While HBS Admissions is merit-based, HBS Financial Aid is need-based, made possible by the generous support of our alumni. Because our process is a bit unique, there are often some misperceptions when it comes to our financial aid, especially for our 2+2 admitted students. We wanted to clear up some myths surrounding the process:

MYTH #1: The Process for Applying for Admission and Financial Aid Are the Same

This is not the case at HBS. The processes for applying for admission and applying for financial aid are completely separate, so our students, including 2+2 candidates, submit a financial aid application after they have been admitted to the MBA program.

MYTH #2: HBS Only Considers Your Current Income When Awarding Financial Aid

When determining eligibility for our need-based scholarships, the financial aid office looks at your income and assets from the three years prior to your matriculating. That means, that as a 2+2 student, you will not complete your financial aid application until the spring before you enroll in the MBA program. In other words, you may not submit your financial aid application until 2-4 years after you have been admitted!

Myth #3: I have to have 3 years of income to be considered for Financial Aid

Incorrect! You can still receive need-based aid if you have only two years of income. Instead, your financial aid package will be based on an average of those two years spread over three years.

MYTH #4: 2+2 Students Are Not Eligible for the Same Financial Aid as Traditional MBA Candidates

Rest assured, as a 2+2 admit, you are still eligible for all the same need-based funding as a traditional candidate. Roughly 50% of our students receive financial assistance in the form of need-based scholarships that do not need to be repaid, and our average scholarship award is $46,000 per academic year.

MYTH #5: HBS Only Offers Need-Based Scholarships

In addition to need-based scholarships, HBS also offers Complementary Fellowships, for students with specific backgrounds and interests, such as non-profit or life sciences work, or for students who financially support their parents and/or siblings. Like our need-based aid, you apply for these fellowships in the spring before you matriculate into the program.

We know that figuring out how to finance your education is a huge part in your decision to join the MBA program and we are happy to assist you in that process. Once you have been admitted to the 2+2 program, you will be connected to the financial aid staff who can help you navigate the financial aid process and provide you with a rough estimate of your financial aid eligibility.