Financial Aid

Complete the *NEW* Clarity Application - Due October 15, 2023

1. To get started, go to the Clarity Application and create an account. The application typically takes less than 30 minutes to complete. We no longer use SSS.

2. Pay the $60 application fee.

3. Upload your documents to Clarity. Applications are not complete until all documentation is received.

Returning FAMILIES who are also applying a child for 2024-25 admission, 
your deadline to apply is February 15, 2024.
Please refer to THE tab below named "Families in the Admission Process".

Documentation Requirements - Due October 15, 2023

Required:

• September 2023 paycheck stub(s) for all 2023 employment
• Business owners: Profit & Loss Statement: January through September 2023 
• 2022 W2s, in their entirety
• Filed 2022 IRS 1040 Form including all schedules and attachments (Clarity will request these from the IRS directly)

Required, if applicable:

• Current mortgage/ HELOC balance statement(s) for all residential and investment properties
• Business Owners: Filed 2022 Business Tax Returns (IRS Form 1120S, 1065 or 1120)
• All 2022 K1s (business, trusts, partnerships, investments, etc.)
• Financial Aid award letters for all non-'Iolani siblings attending a tuition charging school (PS-12), 1098T for college students (if applicable)
• FBAR/International Assets Form/ IRS Form 3520
• SNAP/Housing Benefit Statement(s)
• Unemployment Benefit/Worker's compensation/TDI statement(s)
• Non-custodial parent's PFS and corresponding documents

Notifications:

Most returning families will be notified of their financial aid decision in early February 2024. Financial aid letters will be included in the Re-enrollment contracts. 

Some families may be asked to submit additional, or more current information, which would delay notification.

Families with a sibling in the admission process should refer to the financial aid calendar to the left for detailed notification dates (March - May 2024). 

Complete all 3 steps - Due February 15, 2024

1. To get started, go to the Clarity Application and create an account. The application typically takes less than 30 minutes to complete. We no longer use SSS.

2. Pay the $60 application fee.

3. Upload your documents to Clarity. Applications are not complete until all documentation is received.

Documentation Requirements - Due February 15, 2024

Your application is not complete until the following documents have been received. 

Required:

• All 2023 W2 forms, in their entirety
• December 2023 paycheck stub(s) for all 2023 employment
• Business Owners: January through December 2023 Profit & Loss Statement(s) 
• 2022 IRS 1040 Form including all schedules and attachments & 2022 W2s (Clarity will request these from the IRS directly)

Required, if Applicable:

• Recent monthly mortgage/ HELOC balance statement(s) for all residential and investment properties
• Business Owners: Filed 2022 Business Tax Returns (IRS Form 1120S, 1065 or 1120)
• All 2022 K1s (business, trusts, partnerships, investments, etc.)
• Financial Aid award letters for all siblings attending a tuition charging school (PS-12), 1098T for college students
• FBAR/International Assets Form/ IRS Form 3520
• SNAP/Housing Benefit Statement(s)
• Unemployment Benefit/ Worker's compensation/ TDI statement(s)
• Non-custodial parent's PFS and corresponding documents

Notifications:

Families who meet the February 15 deadline will be notified in early April (Gr. 6-12) or early May (Kindergarten) via email of their financial aid decision.

Please keep in mind late submissions or complex situations may require families to submit additional, or more current information, which could delay aid notifications.

Absolutely NOT. Applying for financial aid has no bearing upon the Admission Committee's deliberation and assessment of an applicant's potential as an ‘Iolani student.  Decisions regarding admission to the school and eligibility for financial aid are made independently by the Admission and Financial Aid Committees respectively.

It is our hope that families first evaluate all resources, adjust spending priorities, maximize their earnings, and carefully manage assets before coming to the school for financial aid assistance. The most helpful guideline comes from personal knowledge of your household's finances.

No. There are no merit scholarships.  Financial aid is based on demonstrated financial need. At ‘Iolani, the terms scholarship and financial aid are used interchangeably. After an award amount is determined, a family may receive additional notifications of a donor/scholarship that the monies were granted by. This is not additional funding, but rather acknowledging our generous donors.

No. Families apply for general financial assistance and not for individual scholarships. Students receiving awards can be assigned to individual scholarships based on the donor criteria. Those receiving a named scholarship are not awarded additional monies.

Divorce, separation or never marrying does not relieve biological parents from their financial responsibility for their child's education. Thus, 'Iolani School is not bound by existing decrees or arrangements that exclude a parent from financially supporting their child's education. The committee assesses a parent’s ability to pay, not willingness to pay.

‘Iolani requires both parents to apply for financial aid by completing their Clarity application and submitting all required documents by the appropriate deadline. The Committee reviews the financial status of both biological parents and determines the student's need based on the family's ability to contribute. Please know that confidence is strictly maintained.

The school will waive the requirement if the custodial parent can provide verifiable documentation from an official source, such as a family doctor, lawyer, member of the clergy, school official, social worker, employer or other non-related person who is aware of the family situation in a professional capacity, that states the:

a. location of the non-custodial parent is unknown.

b. non-custodial parent has provided no support and has had no contact with the family for at least three years.

c. involvement of the non-custodial parent is not in the best interest of the student and/or custodial parent.

If there are any other extenuating circumstances that might warrant waiving this requirement, written requests may be sent to the Financial Aid Office.

Financial aid is awarded annually to families according to their level of need as determined by ‘Iolani’s Financial Aid Committee. The Clarity Application collects and calculates a family's need which is then verified by the documents a family submits.  Clarity considers gross taxable and non-taxable income, assets, liabilities, family size, and the number of students attending tuition-charging schools.  An allowance of basic necessities and required taxes is safeguarded, then a portion of the remaining funds is considered for education. In addition, the availability of ʻIolani funding, academic performance, behavior, and tuition payment history may affect the award amount.

Yes. The addition of another adult into your household generally changes its financial picture to a considerable extent.  In the School's view, your resources and expenses, including those for education, become family resources and expenses, just as those of your new partner become part of the family's financial picture.  We will ask you to complete the Clarity application together, providing information pertinent to the new family unit and appropriate documents.

Yes, financial aid is recalculated each year using current information. In general, if there is little or no change in family circumstances, a family can expect their award to remain at about the same level, bearing in mind any tuition increase.  Should your need increase significantly, ‘Iolani will endeavor to meet that need. On the other hand, should your need decrease, your award will be adjusted accordingly. 

The total number of children in tuition charging schools, divorce and job change (among others situations) can heavily impact awards. For best planning, you are always welcome to call our office to discuss your specific situation.

No. We encourage all students and families to participate and give back to the school community in ways they find meaningful. 

Yes. We assume that a family applying for aid from ‘Iolani will apply for financial aid from all tuition-charging institutions their other children may be attending.  If another school does not have a financial aid program, please note that on your Clarity application.

No.  The award is a gift to your family from ‘Iolani School funded in part, by the generous donations of our benefactors past and present.  Once your child has completed his/her education and is gainfully employed, it is our hope that your family /child will contribute monetarily to the financial aid program so that others may also benefit.

Yes. Appeals are accepted if there is new financial information provided to the financial aid committee. The emailed request should clearly and specifically state what has changed since the application was submitted, and why the applicant should be reconsidered. Please email the Financial Aid Office for more information.

Financial aid funds are limited. Once funds are awarded, additional aid during the year may not be available. You are encouraged to contact the Business Office if a financial emergency occurs to adjust payment plans. 

We assume that parents who are recovering from a job loss, business failure or other major financial dislocation that has compelled them to request financial aid or additional aid, are also actively addressing their own situation in various ways. Participation in 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 during the school year and provides partial financial protection in case of student medical absence, withdrawal or dismissal during the year.

All applicants must be able to complete the Clarity Financial Aid application and submit US tax documents. Please call our office to allow for a more in-depth conversation regarding your specific status and situation.  Financial aid is not available for international students in the boarding program. 

Please visit the Boarding Financial Aid page for more detailed information.