Tuition Loan Program

Tuition Loan Program

Parents from the Youngstown Diocesan High Schools and Elementary Schools can use the DOY Tuition Loan Program to pay for their child's tuition at very low interest rates. DOY's program provides another option to consider when planning for the tuition costs for the upcoming school year. Besides any diocesan schools, DOY also provides the program to any other private high school, elementary, or pre-school in the six county region.

EVERYONE BENEFITS

  • The parents benefit by obtaining a very low interest loan extended over 10 or 12 months.
  • The school benefits by receiving all their tuition money at the beginning of the school year and is not burdened with collecting monthly payments.
  • DOY benefits by having new members who will hopefully use DOY for other services such as savings and checking accounts, auto loans, mortgage loans, etc.

How To Apply

  • The child attending the private school must become a member. Membership is obtained by opening a joint account with a parent/guardian for a minimum deposit of $10.00.
  • The parent/guardian/relative then becomes a member by opening their own separate savings account with a minimum deposit of $25 and completes a loan application. There are NO service charges for either opening an account or applying for the tuition loan.
  • All DOY's Loan Policies apply and the loan must be approved by the DOY Credit Committee.
  • After the loan is approved and the promissory note is signed, the entire tuition amount is sent to the school. No money is given to the applicant.
  • For members with a poor credit ratings or a high debt ratios, DOY has a semester program that separates the loan into two six-month payments. After paying the first semester loan in six months with no delinquent payments, the second semester loan is automatically granted for the remaining six months.

Tuition Loan Facts

  • The interest rate for the tuition loan is kept as low as possible. For the current school year the rate is set at 4.49%.
  • The school's only involvement with the program is to provide suggestions and to distribute information to the parents. All loan approvals and repayment concerns are handled by DOY.
  • DOY is a Federal Credit Union and in NOT affiliated in anyway with the Diocese of Youngstown. All questions or concerns about this program should be directed to the DOY Credit Union.
  • Once a member always a member. Students and parents who leave the Parochial Schools can keep their account open with only a $10 savings balance. This will keep your account in good standing for any future savings and/or borrowing needs. There are no service charges or maintenance fees to keep the account open.