Punahou has long had a policy of admitting people of all races; Sun Yat-sen was a student at Iolani* (another expensive private Honolulu school) and Punahou, there have been many others of different races.
Punahou is extremely secretive about their scholarships, which had to be opened following non-discrimination decisions applying to all schools in the U.S. I have found a few outside scholarships at Punahou, but currently their top is only $2000 per year, a fraction of the total. There may be others that are unlisted. Punahou's endowment currently is over $100 million (1979 Reunion statement); an article by Austin Murphy, CNN, estimates that it exceeds $180 million. The Endowed Scholarship Fund (currently about $40 million) lists recipients from 1936, but Obama's name in not among them: www.punahou.edu/page.cfm?p=589 Amounts given are not stated.
Military Service families stationed in Hawaii who wished to enrol their children in schools better than those near the bases have long complained about the exclusivity of Punahou, Iolani and similar schools there and their inability to afford the fees. Only those sporting the eagle or better could pay the fees.
Punahou does not disclose any data on income backgrounds of students, proportion of fees paid by scholarships, proportion of endowed or other data on instructors pay, etc.
Lolo Soetoro also paid the fees for his daughter Maya (Soetoro-Ng) at Punahou (she teaches at a private girls school in Oahu, and part-time at U Hawaii (Manoa) where she obtained her doctorate). Soetoro is remembered by former colleagues at Shell as a dedicated golfer and party man, with several club memberships.
His well-to-do Kenyan grandfather was able to send and support his son at U. Hawaii (Manoa). Obama's supporters push the goat-farmer story. Obama's poor boy stance is a direct reflection of a number of politicians in history who pushed their supposed backwoods log cabin upbringing in order to appeal to non-affluent voters. -------------------------
*Iolani, another exclusive Hawaiian School, a late-comer (1863) compared to Punahou, current tuition $14,900/year kindergarten-highschool, plus a supplement from their endowment, total about $21,000/year. Punahou and Iolani are just two of the expensive private schools in Hawaii.