The Harvard Business School (HBS) is one of the most prestigious institutes, however, it also comes with a hefty price tag. Fortunately, HBS offers a wide range of scholarships and financial aid programs to help students finance their studies. Students from all over the world are eligible to apply for scholarships. The Harvard MBA Scholarship is one such opportunity that bridges the financial gap, ensuring that deserving candidates can access world-class education without being burdened by exorbitant costs.
This blog explores the Harvard MBA scholarship, its qualifications, financial aid opportunities, and the application process to secure this scholarship.
History Of Harvard MBA Scholarship Program
Harvard Business School (HBS) has a long-standing commitment to supporting its students financially. The institution believes that every student admitted to HBS has a unique potential to become a leader who can make a significant difference in the world. While the admission process is based on merit, the financial aid provided is based on demonstrated need.
HBS takes pride in supporting this investment by offering need-based scholarships to both domestic and international students. These scholarships are gifts, meaning they don’t need to be repaid. About 50% of the students receive a need-based scholarship from HBS, with the average scholarship amounting to approximately $46,000 per year or $92,000 in total for the MBA program.
In a significant move in August 2022, HBS announced its decision to provide full tuition scholarships to students with the greatest financial need. Additionally, they introduced new scholarships targeting more students from middle-income backgrounds. The determination of financial need is based on various factors, including gross income from the previous three years, assets, socioeconomic background, and undergraduate debt. The financial aid package might comprise a combination of need-based scholarships, student loans, and HBS Complementary Fellowships.
Furthermore, HBS scholarships are funded by the alumni, creating a bridge between past HBS classes and the current ones. The institution often pairs alumni with scholarship recipients who share similar backgrounds or aspirations, fostering meaningful connections.
Qualifications And Requirements
To be considered for the Harvard MBA scholarship, candidates must meet certain qualifications and adhere to specific requirements.
To be considered for the Harvard MBA scholarship, candidates must demonstrate academic excellence and significant potential. While specific academic qualifications might vary, a strong academic background is a common requirement. The admissions at Harvard are merit-based, whereas financial Aid is awarded based on demonstrated need. HBS offers need-based scholarships to make education a reality for many people who do not have means to fund their advanced degrees on their own.
The average scholarship amount is $40,000 per year or $80,000 in total. The majority of them are in the $30-50k range per year, which is available to both domestic and international students.
Harvard Business School offers various scholarships specifically for international students:
Boustany Foundation Scholarship: Offered to an outstanding candidate from any nation, once every two years. The next scholarship will be awarded to the MBA class of 2025.
British Friends Of Harvard Business School Fulbright Scholarships: Established to assist financially needy British students.
Eduarda Justo Foundation: For academically talented MBA students from Spain, especially those from Almeria.
Fundação Estudar: A merit-based scholarship for Brazilian students with leadership and entrepreneurial profiles.
Fundacion Mexico en Harvard: Provides funding for Mexican citizens for graduate study at Harvard.
Kuwait Investment Authority MBA Scholarship: Offers 20 academic scholarships per year to Kuwaiti nationals.
LIFE Scholarship: Supports talented Lebanese students or those of Lebanese descent pursuing finance.
7UP Harvard Business School Scholarship: Established by Seven Up Bottling Company Plc of Nigeria for promising Nigerians. It covers tuition, board, and travel expenses.
UNIQLO HBS Fellowship: For Japanese nationals entering HBS without corporate or organizational sponsorship.
The Boustany Foundation offers the Boustany MBA Harvard Scholarship, which is granted every two years for a two-year course at Harvard Business School. While the scholarship is open to candidates from any nation, there’s a distinct priority given to candidates of Lebanese descent. This scholarship is a testament to the foundation’s commitment to supporting exceptionally talented individuals and creating transformative opportunities for the less privileged.
To Be Eligible For This Scholarship
Candidates must have received an offer of admission from the Harvard MBA program.
They should possess an excellent academic background.
They must demonstrate considerable promise.
The Scholarship Covers
Financial aid amounting to US$102,200 (US$51,100 per year) towards tuition fees.
Travel and accommodation expenses related to the internship.
Successful scholars under this program are also expected to complete a two-month unpaid internship with the Boustany Foundation. This internship involves various projects related to the foundation’s activities or those of its partners. All travel and accommodation expenses related to the internship are covered by the foundation.
Harvard Business School recognizes the importance of diverse financial, social, and environmental contexts that shape individuals. These perspectives are invaluable to the HBS community, equipping students to live out the HBS mission as leaders making a difference in the world.
HBS partners closely with student leaders to ensure that the community is equipped with the necessary resources and support to explore their interests and achieve their goals. Notably, Holly Fetter (MBA 2020) and Alexxis Isaac (MBA 2020) have been instrumental in this area, leading the Socioeconomic Inclusion Taskforce. This taskforce provides valuable institutional insights and recommendations for fostering a more economically diverse and inclusive community at HBS.
Considerable Promise And Talented Individuals
exceptionally talented individuals. This scholarship is not just about financial support; it’s about recognizing and nurturing talent. The foundation seeks candidates who not only have an excellent academic background but also show significant promise for the future.
The Boustany MBA Harvard Scholarship is a testament to this commitment. Candidates are evaluated based on their academic achievements, potential for leadership, and their ability to bring about positive change in their respective fields. The scholarship is a stepping stone for these talented individuals, providing them with the opportunity to study at one of the world’s most prestigious universities and equipping them with the skills and knowledge to make a lasting impact in their careers.
At Harvard Business School (HBS), pursuing an MBA is viewed as a shared investment in one’s future. The institution is committed to ensuring that students can meet the annual cost of the MBA program through a combination of scholarships, personal savings, and student loans.
Tuition Fees And Living Expenses
The cost of attending HBS encompasses both direct and indirect expenses. Direct expenses, such as tuition and fees, are billed directly to the student. In contrast, indirect expenses, like living expenses, can vary based on individual choices and lifestyle. For the 2023-2024 academic year, the cost of attendance for the MBA program is as follows:
Single Students: $115,638
Married Students: $139,340
Married with One Child: $154,868
Married with Two Children: $161,502
These costs include tuition, health fees, course materials, housing, food, transportation, and other living expenses. Additionally, students may need to budget for a computer, which is not included in the above budgets and can cost around $1,500.
HBS offers generous need-based scholarships, with an average scholarship amounting to $92,000 awarded over two years. The institution distributes approximately $45 million in aid each year. The goal is to ensure that financial constraints do not hinder talented individuals from accessing world-class education.
Every student’s financial aid package at HBS is unique. It may comprise a combination of scholarships, savings, and student loans. The total eligibility for Federal loans is determined based on the annual cost of attendance for a single student.
Cost Of Tuition At Prestigious Universities
The cost of tuition at prestigious universities like HBS is reflective of the unparalleled educational experience they offer. For the 2023-2024 academic year, the tuition fee for the MBA program at HBS is $74,910. For the MS/MBA program, the tuition is slightly higher at $86,145. It’s worth noting that graduates from HBS often see a significant return on their investment, with a median starting salary of $175,000 and a median signing bonus of $30,000 after completing their MBA.
Applying For Harvard MBA Scholarship Program
Pursuing an MBA at Harvard Business School (HBS) is a dream for many, and the Boustany Foundation Scholarship can make this dream a reality for deserving candidates. If you’re considering applying for this prestigious scholarship, here’s a step-by-step guide to help you navigate the process:
Secure Admission To HBS: Before you can apply for the Boustany Foundation Scholarship, you must first be accepted into the Harvard MBA program. This acceptance is a testament to your academic prowess and potential.
Familiarize Yourself With The Scholarship Details: Head over to the Boustany Foundation’s official website. Here, you’ll find detailed information about the scholarship, including eligibility criteria and specific requirements.
Prepare Your Application: The online application form is comprehensive, so ensure you have all the necessary documents at hand. These include:
Your GMAT scores, which attest to your academic abilities.
Your official acceptance letter from Harvard Business School.
An updated resume, highlighting your achievements and experiences.
A compelling personal statement, not exceeding 1,000 words. This should articulate your motivation for seeking the scholarship, and how it aligns with your long-term career aspirations.
Submission: Ensure you submit your application well before the deadline, which usually falls in May or June. This gives you ample time to review your application and make sure everything is in order.
Selection Process: After the application deadline, the Boustany Foundation Scholarship Committee will meticulously review all submissions. They will then shortlist candidates based on their applications’ merit. If you’re among the shortlisted candidates, you’ll be invited for an interview. Depending on prevailing circumstances, these interviews could be conducted remotely or face-to-face.
Scholarship Benefits: The Boustany Foundation Scholarship isn’t just any scholarship; it’s a fully-funded opportunity. Successful candidates will have their tuition, fees, and living expenses covered for the two-year duration of the MBA program at HBS. But beyond the financial aspect, this scholarship recognizes individuals who have showcased academic brilliance, demonstrated leadership qualities, and possess a genuine desire to effect positive change in the world.
Securing The Harvard MBA Scholarship
The Harvard MBA Scholarship offers a plethora of opportunities for individuals from various backgrounds. Whether you’re of Lebanese descent, come from a particular socioeconomic background, or are an individual showing exceptional promise and talent, there’s a place for you at Harvard, and the scholarships available ensure that financial constraints don’t stand in the way of your dreams. If you’re considering an MBA at Harvard, it’s worth exploring these scholarship opportunities and understanding the qualifications and requirements to enhance your chances of receiving financial aid.
Find out how to secure college scholarships for business majors by checking out our detailed guide. Visit Get Scholarship and browse through the available resources to learn more.