HBS will provide full scholarships to those most in need – Harvard Gazette

In an effort to make the Master of Business Administration (MBA) more affordable and accessible to a wider range of students, Harvard Business School (HBS) today announced that it will be offering scholarships to cover the full cost of tuition and courses for those with the greatest financial need – about 10% of its student body. The school will also offer scholarships to more students from middle-income backgrounds, building on the roughly 50% of students who already receive scholarships. Both changes will benefit current and future students and are the latest in a series of measures over the past decade aimed at reducing the financial barriers to enrolling in the two-year full-time MBA program.

“We know that talent is much more evenly distributed than opportunities,” HBS Dean Srikant Datar said. “Harvard Business School should be a place where the most talented future leaders can come to fulfill their potential. We want to remove the financial barriers that stand in their way and ease the burden of debt so they can focus on becoming leaders who make a difference in the world.

Over the past few years, the School has worked to make the MBA program more affordable for students from diverse socio-economic backgrounds. Recent approaches include keeping the cost of tuition flat since 2019; the launch of the Forward Fellowship, which provides additional funding for students who provide financial support to family members while studying at a business school; revise the financial aid formula to take into account socio-economic background in addition to personal income, assets and debt of undergraduate students; and institute an application fee waiver based on need.

HBS has also advanced socio-economic inclusion by continuing to broaden the reach of first-generation college graduates and potential applicants from diverse backgrounds and backgrounds. In 2020, a student-led effort resulted in the formation of a Socio-Economic Inclusion Task Force comprised of students, faculty, and staff, and the launch of a freshman club. generation. 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 ongoing commitment to affordability and socio-economic inclusion.

“We recognize that financial issues can prevent outstanding prospective applicants from considering business school as an option,” said Chad Losee, managing director of MBA admissions and financial aid at HBS. “Given the impact they have on their businesses and communities, it is a loss not only for them, but for society as a whole. By funding the full tuition fees of students with the greatest financial need, we aim to ensure that prospective students from all socio-economic backgrounds, sectors and regions of the world have access to the HBS experience.

Through this additional school commitment, approximately 10% of all HBS students—those with the greatest financial need—will receive a full $76,000 scholarship for tuition and course fees for each year of the two-year program. Students will continue to be responsible for their own living expenses.

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