Harvard MBA Scholarships are based on need, and they don't offer merit-based scholarships. University acceptance is not determined by tuition rates, but by student accomplishments and other talents. The Harvard MBA scholarship program receives approximately $33.3 million per year in donations.
A gift from Ann Radcliffe, Lady Mowlson, created the first scholarship fund at Harvard in 1643. Harvard's Financial Aid Team believes it is important to offer only merit-based scholarships to ensure that all students can enter the program equally. It is often necessary for prospective business school students to have MBA scholarships and other means of funding their studies, and filling out scholarship applications can be challenging.
How to Apply for Harvard MBA Scholarship
Applicants will need to apply for financial aid to Harvard Business School after being accepted into the Harvard MBA program. The financial aid application will become available as soon as they get admissions and they will get information on how to apply. It is best to apply as soon as possible for need-based financial aid.
Harvard requires students applying for need-based aid to submit their income tax information for the previous three years and other assets information. Once the financial aid application has been submitted, the decision letter will be emailed to the student in three to four weeks. The second-year scholarship must also be applied for again for students to confirm eligibility.
7 Tips to Get a Scholarship to Harvard University
1. Get Past Your Fear of Applying
Applicants shouldn't be afraid to apply. "Filling out scholarship applications requires some time and effort but the risk is minor in comparison to the potential rewards," says UC Berkeley-Haas student Kota Reichert.
2. Apply for a variety of MBA scholarships
Karl Schwonik, who is taking his MBA at the University of Cambridge Judge Business School, says you should apply for as many sources of assistance as possible. This tip extends to sources of financial aid you are not certain you will receive. "Applications to a wide range of scholarship opportunities even ones you think you have a very low chance of winning should be considered," says Katherine Watson, an MBA student at Columbia Business School
3. Conduct Thorough Research
It is important to conduct adequate research to identify all the opportunities that are relevant to your profile before you can apply for a variety of scholarships. “Explore all your options, nationally and internationally,” says the University of Strathclyde Business School student Jorge Ordo*EZ R de la Gala, who will begin classes this fall (autumn).
To conduct adequate research, you need to look beyond the websites of business schools. In this regard, Kelechi Ezeozue, who has applied for a scholarship to Cornell, offers this advice to MBA scholarship applicants: "Don't just rely on school websites; Google is your friend."
4. Be Persistent
Despite not having yet experienced disappointment over an unsuccessful scholarship application, it can still be very exhausting to have to prepare scholarship essay responses to submit alongside your MBA admissions essays. Gaines points out that prospective MBAs shouldn't rest on their laurels if they still have issues to resolve. If you submit your last application for business school, congratulate yourself and pat yourself on the back, but don't get too comfortable. Keep your essay in essay mode if you intend to receive some financial help!
5. Give Yourself Enough Time to Revise Your Scholarship Essay
Gaines' strategy of planning worked. After deciding to attend Harvard Business School, she began searching for scholarship opportunities, and as we all know, she ended up receiving a small amount of financial aid to help pay for her degree. Immediately after submitting your business school applications, begin your scholarship application process! She advises applicants to follow her advice.
6. Make Sure Your Scholarship Essay Makes a Compelling Case
The most powerful way to win a scholarship is to tell a story that not only portrays you as an excellent candidate but also directly answers the question," says Sarah Wong, the winner of the QS Scholarship.
Katherine Watson, an MBA at Columbia University, suggests applicants think carefully about their scholarship essay approach. She says to answer each question with creativity, authenticity and thought.
7. Write a Scholarship Essay That Reveals Who You Are
Write essays and applications that show your true personality! Last but not least, Pluton Leung, Emory University's Goizueta Business School scholarship winner, offers advice ahead of his arrival.
HBS realizes that granting financial aid is a shared responsibility that involves both the student and the school. Harvard's scholarship program does not include full scholarships. Students need to contribute. An individual's scholarship amount is determined by his/her income over the past three years, as well as his/her assets.
A student with higher earnings contributes more to education than a student with lower earnings, for example. For HBS to assume that a portion of an MBA student's earnings will be saved, an MBA student must have work experience.