You don’t need me to tell you that business school is an expensive undertaking. Beyond the actual tuition and living expenses, there are the difficult-to-truly-calculate opportunity costs. Everyone whom we admit is undoubtedly doing VERY well out there in the Real World. Embarking on a two year business school adventure is a big decision.
We want to make it affordable.
Last year we awarded about $26 million in need-based financial aid. We plan to increase the amount for the Class of 2017.
Where does this money come from? Our alumni. They look back on the HBS experience as having been transformational in both professional and personal ways and they are eager to give back. Their favorite way to do this is through financial aid.
You’ve heard this before but I want to repeat it: our admissions process is need-blind. Although we ask for your income, this is more for us to understand different industries/paths vs. anything to do with evaluation. Our financial aid is need-based.
Here are 3 bullet points which may be helpful:
• We do not award full fellowships. This means that no student will be fully funded by HBS.
• You do not apply for financial aid until AFTER you receive an offer of admission.
• We have a loan program for international students which does not require a U.S. co-signer.
After you have completed a financial aid application, you will receive an award package from HBS. In making our awards, we rely on a formula which takes into account whether you are single or married and can be adjusted for documented exceptional circumstances. Parental income and assets are not considered in the calculation.
Let me repeat what I said earlier: we want to make HBS affordable. We want you to make post-MBA career decisions based on your dreams and aspirations, not a burdensome debt repayment obligation. We believe in the value proposition of our MBA - a place where leadership talent becomes a force to make a positive difference in the world. And we are confident that our students will become the alumni who are enthusiastic about enabling the next generation of HBS-aspirants to do the same.