Harvard Business School Announces 100% Need-Based Scholarships


Sristy Sharma
Updated on Aug 18, 2022 02:15 PM IST

Harvard Business School has extended its hand to exceptional talent, irrespective of financial background and announced full need-based scholarships for students with greatest financial need.

Harvard Business School Announces 100% Need-Based Scholarships

Harvard Business School (HBS) has announced 100% scholarships for MBA students from low income backgrounds.

HBS claims and bids to actualise being the "largest need-based scholarship program of any MBA program in the world".

Over fifty percent of the schools enrolled students are beneficiaries of need-based scholarships, and approximately 10% of Harvard's student body represents students with severe financial needs. The annual scholarship awards in 2020-21 tallied to USD 42,000.

The current year's financial aid budget is over USD 45 million, aided by over 750 named fellowship funds from its alumni and donors.

Also Read: UP Girl Bags 100% Scholarship to Study at Washington and Lee University in USA

Srikant Datar, HBS Dean, accepted that talent is more evenly distributed than opportunity, and wished to make HBS the school where the most talented future leaders can realise and achieve their full potential. He expressed hopes in the aid and scholarships to remove financial barriers and the burden of debt from the lives of enrolled students.

A First-Generation Students Club has been launched through a Socioeconomic Inclusion Task Force. The club reaches out to applicants from first-generation immigrant families from diverse origin backgrounds. The task force is student-led and involves students, faculty, and staff.

In 2021, under its financial wellness outreach, the school conducted financial management events and workshops for both current and prospective students.

Chad Losee, HBS Managing Director of MBA Admissions and Financial Aid, expressed awareness of the fact that financial concerns keep exceptionally potential talent from applying to HBS.

Recently, the school revised its financial aid formula to consider pre-MBA income and assets, socioeconomic status, and undergraduate debt. The school has avoided increasing the tuition fee since 2019, and a need-based application fee waiver is also available for applicants.

Currently, the annual tuition fee for Harvard's MBA course is USD 76,000.

Also Read: Palampur University Student Wins INR 21 Lakh PhD Scholarships from US University

The 2023 MBA class of HBS has also been finalised.

There are a total of 1,010 students enrolled in the 2023 class, with gender (female to male) ratio of 46:54. 37% of the class comprises international students while the racial demographics are 47% white, 24% Asian American, 12% Black/African American, 11% Hispanic/Latino, and 4% multi-racial.

HBS has also announced plans to expand the financial aid provided to middle-income backgrounds. The new aid plans are expected to benefit both current and future students.

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Source: Forbes

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