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Access a needs based loan reduction for graduating HBS students who have founded a for-profit new venture and are pursuing it full time.

About the Rock Loan Reduction

Rock Center, in consultation with MBA Financial Aid, eagerly supports their graduating entrepreneurs. One such way is through a one-time need-based award of $10,000-$20,000 to graduating MBA students who are committed to pursuing their own for-profit entrepreneurial ventures, including selffunded entrepreneurship by acquisition ventures.

Who Can Apply

Current graduating MBA students

Deadline: April 25, 2018 at 12noon
 

Key Steps

  1. Review eligibility requirements

    Quick self-assessment tip: If you did not receive any HBS Fellowships while enrolled, it is unlikely that you have need-based loans eligible for this offer.

    You may be eligible if you:

    • Are a second-year MBA student graduating in May of this year.
    • Are pursuing on a full-time basis an entrepreneurial venture, including self-funded entrepreneurship by acquisition ventures, with total compensation substantially below the MBA average. You must be a founder and senior executive (e.g., CEO, President).
    • Had significant financial need as determined by MBA Financial Aid during the standard two-year financial aid application process. (You may not start a retroactive application now for financial aid in order to participate in this program.)
    • Will not be sponsored/reimbursed for any MBA-related expenses now or in the future.
  2. Understand selection and award allocation process:

    The program is competitive, and if we have more applicants than available awards, awards will be made on the basis of the viability of the venture, as determined by a review of your venture, executive brief and your financial need, as determined by:

    • Your financial aid application data already on file.
    • Analysis of projected monthly income.
    • Your monthly student loan obligations.

    Award amounts are subject to the following restrictions:

    • Loans borrowed to fund your personal contribution will not be considered.
    • Debt from other degree programs, including joint and concurrent degree programs, will not be considered. Consumer debt will not be considered.

    You may not increase your student loan debt after receipt of an award.

  3. Submit your application

    There are two parts to the application.

    There are two parts to the application that need to be submitted by the deadline:

    1. Online Survey available in Spring. Click here to complete the survey. Right before pressing submit, print your survey responses. After pressing submit, sign and date the survey document and hand it into the Rock Center or email it along with your Executive brief before the deadline in order to be considered for this Award.

    2. Executive Brief & Resume- Executive brief should be 6-8 pages, including your one page resume, appendices and supplemental material. Please view the HBS Rock Loan Reduction Executive Brief Guide for details on what to include in the executive brief.Please email completed applications to rock@hbs.edu.

    Please be aware that award recipients have to complete a mandatory annual survey for 3 years to update Rock Center on status of new venture, so please make sure we always have your current email address.

 

Eligibility

Quick self-assessment tip: If you did not receive any HBS Fellowships while enrolled, it is unlikely that you have need-based loans eligible for this offer.

You may be eligible for one-time loan reduction based on your application if you:

  • Are a second-year MBA student graduating in May 2018.
  • Are pursuing on a full-time basis an entrepreneurial venture, including self-funded entrepreneurship by acquisition ventures, with total compensation substantially below the MBA average. You must be a founder and senior executive (e.g., CEO, President).
  • Had significant financial need as determined by MBA Financial Aid during the standard two-year financial aid application process. (You may not start a retroactive application now for first-year financial aid in order to participate in this program.)
  • Will not be sponsored/reimbursed for any MBA-related expenses now or in the future.

When considering an application for loan reduction, please keep in mind it is not intended for individuals who are still seeking employment; in volunteer positions or receiving only a nominal salary; or engaged in post-MBA studies of any kind.

Eligibile Loans

To be considered for the Social Enterprise Loan Repayment Assistance Program (SELRAP) and both the Rock Center and Career & Professional Development (CPD) at-graduation loan reduction programs, your loans must meet all of the following requirements:

  • Must have been either approved by HBS or fully disclosed to HBS at the time loan was made.
  • Student must be the borrower
  • In no case will an amount larger than the cost of attendance less other aid be considered
  • Independent third-party verification of the loan must be available to HBS

Eligible loan types typically include the following:

  • US federal student aid (e.g., Perkins, GradPLUS, Stafford)
  • US state programs (e.g., MEFA, VSAC, etc.)
  • Foreign national, state, and provincial educational loan schemes
  • Educational loans from a bank or credit union (e.g., Citi Assist, Discover, 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:

    • Debt used to replace student contributions as calculated by MBA Financial Aid Services, or borrowing for living expenses above the financial aid budget
    • Debt incurred for non-HBS work in a joint degree program
    • Debt from other degree programs
    • Consumer debt

    Ineligible loan types include the following:

    • Loans from past, present, or future employers, especially those that may be forgiven upon resumption of employment
    • Personal loans from family or friends
    • Bank loans not certified or verified by MBA Financial Aid
    • Home equity loans or lines of credit

    Ultimate discretion for eligibility lies entirely with HBS. Funds are distributed on an as-available basis. All determinations made by the School are final. HBS reserves the right to restructure or discontinue loan reductions at any time.

    If you receive a Rock Loan Reduction, you understand and commit yourself to an annual survey updating us on your venture for 3 years and if your business does not prevail beyond 12 months of graduation (or you accept another job), you agree to return the funding by making a check out to the school.

    If you do not meet the requirements for the Rock Center Loan Reduction for Entrepreneurs, please note there are additional loan reduction programs available through the HBS Nonprofit/Public Sector Loan Repayment Assistance Program and the HBS Loan Reduction for Private Sector Employees (login required).