Minorities may be able to offset the high cost of a Harvard MBA with a scholarship.
A Master's in Business Administration (MBA) at Harvard is an expensive degree. Tuition for students beginning the Harvard MBA program in 2011 is $51,200 per year. To offset this, Harvard University offers a large number of scholarships. Many of these are open to any student at Harvard, and others are open only to certain categories of students, such as minorities. There are also a number of outside scholarships available to minority students planning to attend Harvard Business School.
Restricted Scholarships
Restricted scholarships were established by private individuals to support certain groups of students --- such as descendants of a particular family. Most of these scholarships are open to graduate students throughout Harvard, including students in the Business School. Restricted scholarships for minorities include the Allen D. and Marion L. Rubin Scholarship Fund for Jewish graduate students; the Ayala Scholarship Fund and the Eugenio Lopez Scholarship Fund, for students of Filipino descent and Asian nationals; and the Arthur Daniel Stillman Endowed Beneficiary Aid Fund for students from Southeast Asia. Application for these scholarships must be made through the financial aid office of the Harvard Business School.
Harvard Fellowships
Harvard Business School Fellowships are open to any MBA student, including minorities. These awards are based solely on financial need, regardless of academic performance or merit. Fellowships awards are based on your assets and on your income for the previous three years. Students with higher incomes may receive a lower award. Students are also expected to take out a student loan, if possible, before being granted a fellowship. According to the Harvard Business School, around half of each MBA class receives fellowships of around $25,000 per year.
Joint Fellowships
There are several scholarships available to Harvard MBA students, including minority students, who are planning to combine their MBA degree with another Harvard graduate degree. Students pursuing both an MBA and a graduate degree in education, government or public health may apply for the Zuckerman Fellows Program, which will pay one year's tuition. George Family Foundation Fellowships pay for one year of study to students enrolled in both the Harvard Business School and the Harvard Kennedy School for government studies. The Rubenstein Fellowship Program offers scholarships to pay for one year of a joint MBA/MPP (Master of Public Policy) or MBA/MPA (Master of Public Administration) degree. Applications for these scholarships should be made through the Harvard Business School financial aid office.
Outside Funding
Several scholarships are available from outside sources for minority students to MBA programs, including the Harvard MBA program. The Robert A. Toigo Foundation offers scholarships to minority MBA students at certain universities, including Harvard, who are planning a career in financial services. Applicants must be nominated by the Harvard Business School. The National Society of Hispanic MBAs provides awards of between $2,500 and $10,000 to Hispanic students pursuing an MBA. Minority students planning a career in government finance may apply for awards of up to $5,000 from the Minorities in Government Finance Scholarship through the Government Finance Officers Association. The American Institute of Certified Public Accountants offers scholarships to minority MBA students with accounting experience. The American Association of University Women offers fellowships and grants to women who are changing career or returning to work, with special emphasis given to minority women.
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