Business school is a valuable investment in your future. HBS proudly supports that investment by offering generous need-based HBS Fellowships to help students cover the full Cost of Attendance.

Every financial aid package is different. Packages may include a combination of your fellowship award, savings, and a student loan. HBS will help you meet your full financial need through a combination of these resources:

graph showing breakdown of financial aid components
HBS Fellowshiptrs (and other HBS Funding if applicable) + Savings & External Sources + Student Loans (Federal & Private) 

Merit-based Admissions, Need-based Aid

Every student admitted to HBS demonstrates a unique ability to become a leader who will make a difference in the world. While admissions are based on merit, financial aid is awarded based on demonstrated need.

HBS Fellowships are gifts that do not need to be paid back, and nearly 50% of the class receives a fellowship award. The average HBS Fellowship is approximately $37,000 per year, or $74,000 total. All students are encouraged to apply for an HBS Fellowship after being admitted to the program.

How Need is Determined

HBS Fellowships function much like scholarships at other schools, but we do not offer full scholarships. When determining fellowship amounts, we approach financial aid as a shared investment in your future—and a shared responsibility.

HBS Fellowships are calculated based on your income from the last three years, along with any assets you have. Students with higher earnings contribute at a higher rate than students with lower earnings. If you are married and/or have children, we also consider a portion of your spouse’s income and assets, as well as your higher cost of living.

Employer sponsorship and loans are considered outside scholarships for financial aid purposes. Students who receive employer loans or sponsorships are generally not eligible for HBS Fellowships.

Alumni-driven Funding

HBS Fellowships are typically funded directly by HBS alumni. We often to try to pair alumni and fellowship recipients who share similar backgrounds or aspirations to create meaningful connections between past HBS classes and those that follow. To learn more, we invite you to hear the stories that make HBS Fellowships so special.