How Much Does an MBA from Harvard Cost?

If you are considering attending Harvard School and are interested in the Harvard MBA cost, you should know that Harvard is a globally highly prestigious university.

Harvard MBA Cost

Being accepted into an Ivy League institution is a big deal for me.

Nevertheless, the Harvard MBA fees may be a stumbling block for some students when looking at the program.

Let’s take a look at how they break down their academic tuition so you’ll be able to figure out if it’s worth the cost.

Harvard MBA Cost for the Academic Year

If you are thinking of getting an MBA from Harvard, the tuition alone for the 2023-2024 academic year is $74,910 each year, which is $149,820 for the entire two-year program.

But if you factor in other costs like health insurance, room and board, and living expenses for nine months, the total cost per year is $115,638.

So, for the entire two years, it adds up to $231,276 for one student.

Let me break down the total expenses for one MBA student at Harvard Business School in the 2023-24 academic year.

Type of CostEstimated Price
Tuition$74,910
Harvard University Health Services Health Fee$1,408
Student Health Insurance Plan$4,120
Course and Program Materials Fee$2,600
Housing (9 Months)$16,200
Food (9 Months)$6,030
Transportation (9 Months)$2,240
Other Living Expenses (9 Months)$8,130
Total$115,638

Your costs might differ based on your lifestyle and financial situation. If you’re married or have children, your expenses could be higher.

Federal aid eligibility for single students depends on their budget. For a personalized estimate, check Harvard Business School’s website.

How Do Harvard MBA Costs Compare?

Harvard Mba Cost

Harvard is one of the best business schools, and its MBA program is more expensive than many others.

While most two-year MBA programs cost between $30,000 and $120,000 per year, Harvard’s tuition of $115,638 is on the higher side.

However, some other top-ranked schools have even higher costs.

MIT Sloan, for instance, charges $84,200 per year, which is almost $10,000 more than Harvard.

Schools like NYU Stern, Stanford, Wharton, and Dartmouth Tuck also have higher tuition fees.

To help students manage costs, Harvard Business School offers scholarships and grants.

Starting in August 2022, they began providing full-tuition scholarships for students with financial need, along with some scholarships for those with middle income.

How to Pay for a Harvard MBA Degree

If you’re thinking about getting a Harvard MBA, there are a few ways you can pay for it:

1. Grants and Scholarships

Harvard Business School provides over $45 million in financial aid each year to students from the U.S. and around the world.

About half of the students get need-based scholarships, averaging $92,000 in total ($46,000 each year). Some even get full-tuition scholarships.

There are also special fellowships, like the RISE Fellowship, offering $10,000 to up to 10 MBA students committed to serving marginalized communities.

You can also request for scholarships from other organizations.

2. Student Loans

If you still need more money, you can consider taking out student loans. The government offers fixed-rate federal loans for graduate students.

Fill out the Free Application for Federal Student Aid (FAFSA) to access these loans.

Private student loans are another option, but they may not have the same benefits as federal loans.

Shop around and compare lenders to discover the best deal.

3. Savings or Income

You can save money before starting your Harvard MBA or work part-time during your studies if it doesn’t interfere with your classes.

Keep in mind that Harvard usually doesn’t allow deferrals, except for a special “2+2” program for eligible undergraduates.

This program lets you work for two years before starting the MBA.

Is Harvard Really that Good?

Harvard Mba Cost

After graduating from Harvard Business School, about 86% of students who actively looked for jobs received offers.

The normal starting salary was $175,000, and a majority of graduates (57%) got an extra $30,000 as a signing bonus.

Additionally, 70% received an average performance bonus of $40,000.

Harvard alumni work in various industries, with consulting being the most popular (25%).

Then followed by technology (16%), private equity (17%), investment management/hedge funds (6%), and venture capital (6%).

However, choosing between Harvard’s MBA program and another similar one depends on your personal interests, goals, and financial situation.

If you believe another program can help you achieve your career objectives without the high cost, explore options with lower tuition.

But if attending one of the best MBA programs globally is valuable to you, Harvard’s MBA program might be the right choice, despite the higher expenses.

How to Get Harvard Scholarships

In the case of Harvard, 50% of the students are granted a scholarship, and international students often have a higher chance of getting one.

Here’s how the financial aid process usually works:

1. Merit-Based Scholarship: After you have been accepted, you may also be informed through a letter that you have been given a scholarship on merit. 

This is dependent on how well you did in the academic environment and on your GMAT score.

2. Needs-Based Scholarship: You may also be able to apply for a scholarship if you have financial difficulties. 

This means that you have to declare your income, assets, and liabilities.

3. Determination of Aid: As you provide them with your financial info, they will give you a detailed amount of need-based aid you are eligible for, which is often a discount on your tuition.

Harvard has a large financial aid budget thus many students end up paying less than the tuition fees.

David White of Menlo Coaching says that you should negotiate your scholarship deal.

Business schools are usually in the position to be able to provide extra funds, and if you don’t ask for more, someone else might.

Getting an MBA degree from Harvard University will be expensive.

However, Harvard offers scholarships to 50% of its students who are selected based on both academic score and financial need.

Even though the upfront tuition is quite high, the majority of the students end up paying less due to the financial aid that is quite substantial.

The question is about your aspirations and financial ability.

Although it is prudent to study low-cost options, the prestige and opportunities at Harvard may be worth the investment.

Moreover, if you get a scholarship, have a discussion with them to see if it is possible to get a better offer.