CAMBRIDGE: Harvard does not ask whether you can afford it; Harvard asks whether you have earned your place and then figures out how to finance you after. Below is how Pakistani candidates can avail this assistance.
The financial assistance program based on need for the Harvard MBA scholarship MBA program has been launched. Pakistani candidates can apply for financial help in the same way as other candidates from all over the world. It should be noted that this program does not involve any special scholarship for Pakistani candidates.
How Much Is Really at Stake
About 50 percent of the HBS MBA student population gets a scholarship based on financial need, with the average value being approximately $100,000 over two years of study. This is a gift rather than a loan – the students will never pay back that amount of money. The most needy students get a tuition scholarship worth quite a substantial portion of the program’s annual cost of over $120,000.
Who Gets What at Harvard
The determination of awards is done on an individual basis, based upon financial need and not on academic achievement. The Harvard University considers the income, assets, socio-economic standing, and current educational indebtedness of each candidate in awarding the scholarships. Candidates with higher incomes prior to attending the institution pay more of a share, while those with limited financial means receive more assistance.
Those who are married and/or have dependents have their entire family’s finances evaluated, including part of the income of the spouse.
Who is Eligible to Apply?
All international applicants can apply for the scholarship including Pakistani applicants, but they must have to get admission to the MBA course at Harvard Business School in order to be eligible for the scholarship. The process of admission will remain based on merit only; financial assistance comes later in the game once you get admission.
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Steps in Applying
Prospective candidates have to gain admission into the program prior to applying for financial aid. After gaining admission, students will be required to fill out the MBA Financial Aid Application form, together with the financial documents required. International students, such as those from Pakistan, should provide the Certification of Finances Form.
Reasons for Harvard Presenting It as Its Global Access Initiative
According to Harvard, its need-based scholarships initiative is a way of demonstrating its dedication towards ensuring that talented students have access to high quality business education. The university urges eligible students to not be deterred by their financial status while applying and to know that scholarships are available to guarantee their ability to join the MBA program at Harvard.
Those Pakistanis who want to get their MBA education from abroad must look at this situation in a completely different way and not just consider it as a chance in the scholarship draw. About fifty percent of those enrolled in HBS get some need-based aid and, on average, the amount of $100,000 is quite large enough to cut down costs for a Pakistani family who plans to pursue their MBA from Harvard.
The way forward is clear – first of all, get yourself accepted and then go through the financial aid application procedure offered by Harvard, providing the correct information and filling out the Certification of Finances.
Nayab Fatima is a university graduate and an emerging media professional with a strong passion for journalism, research, and independent reporting. She specializes in developing well-researched, fact-based, and analytical news stories covering a wide range of sectors, with particular expertise in technology, telecommunications, aviation, and the automobile industry.
