➢ Parents should invest in their child’s education before elective expenses such as secondary home ownership, club memberships, expensive car leases/purchases or excessive consumer spending.
➢ In fairness to other financial aid applicants, to other Loyola families not receiving aid whose finances are stretched, and to the donors who sacrifice to contribute to the financial aid program, it is important that parents consider all their options before applying for financial aid (e.g. ten-month payment plan offered by Loyola, assistance from family members, a bank loan etc.).
➢ Parents who choose to have their son participate in school activities that require a significant financial outlay (e.g. trips costing more than $2,000) will be asked to reimburse the financial aid granted for that year. This rule applies even if family or friends have offered to cover the cost of the trip. (The Dominican/Belize Service Trips in Secondary 4 are not subject to this rule.) We strive to be fair to the donors who support the financial aid program and to the parents not receiving assistance who cannot afford the expense of such activities.
➢ Both parents are expected to contribute to the tuition. If a parent chooses not to work, Loyola will assign an annual income of $20,000. However, consideration will be given for extenuating family circumstances (e.g. young children, large families or elderly parents to care for).