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A new needs-based program is making some MBAs more accessible. Photo: Harvard Business School.

Harvard Business School making tuition free for more MBAs based on financial need

Harvard Business School is rolling out new need-based scholarship program that will cover the cost of full tuition and fees for roughly 10% of its MBA students.

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The cost of Harvard M.B.A, including tuition fees, and room and board is approximately $74,000 annually, without taking into account room and board and potential living expenses which can rise to $110,000. 

Harvard Business School is rolling out a new need-based scholarship program that will cover the cost of full tuition and fees for roughly 10% of its M.B.A  candidates. However, the scholarships for the lowest-income students admitted to Harvard Business School are nearly $76,000, as reported by Wall Street Journal. But students will still be responsible for roughly $35,000 a year in living costs. 

Many find Harvard’s move rare since M.B.A admissions usually provide merit-based aid, which many highly ranked M.B.A programs grant based on students’ test scores, grades and backgrounds. Financial need-based funding is unusual for M.B.A programs and Harvard Business School previously provided need-based scholarships to about 2% of its students. 

The living costs for Harvard Business School once properly added are $225,000, as reported by The Wall Street Journal

The Wall Street Journal reports that Columbia Business School provides need-based to half of students that apply. The scholarship ranges from $10,000 to $30,000 and the annual tuition is more than $67,000. Another highly ranked university, Stanford University gives fellowships based on financial need, with awards averaging at $42,000 a year. 

Many students considering a graduate degree consider tuition the number one priority prior to enrollment. Harvard Business School’s decision to provide need-based scholarship will allow for more students to consider enrolling in the program.

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