Careers & Recruiting
HBS Nonprofit/Public Sector Loan Repayment Assistance Program
Graduating MBA students and qualified alumni may apply at any time during the first ten years following graduation; preference is given to graduates entering the Program within three years of graduation.
if you did not receive any HBS Fellowships while enrolled, it is unlikely that you have need-based loans eligible for this Program.
You may be eligible for assistance if:
- You are an HBS graduate within ten years of graduation who demonstrates financial need and who has received need-based financial aid during your enrollment. (See "Loans" section below.)
- You have accepted a full-time job (minimum 35 hours per week) with an eligible nonprofit or public sector organization with total compensation that meets the income guidelines. (See "Income and Assets," "Employment," and "Awards" sections).
LOANS
The Program is designed to support graduates who were determined by the Financial Aid office to have demonstrated need during enrollment at HBS and who have filed financial aid applications while at HBS. Only HBS loans taken to cover demonstrated need will be considered when determining eligibility (e.g. GradPLUS, Stafford, Perkins, HBS loans and CitiAssist loans). Joint degree graduates are eligible only for coverage of debt provided by HBS. All applicants must be current on loan repayments at the time of application (not in delinquency or default).
Before completing the application, it is recommended that you confirm your loan eligibility. Please email the Financial Aid office at LRAP@hbs.edu with permission to review and share your information with the Selection Committee.
Debt not covered by the Program includes:
- Debt used to replace student contributions as calculated by MBA Financial Aid Services, or borrowing for living expenses above the financial aid budget.
- Debt incurred for non-HBS work in a joint degree program.
- Debt from other degree programs.
- Consumer debt.
Applicants who have previously participated in any HBS lump-sum debt-reduction program are unlikely to qualify for the Non-Profit/Public Sector Loan Repayment Assistance Program. Applications from prior debt-reduction program participants will be reviewed on a case-by-case basis. Additionally, if your employer offers educational loan repayment assistance, HBS requires you to take advantage of such assistance and make accelerated payments.
INCOME AND ASSETS
Maximum eligible award coverage is determined by a calculation for those with annual adjusted incomes of up to $80,000; those with higher adjusted income levels may be eligible for partial coverage of need-based debt obligations.
Calculation for Adjusted Income
To assist you in understanding the calculation for adjusted income, we have provided the formulas for a single and married loan assistance applicant. For all married applicants, we will complete both single and married applicant calculations, and the greater adjusted income will be used to determine eligibility.
| Single Applicant Calculation | Married Applicant Calculation |
|---|---|
| Applicant's gross wages + Housing allowances from employer + Other income + Significant amount of assets – $6,300 for each dependent child – $9,600 maximum based on actual cost of child care expenses for each child = Applicant's Adjusted Income |
Applicant's and spouse's gross wages + Housing allowances + Other income + Significant amount of assets – Spouse's required annual educational loan payments for their own need–based loans – $6,300 for each dependent child – $9,600 maximum based on actual cost of child care expenses for each child = Total multiplied by .50 = Married Applicant's Adjusted Income |
Assets other than retirement accounts will be taken into account when calculating the amount of aid awarded. Assets borrowed against to attend HBS are excluded from this calculation. Substantial household assets or income may lead to a reevaluation of award.
EMPLOYMENT
Graduates who have accepted a full-time job (minimum 35 hours per week) with a nonprofit or public sector organization are eligible to apply to the Program. Part-time employees, entrepreneurs, and self-employed graduates will be evaluated on a case-by-case basis. Graduates engaged in partisan politics or religious proselytizing are not eligible for the Program.
Eligible organizations include:
- An approved tax-exempt organization in the United States with 501(c) (3) status of the Internal Revenue Code which performs a clear public benefit.
- An approved local, state, or federal government agency of the United States (including military service).
- An approved government or nonprofit organization located outside of the United States, as permitted by U.S. law.
- An approved multi-lateral or international non-governmental organization.
In addition to financial need and employment eligibility, selection is based on the following qualitative criteria:
- Quality of position - Based on level of responsibility, level of need for this type of position in the community, significance of managerial opportunity, and opportunity for managerial development. Of particular interest are jobs that require the applicant to use business and managerial skills gained at HBS, as well as the applicant's capability to produce significant, sustained benefits for the employer within these goals.
- Job fit - Applicant's background and previous experience as evidence of potential for a successful match between the applicant and the job, and applicant's ability to succeed in that job.
- Commitment and long-term goals - Applicant's commitment to the relevant industry or sector as well as applicant's long-term career goals and job fit with those goals.
The HBS Nonprofit / Public Sector Loan Repayment Assistance Program is not intended for individuals still seeking employment; in volunteer positions, employed in for-profit enterprises, or receiving only a nominal salary; or engaged in post-MBA studies (with the exception of medical residencies in approved programs). Graduating students who are pursuing for-profit social enterprise positions upon graduation may be eligible to apply for the HBS Loan Reduction for For-Profit Entrepreneurs or Private Sector Employees program. (Intranet Login Required)
The Program will provide up to three months of award payments per child during parental leave from employment, if the graduate returns to same job or another eligible employer.
