Financing Your Child's Education

PAYING FOR

YOUR CHILD’S EDUCATION…

The cost of tuition can have a significant impact on the finances of many families who want their children to attend Hawai‘i Preparatory Academy. This brochure outlines some of the options available to help you, including financial aid as well as the payment options and financing plans summarized on the next page.

What is financial aid?
HPA offers students from around the world an exceptional, multi-cultural college preparatory experience. We seek and admit highly qualified students who come from diverse social and economic backgrounds. Some families might need help paying the full tuition, so we dedicate a significant portion of our endowment income to providing them some degree of financial assistance. All of our financial aid is need-based and awarded as a grant, which means that HPA does not expect the money to be paid back.

Does HPA offer academic, artistic, athletic, or merit scholarships?
HPA has no scholarships. All monies distributed are for need-based financial aid.

How do I apply for financial aid?
A complete application includes:

A completed Parent Financial Statement (PFS) processed through School and Student Services (SSS) of Princeton, New Jersey (https://sss.ets.org)

If you own your own business or farm, a completed Business Farm Statement processed through SSS

Completed 2006 IRS Form 1040 income tax return and all schedules sent to the HPA Office of Admission

2007 IRS Wage and Tax Statements (such as Form W-2, Form 1099-Misc, or Schedule K-1) sent to the HPA Office of Admission

You may obtain a PFS from the HPA Office of Admission or apply online at https://sss.ets.org. Virtually all independent schools including HPA use this form as a standard to help them determine financial need. In addition, please send to the HPA Office of Admission copies of your 2006 IRS Form 1040 income tax return with all schedules, and your 2007 IRS Wage and Tax Statements (such as Form W-2, Form 1099-Misc, or Schedule K-1). You may submit your completed 2007 IRS Form 1040 income tax return and all schedules in lieu of your 2006 IRS Form 1040 income tax return and your 2007 IRS Wage and Tax Statements.

Why do I have to turn in my 1040 income tax return and schedules, and who will see these forms?
Your tax returns are an important component that helps us be as consistent as possible when awarding financial aid. Because your family’s financial planning takes time, we want to be able to tell you as soon as we can whether-and how much-financial aid will be granted. All of the forms you submit to us, your PFS, and your 1040 income tax return and schedules, are held in strictest confidence. Only the members of the Financial Aid Committee will see those forms.

When is the deadline for financial aid?

February 15, 2008 is the deadline. It is very important that your processed PFS is received by HPA by this deadline. Additionally, copies of your filed tax returns and W2's/1099's should be mailed to the HPA Office of Financial Aid. If you own a business, please complete the Business/Farm Statement and send it directly to the financial aid office at HPA.  We award funds for reenrolling students with complete applications starting at the end of February and with new students with complete applications starting March 10, 2008. We cannot guarantee that late applications for financial aid will receive consideration.

Financial Aid Application Deadlines:
December: Financial aid forms are sent to families who have expressed intent to apply for assistance by the end of December.

January 20: The PFS should be completed and sent to SSS. Families should be able to complete the PFS using their year-end income statement. While it is easier to use your 1040 income tax returns, they are not necessary to complete the PFS.

February 1-15: Copies of the PFS, your 2006 1040 income tax returns and schedules, and your 2007 W-2 and other income statements should be sent to HPA. You also may send in your 2007 1040 income tax returns in lieu of your 2006 income tax returns and your 2007 W-2 and other income statements.

February 15: Financial aid application deadline. The HPA Office of Admission should have your complete application.

March 10: All families with a financial aid application on file by February 15 will receive a notification of the financial aid decision.

April 10: Enrollment deadline for new and returning families who have been offered financial assistance awards. NOTE: If you are offered financial assistance from HPA and do not intend to enroll your child, please notify the Office of Admission. This will enable HPA to offer assistance to a deserving candidate in the wait pool.

Will my application for financial aid have a negative impact on my child’s application for admission?
No. An application for financial aid in no way affects a child’s selection for admission.

How much financial aid can I expect to receive?
School and Student Service generates a statement to HPA on each family who applies for financial aid. This statement estimates how much a family is capable of paying for tuition. Rarely will the financial aid award exceed 35 percent of the tuition for day students or 50 percent of tuition, room, and board for residential students.

If we receive financial aid this year, are we guaranteed financial aid in subsequent years?
Financial aid is an annual process. Every year that you wish to be considered for financial aid, you must complete all of the forms and mail a copy of all of your tax forms. In general, if your financial circumstances remain the same from year to year and the school’s resources can continue to support the program to the same extent, you can expect to continue receiving financial aid.

What does HPA expect from students who are receiving financial aid?
Unlike many schools, HPA does not have a workstudy program, nor does HPA require extra duties from students receiving financial aid. HPA expects all students to exhibit good citizenship, to do their best, and to participate fully in all facets of life at the school.

Financial Aid Checklist:
All items listed below should be sent directly to HPA. Do not send any tax forms to SSS.

Copy of processed SSS Parent Financial Statement

If you own your own business or farm, copy of processed SSS Business Farm Statement

2006 IRS 1040 income tax return and all supporting schedules and documents

2007 IRS Wage and Tax Statements (e.g. W-2, 1099-Misc, and Schedule K-1)

FOR ADDITIONAL INFORMATION,
PLEASE CONTACT:
Mr. Joshua D. Clark, Director of Admission and Financial Aid
Mrs. Lita Spencer, Admission Office Manager

PAYMENT AND FINANCING OPTIONS

HPA provides a financing option with Key Education Resources. Key Education Resources allows families to finance up to four years of school and repay in up to 20 years.