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Harvard Business School Offers Full Scholarships to Most Financially Needed Students - News

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Boston—August 16, 2022—Harvard Business School (HBS) today made a Master of Business Administration (MBA) degree more affordable and accessible to more students by covering the total cost of those students’ tuition and course fees. announced that it will offer a scholarship to About 10% of students are most financially needed. The school also provides scholarship support to more students from middle-income backgrounds, based on approximately 50% of students already receiving 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 admission to two-year, full-time MBA programs. .

“We know that talent is much more evenly distributed than opportunity,” said HBS Dean Srikant Datar. “Harvard Business School should be the place where the most talented future leaders can realize their potential. We want them to be able to focus on being leaders who make a difference.”

Over the past few years, the school has worked to make MBA programs more affordable for students from diverse socioeconomic backgrounds. Recent approaches include keeping tuition fees constant from 2019 onwards. Initiate a Forward Fellowship that provides additional funding to students who provide financial support to their families while attending business school. Revise financial aid formulas to take into account socioeconomic background in addition to personal income, assets, and undergraduate debt. Set up application fee waivers where appropriate.

HBS has also advanced socioeconomic inclusion by continuing to expand its outreach to first-generation college graduates and prospective applicants from diverse backgrounds and career paths. In 2020, a student-led initiative formed the Socioeconomic Inclusion Task Force, made up of students, faculty and staff, and launched the First Generation Student Club. In 2021, HBS expanded its financial wellness program. This includes individual financial management events and workshops for future and current students. Today’s announcement demonstrates the school’s continued commitment to affordability and socioeconomic inclusion.

Chad Losee, Managing Director, MBA Admissions and Financial Aid, HBS, said: “Given the impact they have on companies and communities, it is a loss not only for them, but for society as a whole. We aim to make the HBS experience accessible to prospective students from all parts of the industry and the world.”

HBS uses a formula that considers pre-MBA income and assets, socioeconomic background, and undergraduate debt to determine the financial need of both domestic and international students. We have long provided financial assistance through a need-based approach. About 50% of students receive need-based scholarships from her HBS, with awards ranging from thousands of dollars a year to over $60,000. The average annual need-based scholarship for 2021-2022 was $42,000 (his $84,000 for her two years in the program). The school’s annual MBA financial aid budget exceeds $45 million as a result of annual donations and over 750 designated fellowship funds from generous HBS alumni and friends committed to supporting the next generation of students at HBS. increase.

With this additional commitment from the school, approximately 10 percent of all HBS students (the most economically needy students) receive full tuition and course fee scholarships of $76,000 each year of the two-year program. receive. Students will continue to pay their own living expenses.

Matthew Weinzierl, Senior Associate Dean of the MBA Program, said: “Our case-based approach to teaching and learning relies heavily on exposing HBS students to a variety of perspectives because we believe that HBS students are characterized by great differences and diversity in organizations and people. We are preparing to become a world leader in the world.”

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