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

shared investment in your future

Business school is a valuable investment in your future. 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.

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 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.

HBS Scholarship Funding

  • Need-Based Scholarship
  • Complementary Fellowship, if eligible

Student Contribution

  • Savings
  • Student Loans
  • Employer/Outside Funding, if applicable

Alumni-driven Funding

HBS Scholarships are funded by alumni. We try to pair alumni and scholarship 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 Scholarships so special.