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BOSTON—August 16, 2022—In an effort to make the Master of Business Administration (MBA) degree affordable and accessible to diverse students, Harvard Business School (HBS) announced today that it will offer scholarships to cover the cost of tuition and course fees. High financial need – About 10 percent of the student body. The school offers scholarship support to more middle-income students, accounting for approximately 50 percent of students who receive scholarships. Both changes will benefit current and prospective students and are the latest in a series of steps over the past decade to lower financial barriers to enrolling in a two-year, full-time MBA program.
“We know that talent is more evenly distributed than opportunity,” said HBS Dean Srikanth Datar. “Harvard Business School should be a place where the most talented future leaders can realize their potential. We want them to focus on becoming leaders who make a difference in the world by removing the financial obstacles that stand in their way.
Over the past several years, the school has worked to make the MBA program more affordable for students from diverse socioeconomic backgrounds. Recent approaches include capping school spending from 2019. Launching the Future Fellowship, which will provide additional financial support to students who provide financial support for family members while attending business school; Revising the financial aid formula to socioeconomic background in addition to personal income, assets, and undergraduate debt, and establishing need-based application fee waivers.
HBS promotes socioeconomic inclusion by continuing to attract first-generation college graduates and prospective applicants from diverse backgrounds and backgrounds. In the year In 2020, a student-led effort led to the formation of a Socioeconomic Inclusion Task Force made up of students, faculty and staff and the launch of the First-Generation Alumni Club. In the year In 2021, HBS expanded its financial wellness programs, including personal financial management events and workshops for prospective and current students. Today’s announcement demonstrates the school’s continued commitment to affordability and socioeconomic inclusion.
“We recognize that financial considerations can deter potential applicants from considering business school as an option,” said Chad Losey, managing director of MBA admissions and financial aid at HBS. “Given the impact they are making in their companies and communities, this is a loss not only for them, but for society as a whole. We aim to provide the HBS experience to prospective students from all socioeconomic backgrounds, industries and parts of the world by funding the full cost of education for students with high financial need.”
HBS has been offering graduate business schools a unique financial aid program, using a need-based approach to determine financial need for domestic and international students based on pre-MBA income and assets, socioeconomic background, and undergraduate debt. Approximately 50 percent of students receive need-based scholarships from HBS, with awards ranging from a few thousand dollars to $60,000 per year. The average annual need-based scholarship in 2021-2022 was $42,000 ($84,000 over two years of the program). The school’s annual MBA financial aid budget exceeds $45M in annual gifts and more than 750 named fellowship funds from generous HBS alumni and friends committed to supporting the next generation of students at HBS.
With this additional commitment by the school, approximately 10 percent of all HBS students—those with the highest financial need—will receive a $76,000 full-tuition and course-fee scholarship for each year of the two-year program. Students remain responsible for their own living expenses.
“Affordability is important because it allows people from all backgrounds, experiences and interests to enroll at HBS,” said Matthew Weinzier, senior associate dean of the MBA program. “Our case-based approach to teaching and learning relies on exposing HBS students to a wide variety of perspectives as we prepare them to be leaders in organizations and in a world characterized by wide human diversity and diversity.”
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