Studying for a Master’s at Harvard is an expensive affair. Harvard graduate programs cost USD 74,700 to USD 97,700 (INR 63,14,000 to INR 83,14,000) annually. However, to crown their remarkable education, Harvard MBA Scholarships are available. 55% of students receive merit-based scholarships at Harvard, amounting up to USD 100,000. They also offer a regular stipend of USD 1500 per month. Read through to learn about the various Harvard MBA Scholarships, their eligibility criteria, the process of application, and benefits.
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Types of Harvard MBA Scholarships
Harvard offers a spectrum of financial Aid spanning three categories:
- Tuition Assistance: Harvard Business School (HBS) stands out by providing need-based scholarships, fellowships, and student loans, ensuring education is accessible to all students. Students are selected to foster a diverse and enriching learning experience regardless of academic background.
- Summer Fellowships: Enrolled students can tap into summer internship programs supported by fellowships to ease financial burdens associated with participation.
- Career Support and Exploration: Upon graduation, students benefit from financial aid initiatives aiding loan reduction, repayment, and other forms of assistance, facilitating their transition into the professional world.
List of Harvard MBA Scholarships
There are several need-based and merit-based scholarships that Harvard offers its students. We have listed down some of the scholarships that Harvard provides to MBA students:
1. Boustany MBA Harvard Scholarship
- Eligibility: Open to all students accepted into the Harvard MBA program with a strong academic background, significant promise, interest in supporting charitable activities, and of Lebanese descent, but not mandatory.
- Benefits: Covers tuition fees and travel & accommodation expenses related to the internship.
- Process of Application: Send your documents to admissions@boustany-foundation.org, including:
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- Acceptance letter
- CV
- Photograph
- Shortlisted candidates will be called for an interview.
- One applicant will be awarded the scholarship.
2. John C. Phelan Forward Fellowship
- Eligibility: Enrolled Harvard MBA students from lower-income backgrounds who demonstrate financial need.
- Benefits: USD 30,000 (INR 25,02,000)
- Process of Application: Submit the Application form, Personal statement, financial information, and Recommendation Letters to the Harvard Business School Office of Financial Assistance.
3. Horace W. Goldsmith Fellowship
- Eligibility: Enrolled Harvard MBA students from the nonprofit/public security. They must strongly commit to working in the nonprofit or public sector.
- Benefits: USD 10,000 (INR 8,23,000)
- Process of Application: Submit the Application form, Personal statement, financial information, and Recommendation Letters to the Harvard Business School Office of Financial Assistance.
4. RISE Fellowship
- Eligibility: Enrolled Harvard MBA students with a focus on societal impact. Must demonstrate commitment to a significant impact on society and the world.
- Benefits: USD 10,000 (INR 8,23,000)
- Process of Application: Apply at Harvard Business School Financial Aid Office:
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- Acceptance Letter
- CV
- Personal statement
- Financial Need Statement
- Recommendation letters
5. Robert S. Kaplan Life Sciences Fellowship
- Eligibility:
- Enrolled Harvard MBA Students interested in life sciences.
- Must have obtained an IELTS Band score of at least 7.5.
- GMAT score required.
- Interest in and commitment to a career in the life sciences field
- Benefits: Up to USD 20,000 (INR 16,46,000)
- Process of Application: Apply at Harvard Business School Financial Aid Office with:
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- Acceptance Letter
- CV
- Personal statement
- Financial Need Statement
- Recommendation letters
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How to Apply for Harvard MBA Scholarships?
Harvard MBA Scholarships are offered based on financial need and not merit-based. We shall talk about the process of applying to the Harvard Scholarship Program.
- Students must complete the financial aid application provided by HBS after admission to the Harvard MBA program to be considered for a Harvard MBA scholarship. After admission, they will have access to the financial aid application and all the details about how they can complete it. They should apply for need-based Financial Aid as soon as possible.
- Need-based financial aid at Harvard requires three years of income tax information and all other pertinent asset information.
- It takes 3-4 weeks for the student to receive a decision letter by email once the financial aid application is submitted. Plus, academic students are reconsidered for their sophomore year scholarship (if eligible), and they must file again.
What is the Cost of Studying MBA at Harvard?
The tuition for the two-year MBA program at Harvard Business School costs USD 150,000 (INR 1,25,11,800). You also incur additional expenses like:
|
Expense |
Amount (in USD) |
Amount (in INR) |
|
Tuition (per year) |
73,440 |
60,33,000 |
|
Health Insurance (per year) |
4,300 |
3,47,000 |
|
Program Support Fee (per year) |
9,300 |
7,57,900 |
|
Room and Utilities (per year) |
15,400 |
12,63,800 |
|
Board, Personal, Miscellaneous (per year) |
14,200 |
11,60,300 |
|
Course Materials (per year) |
1,900 |
1,56,000 |
|
Travel (per year, estimated) |
5,600 |
4,60,000 |
The cost of studying at Harvard can go up to USD 120,000 ( INR 1,00,09,000) per year. Not every student can pay this amount. That is where these need-based and merit-based scholarships and fellowships can help you.
From the Desk of Yocket
Various criteria determine scholarships at Harvard for MBA programs. While these scholarships are substantial, they do not cover the total amount, and the students must incur some expenses. Thus, these scholarships are provided based on shared responsibility.
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