Harvard Business School Expands Financial Aid

Ten percent of MBA students to receive full tuition scholarships

Harvard Business School

Harvard Business School

Photograph by Niko Yaitanes/Harvard Magazine

Harvard Business School (HBS) announced Tuesday that, effective immediately, it would begin providing scholarships that cover the total cost of tuition and course fees ($75,990) to MBA students “with the greatest financial need”—a group that includes roughly 10 percent of the degree program’s current student body. In addition, HBS will offer need-based scholarships to a larger number of students from middle-income backgrounds by expanding eligibility; currently about half of MBA students already receive need-based support, with awards ranging from $2,500 to $76,000 per year (the average for 2021-22 was $42,000). 

These changes are the most recent in a series of steps the school has taken during the past few years to make its two-year MBA program more affordable. Since 2019, HBS has held its tuition flat, and in 2020 the school revised its need-based formula to factor in socioeconomic background, along with personal income, assets, and undergraduate debt. In 2018, HBS created the Forward Fellowships, which provide $15,000 annually to lower-income MBA students who give financial support to family members while attending business school. In addition, HBS offers a need-based waiver of its $250 application fee. 

MBA students who qualify for need-based scholarships for tuition and fees will still have to pay their own living expenses, which average about $32,000 per year for single students in the Boston area. Between need-based and merit-based scholarships, HBS distributes about $43 million per year in aid. It’s need-based aid is the largest of any MBA program in the world. 

“Harvard Business School should be a place where the most talented future leaders can come to realize their potential,” said HBS Dean Srikant Datar in a press release announcing the aid expansion. “We know that talent is much more evenly distributed than opportunity.”

Read more articles by Lydialyle Gibson

You might also like

Trump Administration Alleges Harvard Violated Student Civil Rights

In a court filing, the University says government has ignored procedure to “inflict pain.”

John Goldberg named Dean of Harvard Law School

A professor at HLS since 2008, he steps up from the interim role.

Nieman Foundation Names Henry Chu as Interim Curator

Veteran LA Times journalist calls attention to press freedom

Most popular

House Committee Subpoenas Harvard Over Tuition Costs

The University must turn over all requested materials related to tuition and financial aid by mid-July. 

The Power of Patience

Teaching students the value of deceleration and immersive attention

The Professor Who Quantified Democracy

Erica Chenoweth’s data shows how—and when—authoritarians fall.

Explore More From Current Issue

Garber, Trump, and the Fight for Harvard’s Future

Introducing a guide to the issues, players, and stakes.

Will the U.S. Dollar Always Be So Powerful?

The preeminence of U.S. currency at risk

New Harvard Overseers and HAA Directors

Alumni showed increased interest in this year’s elections.