The Harvard Business School (HBS) recently announced that it will offer students from low-income backgrounds the brand new Forward Fellowship, beginning for the MBA Class of 2020.
The needs-based fellowship will award students between $10,000-$20,000 for every year in which they apply. In the announcement, Chad Losee, the HBS Managing Director of Admissions and Financial Aid, said, “At HBS, we are intent on and proactive about maintaining the diversity of our student body and supporting individuals from all backgrounds. 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.”
“We are grateful for the generous support of our alumni and friends, who share Harvard Business School’s commitment to investing in our students and who make fellowships possible,” Losee added. “We are excited about the Forward Fellowship’s potential to support talented and ambitious students during their two transformative years here and as they head out to make a positive difference in the world.”
According to recent data, nearly half of HBS students are eligible for one of its many fellowship opportunities, receiving an average of $37,000 per year. While many fellowships factor in financial burdens, the Forward Fellowship takes into account the applicant’s “family circumstances and financial history so the available funds can be distributed to those who need it most.”
This includes students who not only grew up in lower-income households, but who plan to provide for their parents during their graduate school careers and after earning an MBA. Those who apply are also not solely limited to the fellowship offering. Rather, applicants can choose to apply for more if need be.
For more information on the Forward Fellowship and many of the currently available HBS fellowship opportunities, visit the HBS website. You can also read more about the new announcement at Losee’s blog and recent MBA graduate Taniel Chan’s HBS blog post.
