Iolani School - About Financial Aid

1.	Should our family apply for financial aid?
	It is our hope that families first evaluate all their resources, adjust priorities, maximize their earnings, and carefully manage assets before coming to the school for financial aid. The most helpful guideline comes from your personal knowledge of your family’s finances: Can you find a way to pay approximately $1400 each month, for ten months, for your child’s education? If not, your family may be a candidate for financial aid.
2.	Can my child apply for an academic, athletic, or musical scholarships?
	No, there are no scholarships based on academic, athletic or musical merit. All financial aid is based on demonstrated financial need. At `Iolani, the terms scholarship and financial aid are used interchangeably.
3.	Are there other scholarships besides the Stone, Weinberg, Hannemann, and Freeman Scholarships?
	There are approximately 70 scholarships that support the `Iolani Financial Aid Program, and each has its own eligibility criteria. Families apply for financial assistance in general and not for individual scholarships. When a student receives an award, he/she may be assigned to an individual scholarship based on the donor criteria.
4.	How is financial aid determined after I have submitted my Financial Aid Application?
	Financial aid is awarded annually to families according to their level of need. We use a standard calculation from School & Student Service for Financial Aid (SSS) as a base. You complete the Parent’s Financial Statement (PFS) which considers gross taxable and non-taxable income, assets, liabilities, family size, and number of students in tuition charging schools. After an allowance of basic necessities and required taxes, the remaining funds are considered for education.
5.	Will my child's admission be affected if we apply for financial aid?
	Applying for financial aid has no bearing on the Admission Committee’s deliberation and assessment of an applicant’s potential as an `Iolani student.
6.	Will my child’s financial aid award change from year to year? What if our family income changes?
	Financial aid is recalculated each year using current information. In general, if there is little or no change in your family circumstances, you can expect the award to remain at about the same level. If your need increases significantly, `Iolani will try to meet that need. However, if your need decreases, your award will be adjusted accordingly.
7.	As a recipient of financial aid, will my child have extra responsibilities, such as a campus job?
	Yes, students, 14 years and older, who receive financial aid are asked to work in school offices, labs or in the cafeteria for one period each school day.
8.	We have other children applying to or attending tuition charging schools. Must we also apply for financial aid from those schools?
	Yes. We assume that a family applying for aid from `Iolani will apply for financial aid from all tuition charging schools their other children may be attending. If another school does not have a financial aid program, please note that on your PFS.
9.	Will we have to repay any financial aid we receive?
	No, if your family is awarded financial aid, you will not be expected to repay the award.
10.	If my family experiences a major financial emergency, will the financial aid program help us?
	Financial aid funds are limited. Once funds are awarded, additional aid during the year may not be available. If you have a financial emergency, we encourage you to contact the Business Office. The Tuition Refund Plan (TRP) offered to parents at the beginning of the school year provides a 100% pro-rata tuition continuation benefit in the event of a parent's or legal guardian's death. It also provides partial financial protection in the event of student medical absence, withdrawal or dismissal during the school year.
11.	What happens in cases where parents are divorced or separated?
	We believe that divorce or separation does not relieve the biological parents from their educational responsibilities. `Iolani requires both parents to apply for financial aid by completing the PFS and submitting their required documents by the required deadline. The Committee reviews the financial status of both parents and determines the student's need based on the family's ability to contribute.
12.	In situations when a parent marries or remarries, will that person's financial circumstances be considered in the financial aid award for my child?
	Yes. The addition of another adult into your household generally changes its financial picture. We will ask you to complete the PFS together and provide information and documents pertinent to the new family unit.
13.	Can my family appeal for additional aid if we feel the amount of the award is insufficient?
	Yes. You must submit a written request stating specifically what has changed since the PFS was submitted, and why the amount should be reconsidered. You may need to provide additional documents.
14.	Can I apply for financial aid if my child currently attends `Iolani and does not receive assistance?
	Yes. You may request a financial aid application by calling the Financial Aid Office at (808) 943-2282 or by emailing chirashi@iolani.org. An application will be sent to you. Once you receive the application and accompanying instructions, you may apply on-line at www.nais.org/financialaid/sss.
	All applications for financial aid are held in strictest confidence.