Harvard Business School » Social Enterprise » MBA Experience » Careers » Loan Assistance » Eligibility

Loan Assistance

Eligibility

Qualified alumni may apply at any time during the first ten years following graduation; preference is given to graduates entering the Program within three years of graduation.The annual program cycle covers January 1 – December 31 following the application deadline, and the committee will assess a candidate's eligibility within that specific year-long period, based on the information provided within the application.

Quick self-assessment tip: If you did not receive any HBS Fellowships while enrolled, it is unlikely that you have need-based loans eligible for this program.

You may be eligible for assistance if:

  • You are an HBS graduate within ten years of graduation who demonstrates financial need and who has received need-based financial aid during your enrollment. (See "Loans" below.)
  • You have accepted a job with an eligible nonprofit, public sector organization, or for-profit social enterprise with total compensation that meets the income guidelines. (See Income and AssetsEmployment, and Awards sections).

Loans

The Program is designed to support graduates who were determined by the Financial Aid office to have demonstrated need during enrollment at HBS and who have filed financial aid applications while at HBS.

Quick self-assessment tip: Before completing an initial application, it is recommended that you confirm your loan eligibility. Please email the Financial Aid office at LRAP@hbs.edu with permission to review and share your information with the Selection Committee. This step is not required for subsequent applications.

Eligible Loans

The Program is designed to support graduates who were determined by the Financial Aid office to have demonstrated need during enrollment at HBS and who have filed financial aid applications while at HBS.

To be considered for the Social Enterprise Loan Repayment Assistance Program (SELRAP) and both the Rock Center and Career & Professional Development (CPD) at-graduation loan reduction programs, your loans must meet all of the following requirements:

  • Must have been either approved by HBS or fully disclosed to HBS at the time loan was made
  • Student must be the borrower
  • In no case will an amount larger than the cost of attendance less other aid be considered
  • Independent third-party verification of the loan must be available to HBS

Eligible loan types typically include the following:

  • US federal student aid (e.g., Perkins, GradPLUS, Stafford)
  • US state programs (e.g., MEFA, VSAC, etc.)
  • Foreign national, state, and provincial educational loan schemes
  • Educational loans from a bank or credit union (e.g., HUECU, etc.)

Applicants must not be delinquent or in default on their loans at the time of application. If in doubt, please ask HBS MBA Financial Aid before committing to a loan.

Debts not covered by the programs include:

  • Debt used to replace student contributions as calculated by MBA Financial Aid Services, or borrowing for living expenses above the financial aid budget
  • Debt incurred for non-HBS work in a joint degree program
  • Debt from other degree programs
  • Consumer debt

Ineligible loan types include the following:

  • Loans applied for and or disbursed for the first time in the spring term (January) of the EC year.
  • Loans from past, present, or future employers, especially those that may be forgiven upon resumption of employment
  • Personal loans from family or friends
  • Bank loans not certified or verified by MBA Financial Aid
  • Home equity loans or lines of credit

Applicants who have previously participated in any HBS lump-sum debt-reduction program are unlikely to qualify for the Social Enterprise Loan Repayment Assistance Program. Applications from prior debt-reduction program participants will be reviewed on a case-by-case basis. The amount of any loan reduction made in the previous 12 months will be deducted from SELRAP eligibility. For HMS-HBS joint degree recipients, the HBS contribution to the joint HBS-HMS loan forgiveness program in the years it was available will be taken into account in calculating award eligibility. Additionally, if your employer offers educational loan repayment assistance, HBS requires you to take advantage of such assistance and make accelerated payments.

Income & Assets

Quick self-assessment tip: Maximum eligible award coverage is determined by a calculation for those with annual adjusted incomes of up to $120,000; those with higher adjusted income levels may be eligible for partial coverage of need-based debt obligations.

Calculation For Adjusted Income

All calculations are based on information applicable to the annual program cycle, which covers January 1 - December 31 following the application deadline. To assist you in understanding the calculation for adjusted income, we have provided the formulas for a single and married loan assistance applicant. For all married applicants, we will complete both single and married applicant calculations, and the greater adjusted income will be used to determine eligibility.

Single Applicant Calculation

Applicant's gross wages + Housing allowances from employer + Other income + Significant amount of assets – $6,300 for each dependent child – $9,600 maximum based on actual cost of child care expenses for each child = Applicant's Adjusted Income

Married Applicant Calculation

Applicant's and spouse's gross wages + Housing allowances + Other income + Significant amount of assets – Spouse's required annual educational loan payments for their own need-based loans – $6,300 for each dependent child – $9,600 maximum based on actual cost of child care expenses for each child = Total multiplied by .50 = Married Applicant's Adjusted Income

Assets other than retirement accounts will be taken into account when calculating the amount of aid awarded. Assets borrowed against to attend HBS are excluded from this calculation. Substantial household assets or income may lead to a reevaluation of award.

Employment

Graduates who have accepted a job with a nonprofit, public sector organization, or for-profit social enterprise are eligible to apply to the Program.

Eligible Organizations

  • An approved tax-exempt organization in the United States with 501(c) (3) status of the Internal Revenue Code which performs a clear public benefit.
  • An approved local, state, or federal government agency of the United States (including military service).
  • An approved government or nonprofit organization located outside of the United States, as permitted by U.S. law.
  • An approved multi-lateral or international non-governmental organization.
  • For-profit social enterprises: Organizations with a central focus on social impact will be considered. These include certified B Corporations (B-Corps) and limited liability corporations (L3Cs) in the U.S., or another country’s equivalent. NOTE: Applications from alumni working at for-profit social enterprises will be awarded on a case-by-case basis; with a limited number of applications accepted on an annual basis. See criteria for more details on how applications will be evaluated.

Deadlines

01 OCT 2024

Application deadline for the 2025 award