Looking for Harvard MBA Scholarship? Education in the United States has quite a reputation for being expensive. However, many universities recognize this and offer various scholarships to their deserving students. Apart from providing financial assistance, there are many scholarships that are especially established to recognize a student’s extraordinary performance in academics, athletics or others.
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Harvard MBA Scholarship is one such esteemed scholarship that most students dream of. Harvard University is the top most prestigious college in the United States hence it witnesses over 60,000+ applicants from highly qualified students every year.
Moreover, since Harvard comes top in the list of 2024 best colleges for entrepreneurship, many students dream of getting an MBA degree from here. This in turn makes the scholarship awardee process very selective and competitive.
All about Harvard University
Harvard University is a private Ivy League research university located in Cambridge. This university is composed of an additional ten academic facilities. Harvard University is the top among the eight Ivy League schools and is regarded for its quality academic standards, selective admission process, and social prestige.
Every year, Harvard University receives about 60,000+ applications out of which around 23,000 applicants are only selected.
Harvard’s huge library is the oldest in the United States and is the largest academic library in the world. Apart from this, the athletic team at Harvard University compete in the Ivy League in an annual football match against their rivals, Tale. Additionally, Harvard University facilitates residential housing where freshmen are alloted living spaces at the centre of campus and upperclassmen stay at 12 undergraduate houses.
Harvard Business School is one of the most reputed and highly rated business schools in the world. It admits around 1,000 students to its MBA program every year. Apart from MBA, this school also offers a ton of other doctoral and executive education programs, a few of which are provided by partnering with Harvard Law School and John F. Kennedy School of Government.
Harvard Business School houses around 270 full time, highly skilled professionals whose scholarly works are regularly published in books and publications. The acceptance rate of Harvard Business School is around 10% and the acceptance rate for doctoral programs is around 4%.
Unfortunately, for most selected students, the financial costs of attendance could be a potential barrier since the MBA program costs about $115,000 for every year which is quite expensive. Out of this, approximately $75,000 is added directly to the tuition fees while the remaining is sent toward miscellaneous expenses such as health insurance, rental accommodation, course and program materials and other expenses.
What is the Harvard MBA Scholarship
Harvard Business School introduced the Harvard MBA scholarship as a measure to curb the load of financial stress on students. This scholarship is awarded to students with financial needs. However the university selects the final candidates not based on their ability to pay but also based on their achievements and talents.
A whopping amount of $3.3 million is donated every year to extend support to the Harvard MBA scholarship program.
Harvard MBA Scholarship is divided into three types which are also known by the name MBAid Journey. They are:
- Tuition Assistance: This primarily considers factors such as student loans, need-based scholarships and fellowships which could potentially push students to meet the cost of attendance.
- Summer Fellowships: This type of scholarship extends financial support to students from first and second year for summer internship opportunities.
- Career exploration and support: This program mainly extends financial support to students after graduation in the form of loan repayments or loan reductions.
Harvard Business School is one of the very few schools in the United States that offer need-based scholarships. Surprisingly enough, more than 50% of the class receives this scholarship. The average amount of this program is $40,000 per year or $80,000 for the duration of course.
Every need based scholarship package is different and has a combination of scholarships, student loans and savings. Harvard Business School helps the student meet their full-financial need based on the combination of:
- Harvard Business School scholarships or other funding such as internships or fellowships etc.
- External sources such as savings, assets.
- Student loans
The alumni at Harvard Business School mainly fund the need-based scholarships. It is an independent choice taken by the various alumni to make a difference in student’s lives by paying for them. Around $33.3 Million is donated by their support to Harvard Business School scholarship program every year which could potentially many students to fund their education.
To bridge the gap between the experts and the students, Harvard Business School often pairs Alumni with a MBA student with similar aspirations and goals. Through this, scholarship will also promote personal and meaning growth and connection between them.
Features of the Harvard MBA Scholarship
Harvard MBA Scholarship is a sought-after award by many business students. The primary reason for this is its exceptional features which sets it apart from other scholarship programs. Some popular features of the Harvard MBA Scholarship are:
- Harvard MBA Scholarship established a need-based scholarship to help students who do not have any means to fund advanced degrees on their own.
- The majority of the students win a grant of $30,000 to & 50,000 per year which is accessible to both domestic and international students. Additionally, all students are especially motivated by the professors to apply for the Harvard MBA scholarship after their program is completed.
- For every awarded student, an individual aid package is created to precisely meet their needs and requirements.
- If the need intensity is high, Harvard MBA Scholarship could cover upto 100% of tuition and expenses.
Factors determining the Scholarship amount:
During the process of estimating the scholarship amount, Harvard Business School refers to the financial aid document as shared by the student. However, since the university believes in financial aid as a shared investment and responsibility, they hardly ever award full scholarships.
The scholarship is primarily calculated depending on the student’s income from the preceding three years and any assets under their name. This mandates for the applicants to have prior work experience. Additionally, Harvard Business School requires students to apply for student loans if they do have any other means to fund their attendance costs even after getting a scholarship.
Additional Scholarships by Harvard Business School
In case a student does not get awarded the Harvard MBA Scholarship, they can also apply for other need based scholarships introduced by the business school. These scholarships are available for students with specific backgrounds with certain qualifications. Most of these programs require the student to receive their acceptance letter from Harvard Business School.
Some of them are:
1. RISE Fellowship:
The Recognizing Individuals Seeking Equity Fellowship is awarded to upto ten students enrolled in MBA program irrespective of their background. The students applying for this program are expected to demonstrate performance in serving Black/African American community or Hispanic community with the United States.
- Scholarship amount: $10,000 per year.
2. John C. Phelan (MBA 1990) Forward Fellowship:
The Forward Fellowship is exclusively known to support students who belong to families with a low income background and have carried significant financial obligations or burdens.
- Scholarship amount: $15,000 per year
3. Leadership Fellowship:
The Leadership Fellowship scholarship is open to third year students of Harvard Business School enrolled in a joint degree program with Harvard Kennedy School. This fellowship specifically emphasises on public service by motivating the student to invest in skill and character formation including leadership development.
- Scholarship amount: $10,000 in third year
4. The Black Family Fellowship:
The Black Family Fellowship is granted by the Center for Public Leadership which provides up to $20,000 a year for tuition fees along with a mandatory leadership development program for about 5-8 US veteran and active duty military students studying at Harvard Business School.
- Scholarship amount: $10,000 per year
Frequently Asked Questions
1. Does Harvard give full scholarships for MBA?
Yes. It’s quite rare though. Harvard Business School provides financial aid support up to $102,2000 towards the student’s tuition fee. However, students can also apply for various need-based scholarships from Harvard Business School to reduce the burden of financial costs on themselves.
2. What is the fee for an MBA at Harvard University?
The total fee of studying MBA in Harvard University is about $112,764. This includes the tuition costs, health insurance, course and program materials etc. However, scholarships could significantly reduce the final costs for students.
3. What GMAT scores do students need to do MBA at Harvard?
Students are required to have a score of at least 700+ in GMAT for top business schools like Harvard. The average score, however, for Harvard MBA incoming class is estimated to be around 730 with a range between 540 to 790.
4. Is it expensive to study MBA from Harvard?
On an average, it costs about $80,000 to study MBA at Harvard. However, Harvard Business School offers financial aid for students coming from a low-income background. Harvard primarily priorities selecting students with exceptional academic background rather than students who lead a rich and interesting life.
5. Does Harvard give scholarships to international students for MBA?
Harvard Business School believes that education is an investment for the future. It proudly supports this specific investment by offering need-based scholarships to both international and domestic students.
6. How to get a 100% scholarship for Harvard MBA?
Harvard MBA scholarship is offered based on financial need rather than merit. The university accepts students based on their achievements and academic excellence over their ability to pay.
Conclusion
When applying for a Harvard MBA scholarship, students should keep in mind that the award is quite difficult to win. With thousands of applicants applying every year, only a few hundred get selected.
Being one of the top business school in the world, the Harvard Business School prefers admitting students who excel in academic or other talents rather than those students who lead a rich and lavish lifestyle. The MBA program offered by this school opens doors to wonderful opportunities for the students hence ensuring that the scholarships are worth it.
Another criterion that students seem to overlook is the application process. Although there is no separate application for the scholarship, students have to ensure their admission application is perfect. In the end, it would be worth the hassle as the students get awarded the scholarship they always dreamt of.
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