By Katie Kelsall, Assistant Director of Admissions & Financial Aid
Making the choice to attend graduate school is not only an academic and professional commitment, but also a financial one. At Harvard Kennedy School, we are committed to distributing as much financial assistance as possible to our talented students; however, our institutional resources are limited, and scholarships typically do not cover the full cost of attendance. We encourage all students to carefully consider their options and prepare as best as possible before enrolling.
Here are some important things to consider as you get ready to finance graduate school.
Cost of Attendance
The Cost of Attendance is the amount it will cost you to attend school and includes both direct and indirect expenses. Our Cost of Attendance varies by program, and includes direct costs which are paid to Harvard through your student bill (such as tuition, fees, and student health insurance), as well as indirect costs (such as rent and transportation). Please be aware that for our two-year programs, summer is not included in the Cost of Attendance, so you will need to be prepared to finance your summer costs before your program begins.
What financial aid can be used for
You may receive financial aid, which could include scholarships, fellowships, sponsorship, and loans, up to the Cost of Attendance for the year. This means you can use financial aid for both direct costs (tuition and fees) and indirect costs (e.g. rent). If you will be borrowing student loans to cover any portion of your Cost of Attendance, we encourage you to borrow responsibly. Please keep in mind that summers are not included, so you cannot borrow loans to pay for rent incurred prior to the academic year.
Outside funding
We encourage students to explore all funding opportunities, including those from external resources, such as private, corporate, or government sponsorships. We recommend working with organizations with which you are already affiliated to see if they offer any funding for graduate study, as organizations typically like to provide funding to people they already know. These may include employers, organizations you’ve volunteered with, sororities or fraternities, undergraduate institutions, religious organizations, and community groups. Outside funds are not tied to specific colleges or universities, so it is worth exploring these options—no matter which graduate school you decide to attend.
“Making the choice to come to graduate school is not only an academic and professional commitment, but also a financial commitment. We encourage all students to carefully consider their options and prepare as best as possible before enrolling.”
Other expenses and debt
While the Cost of Attendance includes all education-related expenses, it does not include all expenses. For instance, debt—such as credit card debt—is your responsibility to pay. We recommend paying off or reducing debt as much as possible before beginning your program so that you don’t have payments looming while you are at HKS.
If you have previously borrowed student loans, you should qualify for in-school deferment—and not be required to make payments—as long as you are enrolled at least half-time in your program. However, please be aware that private lenders’ terms vary, so you should always confirm with your specific loan servicer. If you need help getting starting with budgeting or debt repayment, the Harvard Federal Credit Union offers free budget, debt repayment, and loan counseling through its partner GreenPath Financial Wellness, which is available to all members of the Harvard community.
Paying your bills
To secure your spot in the incoming class, you must pay a non-refundable $750 deposit, which will ultimately go toward your fall tuition. If you are receiving financial aid that covers your full tuition and fees, then you will be eligible for a refund after classes begin.
As a student, your tuition and fees will be billed in two installments: half in the fall and half in the spring. Fall bills typically come out in July and are due in August. You must have your bill paid in full to be able to enroll in and attend classes, so it’s important you prepare your financial aid plan prior to August.
Remember that the Admissions & Financial Aid team is here to help! If you have questions about your financing plan, don’t hesitate to reach out to your Admissions & Financial Aid counselor.
