Harvard Business School Makes MBA Accessible For Financially Weaker Sections Through Full-Tuition Scholarships!

Harvard Business School has announced scholarships for students with ‘greatest financial needs’ to cover their total tuition and course fees, making MBA accessible for students across socio-economic backgrounds. The initiative will be beneficial for both current and future students. 

HBS Scholarship for MBA students

Harvard Business School (HBS) scholarship is intended to make MBA more affordable and accessible for students with low-income backgrounds, who form approximately 10% of the School’s student body. The School will also offer financial support to students from middle-income backgrounds. Over the past decade, HBS has taken several steps to mitigate the financial barriers amongst students enrolling in its 2-year full-time MBA program. This has encouraged students from diverse socio-economic backgrounds to pursue MBA courses from the prestigious institute. 

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Commenting on this initiative, Dean Srikant Datar said, 

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

HBS initiatives for advancing socio-economic inclusion

Appreciating the efforts of the School for opening doors to high potential students from financially weaker sections, the Managing Director of MBA Admissions and Financial Aid at HBS said,

“We recognize that financial concerns may keep exceptional potential applicants from considering business school as an option. Given the impact they are having on their companies and communities, that is a loss not only for them but also for society as a whole. By funding the full cost of tuition for students with the greatest financial need, we aim to ensure that prospective students from all socioeconomic backgrounds, industries, and parts of the world have access to the HBS experience.”

Other initiatives by HBS include: 

• Fellowship for students who have to provide financial support to family members while pursuing their studies. 
• Personal financial management workshops for prospective and current students. 
• Factoring in the socio-economic background of the student apart from personal income, assets, and debt while ascertaining the financial aid. 
• Creating a need-based fee-waiver application (50% of the students are availing need-based scholarship from HBS)

These initiatives have expanded the outreach of the School to first-generation college graduates as well as applicants from diverse backgrounds. These steps clearly highlight HBS’s commitment to the affordability of education for the future generation. As of now, Harvard Business School’s annual MBA financial aid budget has exceeded USD 45 million because of generous contributions from its alumni, friend institutions, and other organizations. The total fee for HBS’s MBA programme ranges from USD 111,542 to USD 155,300. 

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