New HBS Scholarship Targets Students from Low-Income Backgrounds

Harvard Business School (HBS) has created a new scholarship for MBA students from lower-income backgrounds – the latest sign that business schools are trying to fuel the diversity which enriches the campus learning experience.  

So far business schools have largely focused their diversity efforts on creating gender equality in their MBA programs, which have remained male-dominated for the past decade, according to data from AACSB International, an accrediting body. But the announcement by HBS suggests that elite schools are beginning to think more carefully about what they can do to attract people from lower-income backgrounds who may be put off by high tuition fees. 

MBA tuition at HBS is US$72,000 per year. However, Nitin Nohria, the business school’s dean, told Bloomberg that 60% of its students are offered financial aid. The school operates a need-blind admission process; students are not required to apply for aid before application. 

The new Forward Fellowship is designed for students who carry significant financial burdens because of their family background and circumstances. Awards will range from US$10,000 to US$20,000. 

“At HBS, we are intent on and proactive about maintaining the diversity of our student body and supporting individuals from all backgrounds,” said Chad Losee, managing director of admissions and financial aid. “We believe it is important to acknowledge both where each of our students is now and how far they have come. The information we gather in the Forward Fellowship application will enable us to identify incoming students for whom this additional aid will go a long way.” 

Unlike regular need-based fellowships, which consider a student’s individual financial situation, the Forward Fellowship’s application process will take into account the student’s family circumstances and financial history, so the available funds can be distributed to those who need it most.