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Harvard Business School Offers Full Tuition Scholarships to Most Financially Needed Students

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Harvard is trying to make their high profile MBA more accessible to a wider range of students. © Natalie Keyssar for Harvard Business School 2013

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Harvard University is making its high-profile MBA more accessible to a wider range of students. © Natalie Keyssar for Harvard Business School 2013

Harvard Business School offers scholarships that cover full tuition and course fees to the most financially deprived students (approximately 10% of all students).

To make a Master of Business Administration (MBA) degree more affordable and accessible to more students, the school also provides scholarship support to more students from middle-income backgrounds. receive a scholarship.

Both changes will benefit current and future students and are the latest in a series of steps over the past decade to reduce financial barriers to admission to two-year, full-time MBA programs. .

HBS Dean Srikant Datar said talent is much more evenly distributed than opportunity.

“Harvard Business School should be a place where the most talented future leaders can realize their potential,” he said. “We want to remove the financial barriers that stand in their way and reduce the burden of debt so they can focus on being leaders who make a difference in the world.”

Over the past few years, the school has worked to make MBA programs more affordable for students from diverse socioeconomic backgrounds.

Recent approaches include keeping tuition fees constant from 2019 onwards. Initiate a Forward Fellowship that provides additional funding to students who provide financial support to their families while attending business school. Revise financial aid formulas to take into account socioeconomic background in addition to personal income, assets, and undergraduate debt. Set up application fee waivers where appropriate.

HBS has also advanced socioeconomic inclusion by continuing to expand its outreach to first-generation college graduates and prospective applicants from diverse backgrounds and paths.

In 2020, a student-led initiative formed the Socioeconomic Inclusion Task Force, made up of students, faculty and staff, and launched the First Generation Student Club. In 2021, HBS expanded its financial wellness program. This includes individual financial management events and workshops for future and current students. Today’s announcement demonstrates the school’s continued commitment to affordability and socioeconomic inclusion.

Chad Losee, Managing Director, MBA Admissions and Financial Aid, HBS, said:

“Given the impact they have on companies and communities, it is a loss not only for them, but for society as a whole. We aim to make the HBS experience accessible to prospective students from all parts of the industry and the world.”

HBS uses a formula that considers pre-MBA income and assets, socioeconomic background, and undergraduate debt to determine the financial need of both domestic and international students. We have long provided financial assistance through a need-based approach.

Approximately 50% of students receive need-based scholarships from HBS, with awards ranging from thousands to over $60,000 annually. The average annual need-based scholarship for 2021-2022 was $42,000 for her ($84,000 for him in her two years in the program). The school’s annual MBA financial aid budget exceeds $45 million as a result of annual donations and over 750 designated fellowship funds from generous HBS alumni and friends committed to supporting the next generation of students at HBS. increase.

With this additional commitment from the school, approximately 10 percent of all HBS students (the most economically needy students) receive full tuition and course fee scholarships of $76,000 each year of the two-year program. receive. Students will continue to pay their own living expenses.

Matthew Weinzierl, Senior Associate Dean of the MBA Program, said: “Our case-based approach to teaching and learning relies heavily on exposing HBS students to a variety of perspectives because we believe that HBS students are characterized by great differences and diversity in organizations and people. We are preparing to become a world leader in the world.”

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