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August 21, 2022
Harvard Business School to Provide Full Tuition Scholarships for Students with Greatest Financial Need
BOSTON, Aug. 21, 2022 — Harvard Business School (HBS) announced today that it would provide scholarships to cover tuition and course fees for those with the greatest financial need—approximately 10 percent of its student body. It would make the Master of Business Administration (MBA) degree more affordable and accessible to a broader array of students. The School will also offer scholarship support to more students from middle-income backgrounds, building on the approximately 50 percent of students who already receive scholarships. Both changes will benefit current, and future students and are the latest in a series of steps over the past decade to reduce financial barriers to enrolling in the two-year full-time MBA Program.
“We know the talent is much more evenly distributed than opportunity,” said HBS Dean Srikant Datar. “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 debt burden so they can focus on becoming leaders who make a difference in the world.”
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:
- Holding the cost of tuition flat since 2019
- Launching the Forward Fellowship, which offers additional funding to students who provide financial support to family members while attending business school
- Revising the financial aid formula to factor in the socioeconomic background in addition to personal income, assets, and undergraduate debt
- Instituting a need-based application fee waiver
“We recognize that financial concerns may keep exceptional potential 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 are having in their companies and communities, that is a loss for them and 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.”
HBS has long granted financial aid through a need-based approach, unusual for graduate business schools. It uses a formula that considers pre-MBA income and assets, socioeconomic background, and undergraduate debt in determining financial needs for both domestic and international students.
With this additional commitment from the School, roughly 10 percent of all HBS students—those with the greatest financial need—will receive a full tuition and course fee scholarship of $76,000 each year of the two-year program. Students will continue to be responsible for their living expenses.
“Affordability is paramount because it enables people from all backgrounds, experiences, and interests to enroll at HBS,” said Matthew Weinzierl, Senior Associate Dean of the MBA Program. “Our case-based approach to teaching and learning relies heavily on exposing HBS students to various perspectives. As a result, we’re preparing them to be leaders in organizations and a world marked by vast human differences and diversity.”
Source: Harvard Business School
|GlobalGiants.Com|
Edited & Posted by the Editor | 7:53 AM | Link to this Post
