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At Hawaii Medical Institute we believe that well informed decisions are the best decisions. Please make sure that you thoroughly investigate each school before you enroll. Always keep in mind that you are making a decision that can affect the rest of your life.
Federal Pell Grant
A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.) Pell Grants are considered a foundation of federal financial aid, to which, aid from other federal and non-federal sources might be added.
How Much Can I Get?
The maximum Pell Grant award for the 2010-11 award year (July 1, 2010 to June 30, 2011) is $5,550. The amount you get, though, will depend not only on your financial need, but also on your costs to attend school, your status as a full-time and your plans to attend school for a full academic year or less.
Note: The maximum award amount is given for any Pell Grant eligible student whose parent or guardian died as a result of military service in Iraq or Afghanistan after Sept.11, 2001. You must be under 24 years old or enrolled at least part-time in college at the time of your parent's or guardian's death.
How Much Can I Get?
You can receive between $100 and $4,000 a year, depending on when you apply, your financial need, the funding at the school you're attending, and the policies of the financial aid office at your school.
Direct Stafford Loans
Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.
Direct Stafford Loans include the following types of loans:
• Direct Subsidized Loans—Direct Subsidized Loans are for students with financial need. Your school will review the results of your Free Application for Federal Student Aid (FAFSASM) and determine the amount you can borrow. You are not charged interest while you're in school at least half-time and during grace periods and deferment periods.
Direct Unsubsidized Loans—You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow.
• Interest accrues (accumulates) on an unsubsidized loan from the time it's first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.
Annual and Aggregate Loan Limits
$5,500—No more than $3,500 of this amount may be in subsidized loans.
Please view the FAQs section for details on interest rates and loan repayment plans.
Direct PLUS Loans for Parents
Parents of dependent students may apply for a Direct PLUS Loan to help pay their child's education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses; click here for details.
To be eligible for a Direct PLUS Loan for Parents:
• The parent borrower must be the student's biological or adoptive parent. In some cases, the student's step parent may be eligible.
• The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Programsm. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
• The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
• The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to the student aid eligibility page.
Additional loan types provided under the Direct Loan Program, include Direct Stafford Loans (for undergraduate and graduate students), Direct PLUS Loans (for graduate and professional degree students), and Direct Consolidation Loans (to combine federal education loan debts into a single loan).
Note: Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan (FFELSM) Program. As a result of recent legislation, no further loans will be made under the FFEL Program beginning July 1, 2010. Instead, all new Stafford, PLUS, and Consolidation loans will come directly from the U.S. Department of Education under the Direct Loan Program.
Please view the FAQs section for details on interest rates and loan repayment plans.
MyCAA - Career Advancement Account for Military Spouses
• Spouse of an active duty Army, Navy, Air Force, or Marine service member, or activated Reserve member in pay grades E1-E5, W1-W2, or O1-O2.
• If the spouse of National Guard and/or AGR member, the sponsor must be on federal Title 10 active duty orders as reported in DEERS.
• Spouses of Guard/Reserve members in an Alert, Transition Assistance, or Post Deployment status are not eligible.
MyCAA accounts will be limited to the new $4,000 maximum benefit with a $2000 fiscal year cap. Waivers to the fiscal year cap will be available for spouses pursuing licensure or certification with a cost that exceeds the $2,000 fiscal year cap up to the total maximum assistance of $4,000.
• Spouses must finish their program of study within three years from the start date of the first course.
• Funding is limited to only Associate's degrees, certifications and licensure programs.
GI Bill
• The Montgomery GI Bill (MGIB) is available for those who enlist in the U.S. Armed Forces. MGIB encompasses both the Montgomery GI Bill-Active Duty (Chapter 30) and The Montgomery GI Bill-Selected Reserve (Chapter 1606). Under Chapter 30, Active Duty members enroll and pay $100 per month for 12 months; and are then entitled to receive a monthly education benefit once they have completed a minimum service obligation.
• The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.
OHA Malama Loan Program
• The OHA Malama Loan Program is now available for Native Hawaiians only by the Office of Hawaiian Affairs (OHA). Administered by First Hawaiian Bank, it offers a 5% fixed educational loan payable in 5 years; subject to credit approval and eligibility. Certain restrictions and conditions apply.
Hana Lima Scholarship
• The Hana Lima Scholarship provides financial assistance to students participating in a vocational or technical education program for occupations that can provide a "living wage." This scholarship is available to students in vocational programs that lead to a specific segment of employment.
O'ahu WorkLinks - WIA - Workforce Investment Act
• The purposes of WIA are to give American workers the chance to equip themselves with the skills and information needed to compete in the new economy and to help workers take responsibility for building a better future for themselves and their families.
• Customer Choice - The underlying principle of the provision of training services under WIA is customer choice. One-Stop Centers will provide access to the consumer information in the the Kumu A'o CRCS which describes WIA eligible training providers that can assist individuals in gaining relevant skills - including information about the performance of such providers in placing graduates in employment. The State must compile a list of eligible training providers that meet performance levels as set by the State and the LWIBs. Individuals will be able to choose any provider from the list of eligible training providers.
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