them highly sought after.
Applicants need to fill out a financial aid application post-admission to be considered for these scholarships.
HBS offers need-based scholarships to approximately 50% of both domestic and international students. Award amounts range from $2,500 to $76,000 per year, with an average annual scholarship of $46,000, totaling $92,000 over two years.
The Harvard MBA Scholarship, a need-based grant, requires no repayment. The average scholarship amount is $40,000 per year or $80,000 in total, primarily falling within the $30-50k range annually. Some of the scholarships that you need to watch out for are:
- The Robert S Laplan life sciences Fellowship
- Boustany MBA Harvard Scholarship
- Horace W. Goldsmith Fellowship - MBA
Harvard Business School offers a robust array of scholarships for its MBA program, tailored to both need-based and merit-based criteria. The most common type of financial aid is the HBS Fellowship, which is distributed based on financial need as determined by the school’s comprehensive analysis of each applicant's financial situation.
For those looking beyond need-based support, Harvard offers several special fellowships. These include the Horace W. Goldsmith Fellowship for students with significant achievements in the non-profit sector, the Forward Fellowship for students from lower socioeconomic backgrounds, and sector-specific awards such as those for tech or manufacturing.
Additionally, Harvard encourages prospective students to seek external scholarships, which can be combined with any awards granted by HBS. These external sources not only provide additional financial relief but also enhance a student’s profile.
When applying, it's crucial to meet all deadlines and provide detailed, well-crafted application materials. Highlighting your unique experiences, future ambitions, and how a Harvard MBA will facilitate these goals is essential in standing out in the competitive scholarship process.
Both perspectives highlight that while Harvard's scholarships are competitive, they are also comprehensively designed to accommodate a wide range of backgrounds and ambitions.
Sr. Consultant
Harvard Business School (HBS) offers a robust financial aid program designed to ensure that all admitted students can afford to attend. The primary form of financial aid at HBS is the need-based HBS Fellowships, which are awarded based on the financial need of the students rather than their academic or professional accomplishments.
To determine your eligibility for these fellowships, you’ll need to submit a detailed financial aid application after you receive your admission offer. This application will require comprehensive financial information about you and your family. The Financial Aid Office uses this information to calculate your financial need and determine the fellowship amount.
HBS Fellowships can cover up to the full cost of tuition. The average fellowship amount is about $40,000 per year, but it can vary significantly based on individual financial situations.
In addition to the need-based fellowships, HBS students can apply for several external scholarships. Notable examples include the Forté Foundation Fellowships, which support women pursuing MBAs, and the Toigo Foundation Fellowships, which support underrepresented minorities in finance. There is also the Reaching Out MBA Fellowship, aimed at empowering LGBTQ+ MBA students.
It’s essential to start the financial aid application process early and explore all scholarship opportunities, both internal and external. The Financial Aid Office at HBS provides substantial resources and support to help students navigate this process. They are committed to making an HBS education accessible to all admitted students, regardless of their financial background.
Harvard Business School (HBS) offers several scholarships aimed at making their MBA program more accessible to a diverse range of students. Scholarships at HBS are primarily need-based, ensuring that financial barriers do not hinder talented individuals from pursuing their education.
1. Full-Tuition Scholarships for Students with Greatest Financial Need: HBS provides scholarships that cover the full cost of tuition and course fees for students with the highest financial need, which represents approximately 10% of the student body. This initiative aims to support students from lower socioeconomic backgrounds, allowing them to focus on their studies without the burden of tuition costs.
2. Need-Based Scholarships: About 50% of HBS students receive need-based scholarships. These scholarships are awarded based on a comprehensive assessment of a student's financial situation, including income, assets, and any outstanding undergraduate debt. The goal is to support students from middle-income backgrounds who may still face financial challenges.
3. Forward Fellowship: This fellowship is designed for students who provide significant financial support to family members while attending business school. It offers additional funding to help alleviate the financial pressures these students may face.
4. Socioeconomic Inclusion Initiatives: HBS has implemented various programs to support students from diverse backgrounds, such as the Socioeconomic Inclusion Task Force and the First-Generation Students Club. These initiatives aim to enhance the support network and resources available to students from underrepresented backgrounds.
5. Application Fee Waivers: For prospective students from low-income backgrounds, HBS offers need-based application fee waivers to remove initial financial barriers to applying.
These scholarships and financial aid initiatives at HBS are part of a broader commitment to ensure that financial concerns do not prevent talented individuals from accessing a Harvard MBA education. By reducing financial barriers, HBS aims to cultivate a diverse and inclusive student body, enriching the learning experience for all.
Study Abroad Consultant
Harvard MBA offers several scholarships to help students manage tuition costs, with most of them being need-based. The Harvard Business School (HBS) Financial Aid program is a key option. It’s based on your financial need, which means they look at your income, assets, and other factors when deciding the amount. You don’t need to repay this, so it’s a great way to lower your tuition burden.
Additionally, there are fellowships like the HBS Fellowship Program, which supports about half of the MBA students each year. These fellowships can cover significant portions of tuition and are determined by your financial situation.
Then, there are completely group-specific scholarships, like the Reaching Out MBA Fellowship, which targets the support of students who are LGBTQ+ and demonstrate community leadership may be an excellent opportunity to take advantage of if you have a strong commitment to diversity and inclusion.
Third, if you are from a developing country, Harvard offers the Global Opportunity Fellowship. This one benefits students who are entering countries with lower wage levels, so if you aim to give back to your home country after the MBA, then you may qualify for this kind of aid, too.
Take full advantage of all this when creating your financing plan... they offer pretty flexible and pretty generous packages!