Merit-Based Admissions, Need-Based Aid

Shared Investment in Your Future

Business school is a valuable investment in your future. Harvard Business School (HBS) proudly supports this investment by offering need-based scholarships to both domestic and international students. HBS Scholarships are gifts that do not need to be paid back. Approximately 50 percent of students receive a need-based scholarship from HBS and the average scholarship is approximately $46,000 per year, or $92,000 total.

In August of 2022, HBS announced that it will provide full tuition scholarships to students with the greatest financial need and will offer new scholarships to more students from middle income backgrounds.

How Need is Determined

The financial aid team determines financial need based on the following factors:

• Gross income from prior three years

• Assets

• Socioeconomic background

• Undergraduate debt

Scholarships are based on a standardized formula for all students. 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.

Your Financial Aid Package

Each financial aid package is different and may include a combination of need-based scholarships and student loans. Some HBS students receive additional funding through HBS Complementary Fellowships. As part of the shared investment, HBS students meet the remaining cost of their MBA using personal savings, a student loan, and/or outside funding.

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 Scholarships.

The financial aid team encourages you to explore different avenues of funding—including external scholarships, student loans, and Complementary Fellowships —to supplement any need-based HBS Scholarship and meet the Cost of Attendance.