Harvard University MBA Scholarship – Harvard University is one of the top 10 institutions in the world, and almost every child dreams of studying at Harvard someday. If you fall in this category, your dream is about to come true regardless of whether you miss obtaining a Bachelor’s Degree from the institution.
The tuition fees at Harvard are a fortune to many applicants from the middle-income and low-income classes. Nonetheless, it is possible to get a Master’s degree from Harvard Business School (HBS) through Havard University MBA Scholarships.
This post will discuss in detail the forms of the MBA Scholarships at Harvard and how to secure one.
Let’s get started!!!
How Does Harvard MBA Scholarship Work?
At Harvard Business School (HBS), admission is offered based on merits and academic records, but financial assistance in the form of scholarships and loans is given based on demonstrated need.
Hence, the school offers fewer academic-based scholarships to provide equal opportunity for all students to supplement inadequate funding.
The scholarships offered by the school are open to both local and international students. In the past, the school only offered scholarships as a cut-off from tuition fees but recently disclosed that it will begin to provide full tuition scholarships. It was also made that the quota of scholarships awarded to students from middle-income backgrounds would be increased.
How Much Does Harvard University MBA Scholarship Worth?
According to the HBS scholarship website, the school provides about half of its students with an average need-based scholarship of $42 000 per annum ($84 000 for a two-year MBA program).
Eligibility For Harvard MBA Scholarship
As stated earlier, Harvard University MBA Scholarship is primarily based on the applicant’s financial needs, not academic performance. Hence, you can secure an MBA scholarship at Harvard if your current financial status is confirmed to be below par.
The student Financial Aid Committee of the school considers the following factors to evaluate the financial status of every applicant before awarding a scholarship:
- Annual Gross Income of applicants in the last 3 years
- Assets owned by applicants
- Socioeconomic background of applicants
- The undergraduate debt of applicants.
Note that the higher you earn, the lower your chances of securing a scholarship at Harvard Business School (HBS). The marital status and spouse’s income might also be considered in some cases to duly determine the extent of financial assistance needed by the applicants.
Also, students on a work sponsorship or employer’s loan are taken to be financially independent and are ineligible to receive a scholarship from HBS.
External Harvard MBA Scholarships
HBS strongly encourages its students to source assistance from outside by applying for external scholarships if they are qualified. Moreover, students receiving funding from external scholarships must report to the Kraft Family Financial Aid Office for proper documentation.
Getting funds from external sources while still benefiting from HBS scholarships is allowed, given that the funding does not exceed $30 000 throughout your stay at the school. Once you exceed this amount, your awarded scholarship value from HBS will be reduced to accommodate other students in need.
While there are many external scholarships, you can apply for at the HBS, the most popular one is the Boustany Foundation Scholarship.
Boustany Foundation Scholarship For Havard University MBA
Boustany is a reputable organization that assists exceptional students of divergent top business schools in alleviating their financial struggles. The scholarship is awarded once every two years and covers the full program duration (2 years).
- Applicants are welcome from any country, although Lebanese candidates would be prioritized
- Applicants must have been offered admission into the Harvard MBA program at the time of application
- 75% of the tuition fees of successful applicants would be covered
- Internship opportunities, including coverage of travel and accommodation expenses
- Interested candidates are to send a copy of their CV (with the photograph), GMAT scores, and Acceptance Letter from HBS to [email protected]
- Successful candidates will be invited for interviews with Boustany Foundation
- One candidate will then be awarded the scholarship
- The deadline for the application is 31st May 2023.
Note: After their program, the selected beneficiary will be mandated to complete a 2-month unpaid internship with the organization (Boustany Foundation). The foundation will cover both travel and accommodation expenses incurred during the internship.
HBS Complementary Fellowship Scholarships
Apart from the scholarships offered by HBS and other external sources, Harvard MBA students can also apply for the Complementary Fellowship Scholarships to further increase their financial capacity.
These specific scholarships are only available to students with certain attributes and engagements. They include:
Summer Venture in Management Program (SVMP) Fellowship Scholarship
The SVMP Fellowship offers this to assist students participating in the Student Venture in Management Program (SVMP). This program is a one-week event organized for rising and graduating seniors to enhance diversity and opportunities in business management.
RISE Fellowship Scholarship
Recognizing Individuals Seeking Equity (RISE) Fellowship assists 10 students regardless of their background. The scholarship is awarded to students that have shown great interest in serving minorities in the US, such as Black, Hispanics, and so on.
John C. Phelan Forward Fellowship Scholarship
This is offered to students with significantly low financial capacity.
Horace W. Goldsmith Fellowship Scholarship
This scholarship is reserved for students who have demonstrated excellent non-profit leadership skills. You should apply if you believe your leadership attributes are for the good of the people and not to make money.
John H. McArthur Canadian Fellowship Scholarship
This is open to all Canadian MBA students at Harvard Business School (HBS).
The Black Family Fellowship Scholarship
This scholarship is overseen by the Center for Public Leadership and offered to 5-8 in-service military students at HBS. The scholarship is worth about $20 000 per annum in tuition support and a mandatory leadership development program.
There are other fellowship scholarships available at Harvard Business School for MBA students. Still, you may need to be admitted into the school and participate in certain activities to be eligible.
- Who funds HBS Scholarships?
HBS scholarships are majorly funded by alumni of the school and overseen by the Finacial Aid Committee. The committee matches alumni and students with similar interests and backgrounds to initiate financial assistance.
- Does Harvard give scholarships to international students for MBA?
Yeah, Harvard scholarships are available to local and international MBA students admitted into the school.
- Can I get a 100% MBA scholarship at Harvard?
Havard announced in August 2022 that it would begin to roll out 100% tuition-free scholarships to its students. You can also explore external sources for fully-funded scholarship opportunities.
- How do I get a full scholarship to Harvard?
Havard scholarships are not based on academic performance; the school considers your financial needs. Hence, after securing your admission into the school’s MBA program, you must also demonstrate a convincing need for financial assistance, and you may be awarded a full scholarship.
Harvard University MBA Scholarship is awarded in a way that is different from other universities. While other universities focus more on awarding students with excellent academic performances, Havard pays more attention to the financial struggle of its students.
That way, HBS has been able to ensure its students are not distracted by inadequate financial support and provide every student with the same opportunity regardless of family income and background.
Convinced you have what it takes to study at Harvard? Then you should go for it.