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Financial Aid2019-08-15T08:54:24-10:00

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Financial Aid

You Can Afford A Better Future

Fast education. A great career.  More money for you and your family. Making the decision to further your education beyond high school is an important one. It’s a serious investment in your future. The school and career program you choose now will help shape your opportunities and income potential after graduation.

  • Supportive Financial Aid Process

  • Tuition Merit Award Programs Available

  • Veterans & Military Benefits

  • No Credit Check Repayment Programs

At Hawaii Medical College an affordable medical career-focused education is within your reach.

We offer a variety of financial assistance options so you can make the decision to invest in your future today. Choose from a combination of accessible options including financial aid. You might also qualify for various federal financial aid programs or military benefits and services.

Hawaii Medical College also offers additional tuition waiver and tuition programs to help defray the cost of your education.  Contact Admissions today for more information.

What is Financial Aid?

Financial Aid can help you pay for college.

Our financial aid program helps students and parents determine the best way to pay for college. Financial aid funds can be used for the cost of education:

  • Tuition and Fees
  • Certifications

There are many types of financial aid, some based on need, others on merit. We encourage you to file an application to see if you are able to receive money for your college education.

Are you Eligible for Financial Aid?

You MUST have a high school diploma or the recognized equivalent of a high school diploma.

You MUST be accepted or enrolled as a CLASSIFED student seeking a degree or certificate at Hawaii Medical College. Hawaii Medical College must be listed as your “Home Campus”. You must be enrolled at least half time to be eligible for Financial Aid.

You MUST meet the terms of Hawaii Medical College Financial Aid Office Satisfactory Academic Policy (SAP).

You MUST be a U.S. Citizen or eligible non-citizen.

If you meet the eligibility requirements above, your next step is to apply. If you have any question or need help, contact the Financial Aid Office: in person, by phone or email.

Financial Aid Office Information

Hours: Monday through Friday, 9:00 AM to 5:00 PM
Address: 1221 Kapiolani Blvd., Suite #644, Honolulu, Hawaii 96814
Phone: (808) 427-2146
Fax: (808) 237-5806
Email: financialaid@hmi.edu
Federal School Code: 041822-00

How to Apply for Financial Aid?

  • Gather all your documents, such as your 1040 Federal Tax Forms and W2(s).
  • Create an FSA ID at fsaid.ed.gov. The FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. If your parents are required to provide information on the FAFSA, they must also apply for an FSA ID. (NOTE: If you have previously applied for a Personal Identification Number (PIN), it will no longer be requested. The PIN has been replaced with the FSA ID as of May 10, 2015.)
  • Complete the FAFSA on the WEB Worksheet and enter the information on https://fafsa.ed.gov.

Available Financial Aid:

You may be eligible for some of the federal, state and private financial aid programs, including:

  • Scholarships and Military
  • Loans
  • Grants
  • Work Study
  • Payment Plans

Financial Aid Loans and Grants:

Loans are borrowed funds that MUST be repaid with interest.

Grants are different from student loans. Grants are funds that are typically awarded based on financial need, and grants don’t have to be repaid.

Financial Aid Federal Work Study Program:

  • Federal Work Study is a program that provides both on and off campus based jobs to students with financial need, so that you can earn money to help you pay for your education expenses.

Payment Plans:

  • Payment plans may be available to you. Please contact a financial aid advisor for more information.

For the Federal Direct Subsidized or Unsubsidized Loan, the current origination fee (as of October 1, 2018) is 1.062%; for Direct Parent PLUS Loans, the origination fee is 4.248%. This percentage will be automatically deducted from the amount that you are going to request for.

During the 2019-2020 Academic Year, the interest rate for the Federal Direct Subsidized or Unsubsidized Loan is 4.53%; for Direct Parent PLUS Loans, the interest rate is 7.08%.

You must apply for federal student aid for every school year that you attend. To reapply, you should submit a Free Application for Federal Student Aid (FAFSA). If you submitted a FAFSA last year, and you are eligible to complete a Renewal FAFSA, you may choose to have most of the questions pre-filled with the information you provided. Simply updating the information for the new school year on a Renewal FAFSA may be faster. However, the Renewal FAFSA is available solely for your convenience. If you prefer to start fresh with a new FAFSA, you are free to do so.

Military Benefits

MyCAA Scholarship

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 $2,000 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 Benefits

  • 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.

Frequently Asked Questions (FAQs) about Financial Aid

1) I know I don’t qualify for financial aid. Should I apply anyway?

Yes. Many students feel that they don’t qualify for aid, possibly missing out on financial aid opportunities by not applying at all. The FAFSA stands for Free Application for Federal Student Aid. It does not hurt to see what you do qualify for. The FAFSA is the main application for both grants and loans. Without the FAFSA, students are not qualified for any financial aid.

2) Does filling out the FAFSA mean I am required to take out a loan?

No. Completing the FAFSA looks at what funding you are eligible for. It is completely up to you if you want to take out a loan or not. Importantly, the FAFSA is just to see what you qualify for. This same rule also applies to any grants you qualify for. Though you qualify, you are not required to request for any of it.

3) Do I have to reapply for financial aid?

Because Hawaii Medical College does not run on a traditional university semester schedule, there is a possibility that you may have to reapply. Please check with your financial aid counselor for those details.

4) My child is taking out a loan. Am I responsible to pay that for them?

No. Parents are not responsible for the Federal Direct Subsidized/Unsubsidized Loans. Students do not need to have a cosigner on those loans either, even if they are under the age of 18 because the ???defense of infancy??? does not apply to federal student loans.

If a parent is responsible for a loan, it would be the Federal Parent PLUS loan. Not all parents will qualify for the PLUS loan. As mentioned above, generally the student and the student alone is responsible for repaying any and all of their educational loans.

5) Are there any fees connected to the loans?

For the Federal Direct Subsidized or Unsubsidized Loan, the current origination fee (application fee) is 1.051%; for Direct Parent PLUS Loans, the origination fee is 4.204%. This percentage will be automatically deducted from the amount that you are going to request for.

Interest for the 2016-2017 year as of July 1, 2017 to June 30, 2017 Sub/Unsub 3.76% Origination fees 1.069%, PLUS Loan 6.31% Origination Fees 4.276%

All Interest rates are fixed rates throughout the life of the loan.

6) Do I have to make loan payments while I am in school?

No. Typically you have a six (6) month grace period from your last day of attendance (regardless if you withdraw, graduate, or get academically dismissed) before you begin any payments for loans.

Payments for loans will not be to the school, but to a loan servicer that is randomly assigned to you (Examples of those different loan servicers you can get assigned to are: Navient, FedLoan, Great Lakes, Nelnet, etc.).

7) Can I use scholarship to pay for school?

Yes. If you are awarded any scholarship, please notify your financial aid advisor and the business office to readjust your award and payment plans. This means that if your scholarship covers any out of pocket costs, we can potentially decrease your loan amount.

8) I am filling out the FAFSA right now, but it’s asking me to pay a fee to submit the application.

STOP IMMEDIATELY. Just a reminder what FAFSA stands for: FREE Application for Federal Student Aid. Please make sure that you are on the correct website (www.fafsa.ed.gov) to complete the FAFSA.

9) Are there any programs that provide student financial assistance to home-schooled children?

Homeschooled students are eligible for federal student aid for college if they have “completed a secondary school education in a home school setting that is treated as a home school or private school under State law” (Section 484(d)(3) of the Higher Education Act of 1965). Homeschooled students have not been required to take the GED or take an ability-to-benefit test since the Higher Education Amendments of 1998. High school dropouts must take a GED exam or an ability-to-benefit test, but students who have completed a home schooled secondary education that satisfies the requirements of state law do not. For additional information, see Federal Requirements for Homeschoolers Seeking College Admission and Financial Aid, Home School Legal Defense Association (HSLDA), May 2003.

Many private scholarships are open to homeschooled students. Some scholarships, however, require a high school diploma or GED. If a scholarship requires a high school diploma or GED, ask for a clarification or exception before applying. If you encounter resistance, it can help to point out that in 2005 the winner of the Siemens Westinghouse Competition in Math, Science and Technology’s $100,000 scholarship was a 16-year-old homeschooled student.

There aren’t many scholarships specifically targeted at homeschooled students, other than those sponsored by the Home School Foundation.

10) My parents are divorced. How does this affect my financial aid?

An entire section of FinAid (www.finaid.org/questions/divorce.phtml) is devoted to the topic of Divorce and Financial Aid. It discusses which parent is responsible for completing the FAFSA, the obligations of non-custodial parents to pay for college, college support agreements, the obligations of step-parents, and the ability of non-custodial parents to take advantage of the various tax benefits for education.

11) Can I get my federal student loans forgiven, cancelled, or discharged?

For more information, click HERE to go to the Federal Student Aid Help page in regards to loan forgiveness and cancellation.

12) My school closed and I was still enrolled. What can I do?

There are certain criteria that make you eligible for a closed school discharge, and there are certain steps you need to take to get a discharge. Note that you might need your academic records if you plan to attend another school and want to have your coursework at the closed school taken into consideration. It will be important for you to obtain your academic and financial aid records if your school closes. Contact the state licensing agency in the state in which the school was located to ask whether the state made arrangements to keep the records. The records might also be useful in substantiating your claim for a loan discharge.

For more information, click HERE to go to the Federal Student Aid Help page.

For more frequently asked questions in regards to Closed School Loan Discharges can be found HERE.