We expect that most students will take out a loan to fund their MBA, in combination with need-based HBS Scholarships, fellowship awards, external scholarships, and savings. For international students, the types of loans you can apply for depends upon whether or not you have a US cosigner.

When you take out a student loan, you assume a legal obligation to repay the principal amount you borrow, plus interest, under a defined repayment schedule. The following information is provided to help in your financial aid planning. Please be aware that HBS is not able to endorse or promote specific loans or banking institutions.

Harvard University is committed to the highest standard of ethics and conduct, in all areas, including financial aid. Please review the Harvard University Student Loan Code of Conduct.

OFAC Sanctions Note: Lenders based in the United States (including the Harvard University Employees Credit Union) may not be able or willing to make loans to students from countries subject to the United States Treasury Department's Office of Foreign Assets Control (OFAC) Sanctions, or to individuals identified by name or related to, or connected with, anyone on the Specially Designated Nationals List. All applicants from these countries are strongly cautioned to be prepared to make their own financial arrangements to attend HBS.


Private Student Loans

  • Your maximum loan eligibility is the cost of attendance minus any other aid received.
  • Having a US citizen as a cosigner increases your options for student loans; however, there are also options for international students without a cosigner.
  • We recommend admitted students use www.elmselect.com to explore student loan options and make the choice that is best for them.

Personal Loans

  • We encourage international students to investigate all sources of funding within your home country. If you find a better loan program through your home country or family member, you must notify the Financial Aid office. Many international students use loans secured in their home countries.
  • Personal loans are considered legal documents for financial aid purposes.
  • Students receiving need-based HBS Scholarships who take out a personal loan will be required to provide a loan agreement to the Kraft Family Financial Aid Office.