Full-Tuition Scholarships Announced by Harvard Business School
The students with the highest financial need—roughly 10% of the student body—will get full-tuition scholarships as a result of increased financial assistance money that HBS is unveiling. The School will also extend more need-based scholarships to students from middle-class families. In this blog post, we will talk about how this came about and what this means if you’re applying to HBS.
How did this come about?
According to a Q&A session with HBS Managing Director of MBA Admissions and Financial Aid, Chad Losee, HBS’s goal with these new scholarships is to help develop leaders who will change the world. All talented future leaders, regardless of their socioeconomic status, should apply. He adds, that too many excellent candidates decide not to go to HBS because they are worried about the price of tuition or the possibility of incurring debt.
Who will benefit from these scholarships?
The HBS financial assistance staff will use a comprehensive approach to identifying student need when awarding need-based scholarships, taking into account a range of variables such as undergraduate debt, pre-MBA income, assets, and socioeconomic background. By using this method, the financial aid office will determine which 10% of students have the highest financial need and will increase their scholarships to the full amount of $75,990 a year, which will cover tuition and course fees.
Losee further explains, “We are simultaneously expanding who is eligible for a need-based scholarship from HBS by offering small scholarships to students who were just on the cusp of need-based eligibility before this announcement.”
Another thing to note is that other HBS student’s need-based scholarships will not suffer as a result. HBS did not reallocate existing funds, instead fresh funds have been committed to the full-tuition scholarship fund.
How do you apply?
Students in the Classes of 2023 and 2024 have already filed financial aid applications and will benefit immediately from this new option. They don't need to do anything else. Students who are eligible for additional support will have received an email from the financial aid office informing them of their revised financial aid package.
After being accepted, future HBS students will need to apply for financial aid. According to Losee, the fact that admittance is merit-based is one of the HBS admissions process' greatest advantages. The admissions decision does not take a candidate's financial situation into account. Students will need to fill out a financial aid application after being accepted. The financial aid department will continue to grant need-based scholarships to around 50% of all students, and will give full-tuition scholarships to the 10% of students who have the highest financial need.
Are any other business schools giving this kind of scholarship?
According to Losee, need-based financial aid is uncommon at graduate business schools, yet HBS has the most extensive need-based scholarship program of any MBA program in the world. The generosity of HBS's alumni and friends allows the school to accomplish this. “This is another testament to the School’s commitment to advance financial accessibility,” says Losee.
Is this part of a larger effort to make HBS more affordable?
These new full-tuition scholarships is part of HBS’s larger attempts to make education more affordable. This new promise continues the work that has been done to improve financial accessibility and affordability over the past four to five years. HBS has increased need-based scholarships each year while keeping tuition steady for the last four years. HBS also has introduced the Forward, RISE, GO: Africa, and Search Fund Fellowships, as well as a need-based application cost waiver. In 2020, HBS expanded their approach to include financial aid to applicants with poorer socioeconomic backgrounds.
This is not a once-off deal. To carry on drawing prospective students from all backgrounds, HBS will continue this new tuition fund in the future.
Who made this possible?
Starting in 2018-2019, a group of HBS staff and professors came together, met regularly, and ordered third-party market research to learn more about the obstacles that applicants face. In light of this knowledge, the committee developed a number of experimental programs and fresh projects to improve financial accessibility. These included this new full-tuition scholarship.
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