Harvard MBA Scholarship 2022 – Application, Types & Amount Of Scholarships

The Harvard MBA Scholarship is awarded based on financial need as Harvard does not provide scholarships on a merit basis. Students from India and other countries can apply for a Harvard University scholarship to pursue a variety of programs, including an MBA. The institution has established a special General Scholarships Committee in charge of disbursing financial aid to students who require it.

This blog will cover the application process of Harvard MBA scholarship for international students and the amount of funding. 

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Types of Harvard MBA Scholarships

The scholarships and financial aid provided by and at Harvard can be divided into three groups:

• Tuition Assistance: The tuition assistance extended at HBS comprises need-based scholarships, fellowships, and student loans to help students cover the expenses of attending school. HBS is one of the few colleges providing need-based financial aid. Financial assistance is provided to facilitate promising opportunities and access for talented students. The students are selected regardless of their academic background and encouraged to improve the learning environment for all students.

• Summer Fellowships: Students who have already enrolled in Harvard courses can avail themselves of the summer internship programs. The fellowships provide financial assistance to students for getting into these internships. 

• Career Support and Exploration: These are the kinds of financial assistance students can access after their graduate programs. These can help with loan reduction, loan repayments, etc. 

List of Harvard MBA Scholarships

Boustany MBA Harvard Scholarship

The Boustany MBA Harvard Scholarship is given for the two-year MBA course at the Harvard Business School.

Benefits of the scholarship are:

• A tuition financial aid package of $102,200 for two years.  
• Expenses for travel and accommodation are also given to the beneficiaries.

Criteria: To avail of this scholarship from the Boustany foundation, the candidate must present a strong academic background and great potential to study hard and fulfil the course requirements.  The scholarship is given to students from any country; those of Lebanese heritage will be given preference.

Candidates can only apply for the scholarship if they have been accepted into the Harvard MBA program. So, make sure to get your acceptance letter first and then move on to applying for this MBA scholarship Harvard offers.

Process: It requires sending your documents, including the acceptance letter, CV, and a photograph, to admissions@boustany-foundation.org. The shortlisted candidates will be called for an interview, and one applicant will be awarded the scholarship. 

John C. Phelan Forward Fellowship

This is one of the Forward Fellowships available at Harvard under the name of John C. Phelan. The Forward Fellowship is awarded on a needs basis to students looking to pursue an MBA at Harvard.

Benefits: The total funding amount is $30,000, given to the students in two yearly instalments of $15,000 per year. 

Criteria: The scholarship provides financial aid to students from lower socioeconomic backgrounds and helps the accepted students prepare for a better and promising future. 

The scholarship also extends recommendations and suggestions beyond the student’s MBA for providing primary financial support to your parents. This is because the scholarship specifically helps students who are supporting their parents or siblings. 

Horace W. Goldsmith Fellowship

The Horace W. Goldsmith Fellowship grants $10,000 to 7-10 first-year MBA students who have shown excellent leadership and dedication to working in the nonprofit sector.

Before enrolling at HBS, recipients of this scholarship must have held full-time leadership positions in the nonprofit or public sector and demonstrated a strong commitment to a career in the sector.

The criteria to get this fellowship is more stringent than others because, with this scholarship, it’s not only about the money. Candidates of Indian and other backgrounds must have shown demonstrable skills. 

In 2021, the applicants accepted into this Harvard MBA scholarship were doing some amazing work before applying—

• One student was running a strategic philanthropy foundation to improve the bottom line status of 30 million people in India. 
• One applicant is the founder of an organisation meant to build diverse and LGBTQ-inclusive classrooms. 

So, to get this scholarship, students must show the right skills and leadership qualities. The students will be automatically considered with their application based on fixed eligibility criteria.  

RISE Fellowship

The RISE Fellowship stands for Recognizing Individuals Seeking Equity. It grants $10,000 to ten MBA candidates enrolling at Harvard Business School for MBA. However, the students must show proven dedication to assisting Black/African American, Hispanic/Latinx, and other marginalised communities of colour in the US.

Furthermore, this Harvard MBA Scholarship recognises commitment to and impact in communities of colour in the United States. The applicants must have done some work outside the context/boundaries of their principal function at work. 

Robert S. Kaplan Life Sciences Fellowship

The Kaplan Life Sciences fellowship is given to up to 10 MBA candidates with strong qualifications in the life sciences areas. The accepted students will be a beneficiary of $20,000 each, and the award money is provided by HBS. 

To avail of this Harvard MBA scholarship, students need to show academic achievements and professional successes. Furthermore, students planning professions in science-related firms or organisations are given priority. Plus, the students will be considered for the scholarship according to the application submitted to the institution. 

To avail of this fellowship, the candidates must have completed a Bachelor’s degree and obtained an IELTS band score of at least 7.5. If not IELTS, the candidates can also submit their TOEFL or PTE score. The applicants also need to submit a GMAT score.

These are the five major MBA scholarships provided by the institution itself without any external funding. 

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What is the Cost of Studying MBA at Harvard?

Essentially, you are looking to spend up to $150,000 on tuition fees for two years, excluding other expenses. Other aspects that can add to the total associated cost are:

• Health and insurance: Up to $4000 per year. 
• Accommodation expenses: Up to $14,130 per year.
• Board costs: Up to $16,560 per year.
• Course fees: Up to $2550 per year. 

In total, the cost of studying MBA at Harvard can go up to $120,000 per year. Not every student can pay this amount of money, and for them, Harvard and some external institutions are ready to offer scholarships based on a few conditions. 

Conclusion

Scholarships at Harvard for the MBA program are determined via different aspects. A scholarship provided by Harvard is not fully funded, and students have to take care of some of the expenses. Thus, these fellowships and scholarships are provided based on shared responsibility. 

Students aspiring to become Harvard alumni need to show the diligence and determination to study well and work hard. At LeapScholar, we always share the latest and relevant guidance for helping aspirants study abroad. Follow our blog for more information. 

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