The third part of the Harvard MBA series covers scholarships, fellowships, loans, and financial aid. Read the first part – Harvard MBA Class Profile Trends and Total Fee, and the second part – Harvard MBA Curriculum Analysis.
On average, each Harvard MBA student receives $42,000 in scholarships per year or a total of $84,000. These scholarships are funded by alumni. In addition to the scholarships, students can avail of fellowships that require meeting specific conditions - RISE fellowship (commitment to Black/African American, Hispanic/Latinx), John C. Phelan (MBA 1990) Forward Fellowship (low-income background), George Leadership Fellowship (Joint Degree participant - leadership potential), Horace W. Goldsmith Fellowship (commitment to a non-profit career or leadership), The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship (excellence and commitment to the Life Science industry), John H. McArthur Canadian Fellowship (Canadian applicants), The Black Family Fellowship (US Military Veterans), Harvard University General Scholarships (all graduates and undergraduates), Traveling Fellowships (to meet the travel requirements of the MBA program).
Harvard School has also announced a full tuition scholarship to students with the greatest financial need.
| Harvard MBA Scholarship/Fellowships | Eligibility |
| Summer Venture in Management Program (SVMP) Fellowship | Awarded to the participants of the SVMP one-week residential program. |
| RISE Fellowship | Students who have demonstrated commitment to serving Black/African American and other marginalized communities. |
| John C. Phelan (MBA 1990) Forward Fellowship | Need based scholarship offered to the student with financial burdens |
| Horace W. Goldsmith Fellowship | Students demonstrating leadership attributes in non-profit sector. |
| Junior Achievement Fellowship | Students with Junior Achievement Experience |
| The Robert S. Kaplan (MBA 1983) Life Sciences Fellowship | Students with significant commitment and contribution to Life Sciences |
| John H. McArthur Canadian Fellowship | Students from Canada |
| The Black Family Fellowship | US veteran/active duty military students |
| Harvard University General Scholarships | Open to all students |
| Traveling Fellowships | Open to all students |
External Funding
Students can apply for up to $30,000 (total for 2 years) from external funding sources along with the Harvard Scholarship award, but if students receive more than $30,000 from any external funding, then the Harvard Scholarship award automatically gets reduced.
Harvard offers 41 external funding sources for students with categories such as Women, Minorities, Veteran, International students, LGBTQ, and farming backgrounds. The total amount of the awards ranges from $5000 to $90,000.
| Criteria | Award Name | Eligibility | Amount |
| Women | American Association of University Women (AAUW) | Outstanding Women Candidate | Variable Amount ($20,000-$50,000) |
| Minority Students | American Indian Graduate Center Fellowships | Native American Students | |
| Hispanic Scholarship Fund | Students from Hispanic heritage | $500-$5000 | |
| The LunaCap Foundation | Mexican or active US veterans | $10000 | |
| Minorities in Government Finance Scholarship | Citizen of US or Canada pursuing Career in Local government Finance | $5000-$25000 | |
| Prospanica | Students of Hispanic/Latino Origin | $5000 | |
| Veterans | Yellow Ribbon Program | US veterans | $40,000 |
| Post-9/11 GI Bill® | US Veterans | Tuition Fee and Monthly living allowance | |
| Montgomery GI Bill | US veterans who have served continuously for two years with a $100 per month deduction in monthly pay | ||
| Vocational Rehabilitation | |||
| Wells Fargo Veterans Scholarship Program | US veterans or their spouses | $10,000 | |
| The American Warrior Association Scholarship | Veterans transitioning to civilian life | $10,000-$15,000 | |
| Survivors’ and Dependents’ Educational Assistance Program (DEAP/REAP) | Dependents of US veterans | ||
| New Americans | Paul and Daisy Soros Fellowships for New Americans | Naturalized US citizens or their child | $90,000 |
| Colleges/Grads | George and Mary Knox Graduate Scholarship (Bowdoin College) | Students from Bowdoin College who are attending HBS | |
| The McCabe Fellowship (Swarthmore College) | Students from Swarthmore college | $5000 | |
| The Carey Fund (University of Notre Dame) | Students who have completed undergraduate degree from Norte Dame | ||
| Business Discipline | Accountemps/American Institute of Certified Public Accountants (AICPA) Student Scholarship | Students pursuing careers in Accounting, Information Systems, and Finance | |
| Government Finance Officers Association (GFOA) Scholarships | Students pursuing career in Government, Finance, and Management | $5000- $25000 | |
| Orbis Investment Management MBA Fellowship | Students with career goal towards Investment Management | $15,000 | |
| MSCPA Scholarships | Students pursuing career in accounting | $2500-$10000 | |
| LGBTQ | Point Foundation | LGBTQ students | Variable Amount |
| Farmworking | The Rising Farmworker Dream Fund | Students pursuing degree in Management | NA |
| Other | Samvid Scholars | Students pursuing graduate degrees and committed towards making positive change in Society | $50000 |
| International Students | Boustany Foundation | Students from any nation having excellent academic background. Offered Once in Two years | 75% of the tuition fee |
| British Friends of Harvard Business School Fulbright Scholarships (UK) | British Students admitted in HBS | na | |
| Eduarda Justo Foundation (Spain) | Highly committed students from Spain with preference to students from Almeria | na | |
| Fundação Estudar (Brazil) | Brazilian student with strong leadership or Entrepreneurial profile | 5% to 95% of requested amount | |
| Fundacion Mexico en Harvard | Mexican Students admitted in Harvard | $10,000-$25,000 | |
| French-American Chamber of Commerce Bellanger Business School Scholarship Program | French students studying in US | $10,000 | |
| Harvard Business School Foundation of Germany (HBSF) | Grant for a German students in First year | ||
| Instituto Ling Scholarship Program (Brazil) | Brazilian student with strong leadership or Entrepreneurial profile | Variable | |
| KHMW-Eizenga Scholarship for Dutch Students (The Netherlands) | NA | ||
| Kosciuszko Foundation (Poland) | Dutch students interested to pursue MBA degree from HBS | $50,000 | |
| Kuwait Investment Authority MBA Scholarship | Students from Kuwaiti Origin | ||
| LIFE Scholarship (Lebanese International Finance Executives) | Talented Lebanese student with Financial Need | 30% of Tuition and $12,000 | |
| The Sainsbury Management Fellowship Scheme (EU/UK) | Students from EU/EEU with their first degree in engineering and demonstrate and willing to contribute to UK's economy | £50,000 | |
| 7UP Harvard Business School Scholarship (Nigeria) | Students from Nigeria | Tuition Fee, Board and Travel expenses | |
| Tao Shing Pee Education Foundation (People's Republic of China) | citizen of US or Canada pursuing Career in Local government Finance | ||
| UNIQLO HBS Fellowship (Japan) | For the Japanese nationals |
Harvard MBA Loans
The Scholarships are offered with the assumption that a typical Harvard MBA has an $80,000 ($89000) loan under their name for the entire program duration.
HBS MBA Student Loans (US Candidates)
The primary loan option is through the Unsubsidized Stafford Loan (max $20,500) (lower interest rate) and Graduate PLUS Loan (higher interest rate). The second option is private loans that often have a variable interest rate. There are many loan providers that don't require collateral for US citizens and Permanent residents. The option should only be considered if you plan to pay off the loan in the short term - 3 to 5 years. This option is not recommended for anyone entering non-profit, entrepreneurship, or industries with a relatively low median base salary (Retail and Consumer Product Goods) or functions (Marketing, Business Development, and General Management)
HBS MBA Students Loans (International Candidates)
For international students, the best options are private loans from their home country, as almost all loan providers need a US co-signer or collateral in the states to disburse funds. A new wave of digital lenders has sprung up that doesn't require co-signers, but the interest rates are calculated in dollar terms with 1-2% higher interest rates than traditional loans offered in the US. However, the disbursement is easier with more flexibility in availing the funds. Since most candidates are placed in the US, the payback terms with currency conversion are much more feasible for a loan taken from a home country. Please note that your circumstances, post-MBA life goals, and risk appetite determine the choice. Seek advice from a financial planner before choosing a loan provider.
Related Service: F1GMAT's Harvard MBA Application Essay Editing Service
F1GMAT's MBA Fellowship/Scholarship Essay Editing Service
Related Book: F1GMAT’s Harvard MBA Essay Guide
Reference
Harvard MBA Analysis
- Harvard MBA - Class Profile and Total Fees (Part 1)
- Harvard MBA - Curriculum Analysis (Part 2)
- Harvard MBA - Salary Trends (Part 4)
