Although a substantial minority of HBS students came from privileged backgrounds—something like 40 percent of the students registered in 1937 had cars on campus—the Depression hit the majority of HBS students hard.

Campus jobs became scarce and valued resources. In the 1920s, for example, there were rarely enough HBS students interested in waiting tables to fill all the available jobs in the School's dining halls. In 1933, by contrast, the School increased the number of waiters' jobs from 100 to 135, and there were still many more applicants than jobs.

In 1932, School officials estimated that the average HBS student could exist on a budget of $1,200. This figure included $600 for tuition, $150 for room rent, $280 for board, $35 for books and supplies, and $135 for incidental expenses. First-year students could borrow $300 for tuition from the School's Loan Fund—but only after successfully completing their first semester. In their second year, they could borrow up to $600: the full cost of tuition.

By 1934, the Loan Fund had loaned out $375,000, all told; its repayments in that year were expected to total $80,000; its new loans exceeded $90,000. The difference was made up, for the most part, by alumni donations.