As an MBA applicant in 2024, you have your sights set on being admitted to the prestigious Harvard Business School. With its sterling global reputation, world-class faculty, and vast alumni network, Harvard offers unparalleled opportunities to transform your career. Yet with sticker prices exceeding $200,000 for the two-year program, financing your MBA is no small feat. Thankfully, Harvard offers a robust financial aid program with various scholarships and fellowships available to assist qualified candidates. Though the application process is highly competitive, those accepted stand to reap immense rewards. This article provides an overview of prominent scholarships you should consider as part of your 2024 Harvard MBA funding strategy. Learning these details now allows ample time to position yourself as a strong contender when application season arrives.
Overview of HARVARD MBA Scholarships for 2024
The Harvard MBA Scholarship program offers a number of merit-based scholarships for students entering the Harvard MBA class of 2024. These prestigious awards provide funds to cover partial or full tuition costs for the two-year MBA program.
Harvard MBA Scholarships are awarded based on a candidate’s demonstrated leadership, intellectual capacity, and professional promise. The admissions committee considers each applicant’s overall portfolio, including work experience, community involvement, extracurricular activities, and performance on the Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE).
Merit-based scholarships including the Dean’s Award and the Harvard Business School Scholarship provide varying levels of tuition assistance based on a student’s admissions application and overall promise for leadership. These prestigious and highly competitive awards range from $5,000 to full tuition funding for both years of the MBA program.
Private donors, nonprofit organizations, and corporations fund a number of scholarships for Harvard MBA candidates with exceptional backgrounds, experiences, and career interests that align with the donor’s priorities. These donor-funded scholarships include:
- The Forte Fellowship for women MBA candidates with 7+ years of work experience. Awards provide $10,000 to $30,000 in funding.
- The Royce Fellowship for students interested in asset management or investment leadership. This full-tuition award also includes extracurricular opportunities and mentorship.
- The Public Interest Fellowship for students committed to careers in public service. This scholarship provides $10,000 in annual funding for both years of the MBA program.
By researching and applying for these merit-based and donor-funded scholarships, qualified candidates can significantly offset the cost of attending Harvard Business School. With hard work and perseverance, these generous funding opportunities make an MBA from Harvard University accessible to outstanding candidates from all backgrounds.
Types of MBA Scholarships Offered by HARVARD
Harvard University offers merit-based scholarships, need-based grants, and student loans to help finance students’ MBA education. The types of MBA scholarships offered by Harvard include:
Harvard MBA Need-Based Fellowship
This fellowship is awarded based on a student’s financial need. The amount awarded depends on the student’s financial circumstances and ability to contribute to the cost of attendance. Fellowships do not need to be repaid.
Harvard MBA Merit Scholarships
Merit scholarships are awarded to students based on outstanding academic achievement, leadership, community service, and work experience. These scholarships are not need-based and do not need to be repaid. Some examples are:
- The Dean’s Scholarship: Awarded to top applicants in the incoming MBA class. Covers full tuition for two years.
- The Leadership Fellowship: Awarded to students who have demonstrated exceptional leadership ability in their workplaces and communities.
- Forté Foundation Scholarship: Awarded to outstanding female MBA candidates dedicated to empowering women in business. Provides funding for tuition, living expenses and mentorship.
Harvard MBA Loan Programs
Harvard offers federal student loan programs for MBA students including Federal Direct Unsubsidized Loans and Federal Direct PLUS Loans for Graduate Students. Students can borrow up to the full cost of attendance less any other aid received. Loans must be repaid, typically over 10-25 years following graduation.
In summary, Harvard aims to make an MBA education accessible to outstanding candidates from all backgrounds. By offering generous scholarships, grants, fellowships and loan programs, Harvard helps finance students’ MBA education and living expenses so they can focus on their academic and career success.
Eligibility Criteria for HARVARD MBA Scholarship Program 2024
To be eligible for the HARVARD MBA Scholarship Program 2024, you must meet the following criteria:
- You must have a four-year undergraduate degree from an accredited college or university. HARVARD accepts applicants from all academic disciplines and backgrounds.
- You must have a minimum of two years of full-time work experience after earning your undergraduate degree. HARVARD seeks candidates with professional experience that will enrich the MBA program.
- You must take the Graduate Management Admission Test (GMAT) or Graduate Record Examination (GRE) and have your official score report sent to HARVARD. Competitive scores for admission typically range from 700 to 760 for the GMAT and 320 to 340 for the GRE.
- You must provide two letters of recommendation from employers or former professors who can speak to your potential for success in HARVARD’s MBA program. Your recommenders should be able to give concrete examples of your impact and potential.
- You must have a minimum 3.5 grade point average (GPA) in your undergraduate studies. However, HARVARD considers each application holistically, so a lower GPA will not automatically exclude you from consideration if there are other strengths in your application.
- You must be proficient in English. If English is not your native language, you must take an English proficiency exam such as the TOEFL or IELTS and have your official score report sent to HARVARD. Competitive scores are typically 100 to 110 on the TOEFL and 7.5 to 8.0 on the IELTS.
- You must complete HARVARD’s online application, including essays, video questions and an interview if invited. The application opens in September and the deadline for scholarship consideration is round one in October.
Meeting these eligibility criteria is the first step to being considered for HARVARD’s MBA Scholarship Program. If you fulfill the criteria, you have the opportunity to showcase your abilities and potential through the application process. With a compelling application, you could be selected as a HARVARD MBA scholar.
How to Apply for HARVARD MBA Scholarships
To be considered for HARVARD MBA scholarships, you must first apply and be accepted into the HARVARD MBA program. The application process is rigorous and competitive, as HARVARD receives thousands of applications each year for only around 900 spots in the incoming MBA class.
Once accepted into the program, there are a few steps you can take to apply for MBA scholarships at HARVARD:
- Submit the HARVARD Financial Aid Application. This application collects information about your financial situation, income, assets, and liabilities to determine your financial need. It is required for most HARVARD MBA scholarships.
- Apply for external scholarships. There are many private organizations and non-profits that offer MBA scholarships. Do some research to find scholarships you may be eligible for based on attributes like your undergraduate major, ethnicity, work experience, or hometown. These external scholarships can help supplement the aid you receive from HARVARD.
- Check your student account for HARVARD MBA scholarship offers. HARVARD will evaluate your financial aid application and may offer you merit-based, financial need-based or student organization-based scholarships. The amount and type of scholarships depends on the information you provide in your financial aid application as well as your strengths and experiences. Not all admitted students receive scholarships, so any offer is highly competitive.
- Accept or decline your HARVARD MBA scholarship offers by the deadline. If you accept an offer, the amount will be credited to your student account automatically in the following semester. Be aware that accepting certain scholarships may require you to maintain a minimum GPA or complete a paid internship. Declining or not accepting by the deadline may result in the loss of the scholarship offer.
By thoroughly completing the necessary applications and exploring all options for funding your MBA, you maximize your chances of receiving HARVARD scholarships that can help make this prestigious degree program affordable and accessible. With the high costs of HARVARD tuition, every bit of aid helps.
As you consider applying for the Harvard MBA Class of 2024, keep in mind the multitude of scholarship opportunities that could make this prestigious program more accessible. From scholarships awarded by the university to those funded privately and by corporations, there are many options to offset the cost of a Harvard MBA education. Be sure to conduct thorough research and apply to all scholarships for which you may qualify. With dedication to the application process and a well-crafted essay, you can make your MBA dreams a reality. The Harvard MBA opens doors across industries, and available financial assistance allows more students to walk through them unencumbered by debt. For those willing to put in the work, the possibilities are boundless.