Every student admitted to HBS demonstrates a unique ability to become a leader who will make a difference in the world. While admissions are based on merit, financial aid is awarded based on demonstrated need.
HBS Fellowships are gifts that do not need to be paid back, and nearly 50% of the class receives a fellowship award. The average HBS Fellowship is approximately $37,000 per year, or $74,000 total. All students are encouraged to apply for an HBS Fellowship after being admitted to the program.
HBS Fellowships function much like scholarships at other schools, but we do not offer full scholarships. When determining fellowship amounts, we approach financial aid as a shared investment in your future—and a shared responsibility.
HBS Fellowships are calculated based on your income from the last three years, along with any assets you have. Students with higher earnings contribute at a higher rate than students with lower earnings. If you are married and/or have children, we also consider a portion of your spouse’s income and assets, as well as your higher cost of living.
Employer sponsorship and loans are considered outside scholarships for financial aid purposes. Students who receive employer loans or sponsorships are generally not eligible for HBS Fellowships.