Financing an MBA may feel complicated – and it’s something prospective students have a lot of questions about. We connected with the Financial Aid team to find out where questions most often arise - and provide some insights and answers.

1. How much does an MBA cost?

Even though thinking about the fees and tuition associated with getting your MBA can feel overwhelming, Harvard Business School is committed to providing you with options and support to help you get the funding you need. With a $34 million scholarship budget, HBS provides need-based support to about 50% of its students. Each student will work with the Financial Aid team to get help securing the loans required to cover the full cost of the MBA.

With this support in mind, please visit the Cost of Attendance page to view an overview of the costs of the program that includes tuition, health insurance, course and program materials fees, room and utilities, and living expenses.

2. What scholarships are available at HBS?

While admissions are based on merit, financial aid is awarded based on demonstrated need. HBS has need-based scholarships available for admitted students who qualify. HBS Scholarships are gifts that do not need to be paid back. The average HBS Scholarship is approximately $40,000 per year, or $80,000 total. All students are encouraged to apply for an HBS Scholarship after being admitted to the program.

In addition to need-based HBS Scholarships, HBS offers a portfolio of fellowships designed to support you throughout and beyond your MBA. We call it the MBAid journey.

3. What do I need to qualify for need-based fellowships at HBS?

HBS will look at your full financial picture when determining eligibility for our need-based scholarships. We will collect income tax information from the previous three years as well as other information about your assets.

4. When do I need to send in my financial aid application?

Students will fill out the HBS financial aid application after they are admitted to our MBA program. Once admitted, students will be able to have access to the financial aid application and all the specific information about how to apply. We encourage admitted students to apply for need-based financial aid as soon as they are able.

5. Can I apply for financial aid as an international student?

The need-based HBS Scholarship formula is the same for all students. As an international student, regardless of which round you are accepted in, you are able to apply for our need-based financial aid. You should try to file your financial aid application as soon as you can so we can also begin the process for your I-20 paperwork which you will need to bring to your visa appointment. You do not need a U.S. co-signer, and there are lenders who work with our international students.

6. How long does it take for me to receive my financial aid package after submitting my materials?

Once all materials are submitted, it will take 3-4 weeks for you to receive your decision letter by email. Please review your financial aid tracking tool a few days after your submission to review if you are missing any required documentation for your application.

7. Do I have to apply again each year?

Yes. Students are required to re-apply in their second year in order to confirm eligibility for their second year award. Unless your personal situation has changed (you’ve gotten married, or had a child) you can expect your second year need-based HBS Scholarship to be similar to what you received in your first year.

8. What is the difference between a scholarship and a loan?

An HBS Scholarship is a need-based award made possible by real donors that does not need to be paid back. Loans, also part of financial aid, can be acquired by either applying to a private educational lender or applying for a Federal loan.

9. How can I get in touch with the Financial Aid office?

We understand prospective students may be anxious to figure out how to finance an HBS education, but please know, you will have plenty of time to put everything together after you receive your admissions decision. As soon as students are admitted, the Financial Aid office is here to help every step of the way.