Harvard Business School - [HBS], Massachusetts, Boston - Scholarship

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Updated on - Oct 30, 2026

Harvard Business School offers 12+ scholarships and fellowships, of which 8 are accessible to Indian applicants. Awards range from need-based MBA fellowships averaging $46,000 (INR 43.5 Lakhs) to full-ride PhD stipends covering tuition and living.

About 50% of each MBA class receives need-based aid, drawn from a $43 million annual fellowship pool. Harvard does not award merit scholarships for the MBA, so financial need and application quality drive funding.

Standard MBA tuition: $79,500 per year (INR 75.1 Lakhs), total two-year program $159,000 (INR 150.3 Lakhs).
With average HBS Fellowship: Net annual tuition drops to around $33,500 (INR 31.6 Lakhs).
HBS Fellowship stacked with Boustany Scholarship: Can offset full MBA tuition for both program years.
Next MBA Round 2 deadline: January 7, 2027 (tentative, annual cycle).

Currency Note: All INR conversions use the live rate of 1 USD = INR 94.5 as of October 2026. HBS Fellowships are need-based grants that do not require repayment, unlike student loans.

Table of Contents

Harvard Business School Scholarships for UG Students
Harvard Business School Scholarships for PG / Master’s Students
India-Specific Scholarships at Harvard Business School
Harvard Business School PhD Scholarships
External Government Scholarships for Harvard Business School Applicants
Harvard Business School Scholarships: Frequently Asked Questions

Harvard Business School Scholarships for UG Students

Harvard Business School runs graduate-only programs, so no direct undergraduate scholarships exist. Indian undergraduates can still access HBS pathways through deferred admission schemes or Harvard College financial aid.

Scholarship	Benefit	Eligibility	Deadline
2+2 Program (Deferred MBA Admission)	Secures seat for MBA entry 2 to 4 years post-graduation; eligible for same need-based fellowships as regular MBA cohort	Final-year undergraduates or Masters students with no prior full-time work experience	Tentative April 2027 (next annual cycle)
Harvard PRIMO Internship	$7,000 (INR 6.6 Lakhs) summer stipend plus Boston housing allowance	Current sophomores or juniors at Harvard College or peer global universities	Tentative February 2027 (annual cycle)
Harvard College Financial Aid (feeder route)	Covers 100% of demonstrated financial need for undergrad years; feeder path to HBS	Admitted Harvard College undergrads with family income under $85,000 (INR 80.3 Lakhs)	January 1, 2027 (tentative Regular Decision)

The 2+2 Program is the main HBS entry channel for Indian undergraduates. Admitted candidates typically work 2 to 4 years before joining the MBA, during which they are eligible for the full HBS Fellowship pool.

Explore the Harvard Business School course list to confirm program eligibility before applying through this route.

Harvard Business School Scholarships for PG / Master’s Students

Harvard Business School offers need-based MBA Fellowships averaging $46,000 (INR 43.5 Lakhs) per year to about 50% of each class. All MBA fellowships are grants and never require repayment.

Scholarship	Benefit	Eligibility	Deadline
HBS Need-Based MBA Fellowship	Average $46,000 (INR 43.5 Lakhs) per year; maximum $76,000 (INR 71.8 Lakhs) per year	Admitted MBA students demonstrating financial need; no separate essay beyond financial statement	Rolling with admission; tentative January 7, 2027 (Round 2)
Forward Fellowship	Additional $10,000 (INR 9.4 Lakhs) per year on top of standard HBS Fellowship	Admits from lower-income households (equivalent of family income under $125,000 or INR 118.1 Lakhs)	Tentative Round 1 (September 2027) preferred for best consideration
Horace W. Goldsmith Fellowship	$10,000 (INR 9.4 Lakhs) one-time grant plus summer internship funding support	MBA students pursuing social enterprise careers in nonprofit or public sector	Tentative March 2027 (internal application window)
Robert S. Kaplan Life Sciences Fellowship	$10,000 (INR 9.4 Lakhs) grant for first year of MBA studies	Admits pursuing careers in healthcare, biotech or life sciences industries	Tentative February 2027 (internal nomination)
Robert A. Fox Fellowship	Covers full first-year tuition of $79,500 (INR 75.1 Lakhs)	Admits from economically disadvantaged backgrounds showing clear community impact	Rolling with admission decision

Indian applicants are evaluated on global financial-need standards, with India cost-of-living factored into the assessment. Submit the HBS Financial Aid Application through the student portal after acceptance is confirmed.

Reddit Insight: On r/MBA, admitted Indian HBS students report fellowship offers between $35,000 and $70,000 per year. Offers closely track family income data and CA-certified Indian income tax returns submitted during financial aid review.

Internal links: Harvard Business School Admissions for application steps and Harvard Business School Fees for total cost planning.

India-Specific Scholarships at Harvard Business School

Harvard Business School has no official country-specific fellowship for Indian students. However, 4 external India-focused scholarships are widely used by HBS Indian admits each year.

Scholarship	Benefit	Eligibility	Deadline
Boustany MBA Harvard Scholarship	Up to $87,000 (INR 82.2 Lakhs) covering 50% MBA tuition plus travel and paid Boustany Foundation internship	Admitted HBS MBA candidates with distinguished academic record; limited global awards per cycle	Tentative April 20, 2027 (annual cycle)
Inlaks Shivdasani Foundation Scholarship	Up to $100,000 (INR 94.5 Lakhs) toward tuition, living and travel costs	Indian passport holders under age 30 with first-class undergraduate degree	Tentative March 15, 2027 (annual cycle)
JN Tata Endowment Loan Scholarship	Loan scholarship up to INR 10 Lakhs plus gift award of INR 7.5 Lakhs for top rankers	Indian graduates with first-class academic standing; income preference under INR 60 Lakhs	Tentative March 31, 2027 (annual cycle)
K.C. Mahindra Scholarship for Post-Graduate Studies Abroad	Interest-free loan up to INR 10 Lakhs; top 3 ranked candidates receive outright grants of INR 2 Lakhs each	Indian graduates pursuing postgrad abroad; demonstrated academic merit required	Tentative March 31, 2027 (annual cycle)

Stack 1 to 2 external India scholarships with the HBS Need-Based Fellowship. HBS allows this stacking as long as total awards do not exceed cost of attendance of $115,000 (INR 108.7 Lakhs) yearly.

Reddit Insight: Indian HBS admits on r/MBA and Reddit India threads report pairing Inlaks ($100,000 or INR 94.5 Lakhs) with the HBS Fellowship ($46,000 average). This stack typically covers 90% of two-year MBA costs.

Harvard Business School PhD Scholarships

All admitted Harvard Business School PhD students receive full funding for 5 years. The standard package covers tuition, health insurance and a living stipend of about $47,000 (INR 44.4 Lakhs) per year.

Scholarship	Benefit	Eligibility	Deadline
HBS Doctoral Fellowship (automatic)	Full tuition waiver plus $47,000 (INR 44.4 Lakhs) annual stipend for 5 years	All admitted PhD students across 9 Harvard doctoral tracks	December 1, 2026; next cycle December 1, 2027 (tentative)
Summer Research Fellowship	$6,000 (INR 5.6 Lakhs) summer stipend during PhD years 1 and 2	Current PhD students committed to research-intensive summers	Tentative April 2027 (annual internal cycle)
Harvard GSAS Prize Fellowship	Supplementary $5,000 (INR 4.7 Lakhs) per year on top of standard package	Exceptional PhD applicants nominated by HBS admissions committee	Awarded with admission decision in March 2027 (tentative)
Dissertation Completion Fellowship	Full stipend plus research expense cover during final year of PhD	PhD students in dissertation phase (year 5 or 6 of program)	Tentative February 2027 (internal nomination)

Indian PhD candidates face no separate funding application. Admission equals full funding, so the only hurdle is clearing the competitive admissions bar of under 5% acceptance across HBS doctoral programs.

External Government Scholarships for Harvard Business School Applicants

Indian students admitted to Harvard Business School can apply for 4 major Indian government and foundation scholarships. These stack with HBS Fellowships subject to the cost-of-attendance cap.

Scholarship	Benefit	Eligibility	Deadline
Fulbright-Nehru Masters Fellowship (USIEF)	Full tuition up to $79,500 (INR 75.1 Lakhs) per year plus living, travel and J-1 visa cover	Indian citizens with 55% in undergrad; minimum 3 years professional experience required	Tentative May 15, 2027 (annual cycle)
Fulbright-Nehru Doctoral Research Fellowship	6 to 9 months of PhD research funding in the United States; monthly stipend plus airfare	Indian PhD candidates registered at an Indian university; pre-doctoral stage	Tentative July 15, 2027 (annual cycle)
Narotam Sekhsaria Foundation Scholarship	Interest-free loan scholarship up to INR 20 Lakhs	Indian citizens under age 30 pursuing postgrad abroad; GRE or GMAT required	Tentative April 2027 (annual cycle)
Aga Khan Foundation International Scholarship	50% grant and 50% loan covering tuition and living costs	Indian citizens from Aga Khan Foundation region; preference to development sector focus	Tentative March 31, 2027 (annual cycle)

Fulbright-Nehru is the most prestigious option for Indian HBS admits with professional experience. Applications are submitted directly to USIEF before HBS admission is confirmed, so plan ahead by 18 months.

Common stacking combinations Indian HBS MBA admits report using:

HBS Fellowship + Boustany: Covers 80 to 95% of two-year total MBA cost.
HBS Fellowship + Fulbright-Nehru: Near full ride for experienced candidates with 3+ years of work history.
HBS Fellowship + JN Tata + KC Mahindra: Loan-heavy stack for admits without external grant funding.

Explore More: Harvard Business School Overview | Harvard Business School Ranking

Harvard Business School Scholarships: Frequently Asked Questions

Ques. What is the maximum scholarship funding an Indian student can stack at Harvard Business School?

Ans. Indian admits can stack HBS Need-Based Fellowship (up to $76,000 or INR 71.8 Lakhs) with Boustany ($87,000 or INR 82.2 Lakhs) or Inlaks ($100,000 or INR 94.5 Lakhs). Total aid is capped at HBS cost of attendance $115,000 (INR 108.7 Lakhs) per year to prevent over-award. Most Indian stackers reach 85 to 100% of total MBA costs covered.

Ques. When should Indian students apply for Harvard Business School scholarships?

Ans. Apply to the HBS MBA in Round 1 (tentative September 2027) or Round 2 (tentative January 7, 2027) to maximise fellowship chances. External scholarships like Inlaks and JN Tata have January to March deadlines, while Fulbright-Nehru closes in May. Boustany MBA Harvard Scholarship accepts applications only from confirmed HBS admits by April 20, 2027 (tentative).

Ques. How does the Harvard Business School Fellowship application process work?

Ans. Admitted MBA students complete the HBS Financial Aid Application through the student portal after acceptance. Required documents include family income tax returns (ITRs for Indians), bank statements and dependent proof. Decisions release within 4 to 6 weeks, and awards are automatic grants renewed for Year 2 without re-application.

Ques. What GMAT or GRE score do Indian students need to be competitive for HBS Fellowships?

Ans. The HBS Fellowship is purely need-based, with no minimum GMAT or GRE threshold. However, admitted Indian students typically hold GMAT scores above 740 or GRE above 325. Fellowship aid is independent of test scores once admitted, so focus on securing admission first.

Ques. Is the Boustany MBA Harvard Scholarship worth applying for as an Indian student?

Ans. Yes, Boustany MBA Harvard Scholarship awards limited global fellowships worth $87,000 (INR 82.2 Lakhs) each, covering 50% tuition plus a paid internship. Indian admits are shortlisted alongside global HBS admits, with 5 to 10 Indians typically making the final interview round. Apply only after confirming your HBS seat.

Ques. Does the HBS Fellowship cover living costs in Boston for Indian students?

Ans. The HBS Fellowship averages $46,000 (INR 43.5 Lakhs) per year against tuition of $79,500 (INR 75.1 Lakhs), covering tuition only. Boston living costs run $25,000 to $30,000 (INR 23.6 to 28.4 Lakhs) yearly, with housing near $1,800 per month (INR 1.7 Lakhs). Fund living costs through student loans or external awards like Inlaks or Fulbright.