Home About Us Savings & Checking Mortgage Program Tuition Program News & Notes Morgan's Memos Privacy Policies Rewards Signature Loans Contact Us 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. Get Started Early Parochial high school and elementary school tuition for the upcoming school year will be due soon. To avoid any delays, call our office to start the process. Waiting until August could cause delays. Parents who are currently in our tuition program only need to call our office to notify us of the amount needed to borrow for the next school year. DOY will process the loan for approval and then arrange to have the parent/s sign the new agreement. This only applies to parents whose previous year’s tuition loan is either paid in full or will be paid off by summer's end. Parents whose students will be sophomores, juniors, or seniors are eligible to receive discounted interest rates (see next article for details). The first-year high school and elementary tuition interest rates are set at the low 2.99% rate. Good Borrower - Lower Rates As a reward for members who make their high school tuition loan payments on time, a rate reduction will be awarded for each subsequent loan. After the first year in the program, usually the student's freshmen year, the next loan (sophomore year) will have a rate reduction of 0.50%. Then for the junior and senior year loans, a rate reduction of 0.25% for each year will be awarded. For example, using the current tuition rate of 2.99%, the following rates would apply if the previous loans were never delinquent. Freshman year: 2.99% Sophomore year: 2.49% Junior year: 2.29% Senior year: 1.99% Lower Payments Available For Seniors Another feature of the tuition program is for senior parents. Because of additional expenses in the student's senior year (e.g., graduation expenses, precollege expenses), the member can take the option of financing the final year at the 1.99% rate on a 24-month payment schedule. This option provides a much lower monthly payment allowing for additional cash flow to meet other expenses. This option is only available to members who have been in the tuition program for at least two consecutive years. Remember this program only applies to high school tuition loan members who have an excellent credit rating with DOY. Tuition Savings Program In conjunction with the tuition loan program, a tuition savings program is available to all our members. This special savings account has an accelerated tier schedule that causes dividends to reach the upper rates faster than the regular shares. Listed below are the rates for the previous quarter. Parents can open the "tuition share account" for their children to pay for your child's future educational expenses, whether it is for elementary, high school or college. With tuition going up and up, you should start saving now. Stipulations Any withdrawal must be used for educational expenses. Withdrawals must be made to an educational entity. A penalty will be imposed for withdrawals to pay for non-educational expenses. The penalty will be equal to the difference between the dividends earned on the account and dividends calculated on the 2nd tier of DOY's regular shares rate as declared for the previous quarter plus a $50.00 administrative fee. Tuition expenses can be for elementary, secondary, college, trade school, or any post high school education. Tuition Savings Rates Amount Rate $10 - $199 0.00% $200-$499.99 0.01% $500-$999.99 0.05% $1,000-$4,999.99 0.10% $5,000-$9,999.99 0.20% $10,000 - and up 0.35% College Tuition Program Another program for our tuition loan parents is the College Tuition Program. Parents asked if we could continue the tuition program for their students going to college. Since they had budgeted the monthly payment for high school tuition for nearly four years, why not continue the same monthly payment for college. The program was changed to include more of DOY's members. Members who have mortgage loans or car loans can also apply. The interest rate is now the senior rate in our Tuition Loan Program. To qualify for this loan all of the following criteria must be met: The parent must have been in the high school Tuition Loan Program for at least two years or a Big Borrower with DOY at sometime within the last ten years (mortgage loan, car loan over $10,000). The previous loans with DOY must have been current without any delinquencies. The maximum allowed would be $10,000 per student for tuition only. Proof of enrollment in an accredited post high school institution including community colleges, technical schools, etc. The interest rate will be at the senior rate from the high school tuition program (currently 1.99%). Stipulations Loan proceeds will be made payable and sent directly to the accredited, educational institution upon receipt of an official bill. Tuition expenses can be for college, community college, trade school, or any post high school education. 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 2.99%. 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. DOY Federal Credit Union 1500 Gypsy Lane, Youngstown, OH 44505 Phone: 330-744-5680 | Email: info@doyfcu.com