Careers
Careers
Loan Assistance Programs
Loan Assistance Programs
HBS offers a variety of career support programs for eligible students and new alumni that provide financial assistance for those who choose careers in which starting salaries are lower than those of typical MBAs. Even after graduation, HBS can help you pivot throughout your career to pursue your passions wherever they may lead.
- Eligible Loans
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To be considered for any of the three HBS loan reduction programs (Loan Reduction for Private Sector Employees, Rock Center Loan Reduction for Entrepreneurs, or Social Enterprise Loan Repayment Assistance Program) you must have filed a financial aid application for HBS Need-Based Scholarships and Loans while at HBS. For these programs, the financial aid assessment considers HBS need-based scholarship, the recommended loan amount per your initial decision letter, and your current student loan debt. Your current student loans must meet all the following criteria:
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Must have received eligible student loans for the EC year
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Must have been certified by HBS or fully disclosed to HBS at the time the loan was made
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Student must be the borrower
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In no case will an amount larger than the cost of attendance less other aid be considered
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Independent third-party verification of the loan must be available to HBS
Eligible loans types typically include:
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U.S. federal student aid (e.g., Perkins, GradPLUS, Stafford)
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U.S. state programs (e.g., MEFA, VSAC, etc.)
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Foreign national, state, and provincial educational loan scheme
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Certified educational loans from a bank or credit union (e.g. HUECU, etc.)
Applicants must not be delinquent or in default on their loans at the time of application. If in doubt, please ask HBS MBA Financial Aid before committing to a loan.
Debts not covered by the programs include:
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Debt used to replace student contributions as calculated by MBA Financial Aid Services, or borrowing for living expenses above the financial aid budget
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Debt incurred for non-HBS work in a joint degree program
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Debt from other degree programs
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Consumer debt
Ineligible loan types include the following:
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Loans received after filing a HBS Loans Only application
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Loans received in the RC year only
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Loans applied for and/or disbursed for the first time in the spring term (January-May) of the EC year
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Loans from past, present, or future employers, especially those that may be forgiven upon resumption of employment
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Personal loans from family or friends
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After a multiyear trial, MBA Financial Aid no longer considers personal loans as eligible for the three HBS loan assistance programs. This type of loan has proven difficult to both authenticate and validate a stream of payments due to the lack of independent third-party verification. This change will affect very few potential applicants, and current students are encouraged to switch any personal debt for eligible loan types if they are considering these programs.
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Bank loans not certified or verified by MBA Financial Aid
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Home equity loans or lines of credit
You may not increase your student loan debt after applying for an award.
Please note that loans offered as employer sponsorships are ineligible for all the HBS loan reduction or loan repayment assistance programs.
For more information, contact the MBA Financial Aid Office at loanassistance@hbs.edu.
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- Loan Reduction for Private Sector Employees
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HBS offers a loan reduction program for students from the graduating MBA Class who are working in the private sector at a job that pays significantly below the HBS average. These awards offer a one-time loan reduction that typically ranges from $5,000 – $15,000. Applications are accepted in two rounds:
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Round 1: Awarded before graduation to students who receive and accept a job offer prior to completing the MBA program. Application deadline is April 24 at 12:00 PM (noon) ET.
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Round 2: Awarded four months after graduation to graduates whose job search continues beyond April. Application deadline is September 18 at 12:00 PM (noon) ET.
To be considered for an award, applicants must be working in the private sector with total compensation at or below $130,000 USD. Applications from students with total compensation above this amount cannot be considered.
Award availability is determined based on an applicant's earnings and need-based debt, as well as employment and job fit criteria. Funds awarded can be used only to reduce existing need-based loans. Eligibility and selection are determined by a Selection Committee and awards are distributed on a funds-available basis. The Program is jointly administered by the MBA Financial Aid Office and HBS Career & Professional Development. Determinations made by the School and the Selection Committee are final. The School and the Selection Committee reserve the right to restructure or discontinue the Program as necessary.
Eligibility
Quick self-assessment tip: Before completing the application, it is recommended that you confirm your loan eligibility by emailing the MBA Financial Aid office at loanassistance@hbs.edu.
You may be eligible for one-time loan reduction based on your application if you:
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Are a second-year MBA student graduating in May in good academic and community standing (see Policies & Student Conduct). NOTE: ECs who complete the MBA Program in December with a March graduation date are eligible to apply in either the April or September application intakes.
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Have accepted a full-time, MBA appropriate job in the private sector. In this case, a full-time job is defined as working 35 hours or more per week with a projected tenure of 12 months or longer. Or, you are pursuing a fully self-funded entrepreneurship through acquisition search (search fund). NOTE: the Rock Center Loan Reduction for Entrepreneurs Program is not open to graduates who are pursuing self-funded ETA.
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Filed a financial aid application for HBS Need-Based Scholarships and Loans while at HBS. For this program, the financial aid assessment considers HBS need-based scholarship, the recommended loan amount per your initial decision letter, and your current student loan debt. NOTE: you may not start a retroactive application now for first-year financial aid in order to participate in this program. See “Eligible Loans” section above for detailed information.
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Total guaranteed compensation at or below $130,000 USD. Additional compensation including but not limited to signing bonuses, relocation/moving expenses, and housing allowances will be added to the base salary to determine the applicant’s total guaranteed compensation.
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Will not be sponsored/reimbursed for any MBA-related tuition or expenses now or in the future.
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Your employment start date is on or before the January following your graduation from HBS.
The following positions are ineligible for private sector loan reduction awards:
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Managerial positions in the nonprofit and public sector. Applicant may be eligible for the HBS Social Enterprise Loan Repayment Assistance Program.
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Founders/entrepreneurs. Applicant may be eligible for the HBS Rock Center Loan Reduction for Entrepreneurs.
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HBS-HMS joint degree MD-MBA students entering medical residency. Applicant may be eligible for the HBS Social Enterprise Loan Repayment Assistance Program.
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Political campaign work. Given the restrictions under federal and certain state law on political activity by organizations such as Harvard University, HBS will not provide funding for political campaign work.
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Part time (<35 hours/week) or temporary (<12 months in duration).
Beginning in 2022, a student may apply for, and receive, a Private Sector Employees Loan Reduction or a Rock Center Loan Reduction for Entrepreneurs and subsequently apply to the Social Enterprise Loan Repayment Assistance Program in the same calendar year (the student must meet eligibility criteria for both programs). For instance, a student in the graduating class who accepts a post-MBA job at a for-profit social enterprise could apply for and receive a Private Sector Employees Loan Reduction award in the April before graduation and subsequently apply for a Social Enterprise Repayment Assistance Program award in October following graduation.
Criteria
In addition to financial need and employment verification, selection is based on the following qualitative criteria:
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Quality of position: Based on level of responsibility, significance of managerial opportunity, and opportunity for managerial development. Of particular interest are jobs that require the applicant to apply business and managerial skills gained at HBS, as well as the applicant’s capability to produce significant, sustained benefits for the employer within these goals.
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Job fit: Applicant’s background and previous experience as evidence of potential for a successful match between the applicant and the job, and applicant’s ability to succeed in that job.
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Commitment and long-term goals: Applicant's commitment to the relevant industry or sector as well as the applicant’s long-term career goals and job fit with those goals.
Awards
Award amounts will be based on total funds available and:
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Financial aid application data on file and your monthly need-based student loan obligations.
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Analysis of projected monthly income.
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Total number of applicants.
Award amounts are subject to the eligible and ineligible loan criteria outlined in the "Eligibility" section above.
Tax treatment: There is a tax advantage to students who receive an award in Round 1 in that reduction awards made while a recipient is in school normally will not incur tax liability. Awards made in September through Round 2 will be considered taxable to the recipient even though amounts are paid to the loan holder. Upon receiving an award, recipients will be required to complete tax forms for submission to the School. Failure to supply these forms within 30 days from notification of award will lead to forfeiture of your loan reduction award.
Funds disbursement: If you receive an award in Round 1, you will designate to MBA Financial Aid which of your existing need-based loan(s) you would like to have reduced. If you receive an award in Round 2, payment is made to you electronically via Zelle or by paper check sent via US Mail within 60 days from the date of your award notice. Both payment methods require that the payee register in Harvard University's Buy-2-Pay platform.
Donor notification: Award recipients are matched with the donors who make this program possible. Often, donors appreciate hearing about your work and how the loan assistance program has supported your career path. The School compiles thank-you letters from award recipients as a symbol of donor appreciation and stewardship. Following receipt of your award, the School will contact you with the name of the donor to whom you are matched and a thank-you note request.
You are required to inform HBS of the following:
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You do not start your job (offer is retracted by you or the hiring organization), or you do not launch your ETA search.
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Within 12 months of your start date, your compensation increases from the amount indicated on your loan reduction application.
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Within 12 months of your start date, you have a change in employment status, including reduction to part-time employment, termination of employment/termination of search, or change in employer.
While rare, should these changes occur, you may be responsible for repaying all of some of your loan award back to HBS. By applying for a loan reduction award, you understand that the Selection Committee may verify any and all parts of your application and supporting materials.
Recipients of an HBS Loan Reduction for Private Sector Employees award agree to abide by the HBS Community Values and the MBA Honor Code.
Application Process
PROCESS IF YOU ARE A JOINER: To be considered for the Loan Reduction for Private Sector Employees program, you must complete and submit the online application, which requests contact information for yourself and the hiring organization as well as details of your compensation.
Upload the following three supporting materials via the online application:
- A copy of your offer letter showing total compensation, signed and dated by you.
- Confirmation from the hiring organization acknowledging receipt of your offer acceptance.
- A personal statement (approximately 500 - 750 words) which addresses the following:
- Why did you seek the position?
- What is the relevance of your management education to this position?
- How will your previous experience or background enhance your ability to excel in this position?
- What are the significant managerial opportunities you expect to have in this organization, and what opportunities do you expect to have to develop your managerial skills?
- Please describe reporting relationships in the organization and the type of supervisor(s) to whom you will report. What are their responsibilities and what do you hope to learn from working with them?
- What are your long-term career goals and how does this position fit with your goals and/or contribute to your career development?
PROCESS IF YOU ARE PURSUING A FULLY SELF-FUNDED ETA SEARCH (Search Fund): To be considered for the Loan Reduction for Private Sector Employees program, you must complete and submit the online application, which requests contact information for yourself and details about your search plans.
- Upload a personal statement (approximately 500 - 750 words) via the online application
which addresses the following:
- Describe your interest in and motivations for pursuing a self-funded ETA search.
- Explain your qualifications for conducting a search and managing an acquired business. How will your previous experience, background and skill set enhance your ability to excel in both roles?
- If you are planning to target certain geographies, industries or types or businesses, please explain the reasons behind these objectives.
NOTE: for applicants who have also applied for an HBS Search Fund Fellowship, please wait until the outcome of that process to complete and submit your loan reduction application (the loan reduction application asks if you have received an HBS Search Fund Fellowship).
Application Deadlines
- The Round 1 submission deadline is April 24 at 12:00 PM (noon) ET.
- The Round 2 submission deadline is September 18 at 12:00 PM (noon) ET.
Applicants can expect to be notified of award decisions within three weeks of the application deadline. Award decisions are communicated via email to the applicant's HBS email address.
Each "round" represents a distinct period in which you may apply, not a succession of steps for your application. You may apply in one round only. Applications received after April 24 at 12:00 PM (noon) ET will be considered in Round 2. Applications received after September 18, 2024 at 12:00 PM (noon) ET will not be considered.
Please note:
- Exceptions to the deadline are not possible.
- Applications will not be reviewed prior to the application deadline.
- Your application must be fully complete by the application deadline. For joiners, this includes having received and accepted a written offer. For search fund founders, this means having fully committed to pursuing an ETA search. Awards cannot be based on a tentative, expected, developing, or verbal offer/plans. If you do not have a signed offer letter or confirmed search plans by the Round 1 deadline, you may submit your completed application for the Round 2 deadline.
For More Information
Contact Phillip Andrews, Corporate Relations Director, HBS Career & Professional Development, 617-495-6086, phandrews@hbs.edu.
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- Rock Center Loan Reduction for Entrepreneurs
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The Rock Center Loan Reduction program helps to reduce the educational debt repayment burden for a limited number of graduating student founders committed to the full-time pursuit of their for-profit entrepreneurial venture.
To determine program eligibility and to apply:
- See “Eligible Loans” section above for detailed information regarding loan eligibility. To confirm financial eligibility, email the Financial Aid office at loanassistance@hbs.edu and provide permission to share your eligibility calculation with the Selection Committee.
- Visit the Rock Center's Loan Reduction website for details on program eligibility, evaluation criteria, and the application process.
- Social Enterprise Loan Repayment Assistance Program
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The HBS Nonprofit/Public Sector Loan Repayment Assistance Program was established in 1992 to reduce the educational debt repayment burden for alumni serving in managerial positions in the nonprofit and public sectors. Starting with the October 2017 application cycle, the program expanded with a pilot program to support alumni in select for-profit social enterprise positions through the Social Enterprise Loan Repayment Assistance Program.
Visit the Social Enterprise website for details on:
- Job Search Loan
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As a current RC or EC student, you may be able to apply for additional loan eligibility to cover incurred travel expenses related to your job or internship search. Please note that this would be for additional loan eligibility and not need-based aid assistance. Students must meet the following baseline criteria before submitting a Job Search Loan Eligibility Request:
- Current RC or EC student
- You have completed a financial aid application with MBA Financial Aid and you are eligible to apply for and receive student loans
- Job related travel expenses incurred during the academic year