HBS awards need-based fellowships to provide access to admitted students with limited financial resources. These Fellowships are made possible through the generous support of our alumni and friends who share HBS's commitment to investing in our students. All students with financial need are welcome to apply for HBS Fellowships after admission to the MBA Program.


HBS Fellowships are awarded based on financial need. Your academic or professional performance/merit are not used in financial aid decisions. Nearly 50% of the class receives an average of approximately $37,000 per year in need-based HBS Fellowships.

In general, we expect that a student will have saved a percentage of his/her income from each of the prior three years. This expected percentage will vary depending on your prior income. Students with higher earnings are expected to contribute to the costs of their MBA at a higher rate than students with lower earnings.

Any HBS Fellowship award will be based on an analysis of your income for the prior three years and your assets. If you are married, we will also consider your spouse's income and assets, and your higher cost of living will be a factor.

There will be a base loan package before any fellowship is awarded. The average MBA debt for the Class of 2016 was approximately $86,397.
HBS Fellowships will fund your financial need (as determined by MBA Financial Aid Services) beyond the base loan package and your student contribution.

Retirement and Other Assets

Retirement assets in qualified retirement accounts with a value of $100,000 or less are not considered available for the MBA Program.

All other assets, including cash, money market, CDs, stocks, securities, mutual funds, bonds, trust funds, home equity, and other investments will be used in the analysis of your financial need.

Funds from Outside Scholarships

Students may receive up to $30,000 over the two-year MBA Program from an outside scholarship source before we will reduce your HBS Fellowship.

How to judge a sponsorship offer?