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Now you can study at Harvard Business School for free: program details

Harvard Business School (HBS) announced on Aug. 16 that it will pay tuition and provide scholarships to its MBA students with the highest financial need, roughly 10% of its students. Forbes.

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Current tuition fee for a two-year program MBA Harvard is $76 per year, but about half of students receive HBS scholarships on an as-needed basis, with scholarships averaging $000 in 2021-2022. an ad About New Support HBS said its annual MBA financial aid budget exceeds $45 million, thanks in part to more than 750 named scholarship funds from HBS alumni and donors.

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HBS will also offer increased scholarship support to more middle-income students, increasing by approximately 50% the number of students already receiving scholarships.

The new increase will benefit both current and future students and represents what HBS claims is "the largest needs-based scholarship program of any MBA program in the world."

In addition to scholarships HBS has taken other steps to control student spending, including revising the financial aid formula (taking into account pre-MBA income and assets, socioeconomic background, and undergraduate debt) and keeping tuition flat from 2019.

“We know talent is much more evenly distributed than opportunity,” HBS Dean Shrikant Datar said in the announcement. “Harvard Business School should be the place where the most talented future leaders can come to fulfill their potential. We want to remove the financial barriers that stand in their way and ease the burden of debt so they can focus on becoming leaders who change the world for the better.”

HBS has also expanded its reach to first-generation college graduates and applicants from all walks of life.

According to the announcement, she has formed a student-led social and economic integration task force, which is composed of students, faculty and staff, and opened the First Generation Student Club. In 2021, HBS expanded its financial wellness offerings to include personal finance management events and workshops for future and current students.

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“We understand that financial challenges can keep exceptional prospective applicants from considering business school as an option,” said Chad Losey, managing director of MBA admissions and financial aid at HBS. “Given the impact they have on their companies and communities, this is a loss not only for them, but for society as a whole. By funding the full cost of tuition for students with the greatest financial need, we are committed to ensuring that future students from all socioeconomic backgrounds, industries and regions of the world have access to the HBS experience.”

The Harvard MBA class of 2023 is made up of 1010 students, 46% of whom are women and 37% are foreigners. Of this class, 47% are white, 24% are Asian American, 12% are black/African American, 11% are Hispanic/Latino, and 4% are multiracial.

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