If you have not thought about the cost incurred in getting an MBA education from the best Ivy League business school (HBS) in the country, then it is time that you give serious thought to it, obviously along with your GMAT preparation. One cannot really say that MBA education at Harvard Business School is costlier or more affordable when compared to other business schools. However, what you can be sure of is that every single penny spent towards the gratification on the MBA dream is worth it. More than what you learn, what make it all the more precious are the associations you form here and the six figure remuneration jobs after successful completion of the course.
So, what is the total cost?
The overall cost of Harvard MBA programs differs from student to student, depending upon their lifestyle. However, when considered from strictly academic and course requirement point of view, the major components of the course costs are tuition fee, university health services fee, Blue Cross/Blue Shield, Program Support fee and Room& Utilities fee. Personal expenses are also added to the aggregate of other costs for the purpose of determining the financial aid. These expenses depict an average amount, true for a majority of the students, as seen from the previous experience.
Taking into consideration all the information mentioned above, the cost of MBA education at Harvard is as follows:
Single Student: $84,000
(with one child)
(with two children)
For more information and complete breakdown, visit http://www.hbs.edu/mba/admissions/costsummary.html
Housing options for Harvard Business School students
- Students can either stay on-campus, that is in the residence Halls at the Harvard or they can rent single or double room apartments off campus, in the Boston and Cambridge. As you must know, housing and health insurance form the bulk of expenses, apart from the tuition fee.
- If you are a single student, the best option for you is to stay on-campus. Harvard-University Housing helps students in the matters of accommodation at the residence halls at Harvard, namely Akron Street, Auburn Street, Soldiers Field Park, 381 Western Avenue etc.
- The on-campus housing fulfills all the basic utility requirements of the students such as high speed internet, housekeeping services, laundry etc.
- Off-campus housing options are available in Boston and Cambridge neighborhoods. The cost of a single room ranges between $1400 and $1800, while the cost of a double room is anywhere from $1800 to $2000 per month. Add to this, the cost of basic utilities which you will have to apply for and pay exclusively.
- If you are married and have children, consider their schooling costs also.
- The mode of commuting to the campus will also influence the cost of living. Think before buying a car, because then you will also have to incur the cost of car insurance. Boston and Cambridge have good public transportation network. Alternatively, rent an apartment that is closer to the campus, within a walking distance preferably.
Health Insurance coverage for HBS students
- HBS requires every student to pay up necessarily towards the University Health Services, irrespective of whether you have an active health insurance plan or not. There are two clinics operated under the Harvard University Health Services, one of which is on-campus.
- In case you do not have a health insurance plan, then you are required to sign up for Blue Shield or Blue Cross program. It is a form of Preferred Provider Organization plan, wherein there is a network of medical service providers to cater to the medical needs of the beneficiary.