Know It All: Breaking Down The Cost Of MBA From Harvard

Harvard Business School - one of the prestigious global universities is not only famous for its academic excellence. The other factor that makes it a common topic of discussion amongst students is its high course fees. Only 12-13% students are fortunate enough to bag the top admits into this esteemed B-school, but a look into the account passbook is what they do first.

MBA tuition fees alone sum up to $73,440 yearly at Harvard Business School. At the point when one considers additional charges, food and lodging, and everyday sustenance costs, that number ascends to $110,740 each year. Do not forget that MBA at Harvard is a two-year full-time program, that means, two-fold of expenses: $146,880 for educational cost and another $221,480 for everything else summed up.

You wouldn't exactly be paying the sticker price, so this doesn't recount the entire story. This article will thoroughly take you through the complete scenario of what you can anticipate- The true Harvard MBA cost.

Harvard Business School MBA- Annual expense breakdown

The world's sixth most expensive B-School’s average annual tuition fee for a full-time student is around $73,440 per year. The estimated amount you will have to pay as an undergraduate depends on your major and whether or not you're taking classes outside of business school. For example, if you plan to study finance, then it's likely that you'll be paying more than someone who plans to pursue marketing.

Minimum estimates are based on the lifestyle of a single student, covers on-campus housing and transport, and excludes social activities. These are:

Total tuition cost, $110,740 for two years, is hands down the greatest expense for a Harvard MBA student.
There's likewise course charges and materials, which comes to $2,550 yearly and $5,100 for the combined two years of study -which has increased by $100 in the last four years.
$7,844 for two years of SHIP-the cost has risen by 25% since 2017.
An expected $28,260 for room and utilities nearby-up by 7%
Lastly another $33,140 for food, drinks, and different miscellaneous items-the expense has increased by 12% in the last four years.

Even if the academic year is only nine months, off-campus housing may require you to sign a 12-month lease.

What all is included in the living expenses?

Harvard MBA students will engage with extra-curricular exercises, global excursions abroad, and the assortment of MBA clubs on offer at Harvard. The membership fee of a student club can cost upwards of $300 in yearly enlistment charges. Also, Harvard MBA students going to the business college with families or accomplices will likewise incur higher living expenses.

What does the Medical and Healthcare cover incorporate?

Harvard's medical and healthcare services incorporate the Harvard University Student Health Fee which costs around $1,242 and the Harvard Student Health Insurance Plan worth $4,040. On doubling these expenses to get a two-year gauge on medical care cover, we get a sum total of $10,564.

Cost of Materials and Miscellaneous items

Harvard MBA cost includes charges of course and program materials, totaling up to an expense of $2,550 ($5,100 for the two years), taking care of the expense of course books, and cases.

Also Read: Which business school should I choose, Stanford, Harvard or IIM Ahmedabad?

Comparative Analysis of MBA at Harvard and other B-Schools

While Harvard is more costly than Columbia and Kellogg and any non-US business college, you'll, in any case, pay more to seek a degree in MBA at MIT Sloan, NYU Stern, Stanford, Wharton, and Dartmouth Tuck.

MIT Sloan, the world's most exorbitant MBA program, costs $18,900 more than the Harvard MBA as far as the complete expense is considered.
Harvard charges the lowest tuition fees out of the eminent M7 business schools.
Renowned B-schools like Cornell Johnson, Dartmouth Tuck, NYU Stern, and Yale also cost higher MBA tuition fees than Harvard.
As a matter of fact, Harvard Business School's MBA tuition fees are slightly below the average for top prestigious US business schools, that is approximately 150,000 USD.
Living costs for Harvard MBA students are relatively sky-touching, and only living expenses for MBA students at Stanford or at London Business School cost more. The healthcare insurance fees are at par with other US schools.

The scenario of Harvard MBA Scholarships

Fortunately, less than half the students of Harvard Business School undergraduates address the full cost for their MBA. Among the guides offered by Harvard Business School is the need-based HBS Scholarship that you don't need to reimburse. You should apply for this grant in the wake of being conceded to the school.

Here are some quick facts about the need-based scholarship at Harvard

Most of the grants are around $40,000, or a sum of $80,000 for the two-year program.
Almost half of HBS understudies are qualified for these need-based scholarships, and that rate is accounted for to be much higher among international students!
You can apply for up to $30,000 in external grants without affecting the measure of your HBS Scholarship grant.

Now, let's hop on to discovering the run of the mill cycle for getting a monetary guide at Harvard Business School:

When conceded, you might get a monetary guide grant letter with your acknowledgment letter including information about your need-based grant. This depends on your scholarly exhibition and GMAT score.
From that point onward, you can likewise present financial aid requests for a need-based grant.
You will be asked to answer inquiries about your pay, resources, and liabilities.
You will then, at that point be told how much need-based you are eligible for, and as a rule, this will be a discount on your tuition fees.

If you are lucky enough to bag an MBA scholarship from Harvard, you ought to likewise negotiate your scholarship offer. Business schools generally keep grant money in reserve, so there's an assumption that you will request a bigger scholarship.

Indeed, even as the tuition fees have remained flat since 2018 at Harvard B-School, grants have expanded, with about a portion of MBA undergraduates getting an average of $42K yearly and $84K over the course of two years. The school currently gives out more than $43 million in awards

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