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FROM HBS Admissions Blog: Financial Aid: How We Do It At HBS |
You don’t need me to tell you that business school is an expensive undertaking. Beyond the actual tuition and living expenses, there are the difficult-to-truly-calculate opportunity costs. Everyone whom we admit is undoubtedly doing VERY well out there in the Real World. Embarking on a two year business school adventure is a big decision. We want to make it affordable. Last year we awarded about $26 million in need-based financial aid. We plan to increase the amount for the Class of 2017. Where does this money come from? Our alumni. They look back on the HBS experience as having been transformational in both professional and personal ways and they are eager to give back. Their favorite way to do this is through financial aid. You’ve heard this before but I want to repeat it: our admissions process is need-blind. Although we ask for your income, this is more for us to understand different industries/paths vs. anything to do with evaluation. Our financial aid is need-based. Here are 3 bullet points which may be helpful: • We do not award full fellowships. This means that no student will be fully funded by HBS. • You do not apply for financial aid until AFTER you receive an offer of admission. • We have a loan program for international students which does not require a U.S. co-signer. After you have completed a financial aid application, you will receive an award package from HBS. In making our awards, we rely on a formula which takes into account whether you are single or married and can be adjusted for documented exceptional circumstances. Parental income and assets are not considered in the calculation. Let me repeat what I said earlier: we want to make HBS affordable. We want you to make post-MBA career decisions based on your dreams and aspirations, not a burdensome debt repayment obligation. We believe in the value proposition of our MBA - a place where leadership talent becomes a force to make a positive difference in the world. And we are confident that our students will become the alumni who are enthusiastic about enabling the next generation of HBS-aspirants to do the same. |
FROM HBS Admissions Blog: GMAT/GRE: How we think about your score |
We promised that we’d be a bit more transparent about the GMAT/GRE issue. We’ve said for a while now that not only do we accept both tests, but we are agnostic about our preference. So here are some numbers. Please don’t over-crunch. It’s important to note that candidates this year will NOT have an option to submit both tests. We need to officially verify scores and prefer to do it for only one test per candidate. Total Matriculating Admits Total Applicants during 2013-2014 GMAT 844 8288 GRE 81 1115 Both 10 140 Total 935 9543 Those are the numbers, but the reasoning behind how we look at the scores is probably important for you to understand. We care less about the overall score than we do about the components. And we look at the subscores in the context of the candidate’s profile. For example, an engineer with top grades who’s been doing highly quantitative work doesn’t need a high GMAT/GRE-Q to convince us he/she is capable of doing the quantitative work at HBS. But an English major whose transcript shows no quantitative coursework and has not done anything quantitative professionally or in post-college academics would be helped by a strong GMAT/GRE quant score. The corollary is true too: candidates who don’t have a background that demonstrates extensive practice in reading and writing may be helped by strong verbal subscores. Another important reminder: every candidate needs to submit EITHER the GMAT or GRE at the time of application. We don’t accept LSATs, MCATs, SATs or the fact that you had exceptional undergraduate grades. On our application, you input the unofficial score - the official score report can reach us after the deadline. Hope this is helpful . . . . |
FROM HBS Admissions Blog: The Online Application: Details? |
I'm writing this post because I am the person here in Dillon who triages the general admissions mailbox. I don't claim to answer all the questions - and I don't manage the phones because I'm not as nice (or knowledgeable) as the people who do - but, as we approach the September 9 Round 1 deadline, we are fielding a lot of questions that indicate a level of anxiety about details. First, we're happy you're applying. Second, we know you want to get it right. But I hope this post can put some of this into perspective. We're getting a lot of questions about exactly what to put on each line of the online application. Especially in the employment and education sections. Here's how we think about it: We need the online application so we can capture a variety of fields to run some reports, look easily across the applicant pool, etc. The reality is that we are reading your resume and transcripts carefully to understand what you've been doing. Another reality is that everyone reading applications has done this for a long (long) time and gets it. So, as long as what you enter on the online application captures the general facts correctly - the firm where you work, the dates, the website, the school that granted your degrees, the extracurricular activities you want us to know about, test scores and dates - all should be fine. This is NOT meant to shift anxiety from one place to another. We are not hoping to have multi-page resumes with tons of detail. Just want you to know that if you don't know where to put something or how to communicate role changes within firms, the resume is the best place. Maybe this is a way to summarize: Although this is probably YOUR first experience with an HBS online application, it's not ours! We know how to figure things out. We will. If we can't, we'll let you know. Again, hoping this is helpful. |
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