Meanwhile, the value of Loyola's endowment, worth $36 million last year, dropped to about $26 million, with the losses straining the school's operating budget and ability to boost financial aid for strapped families.
For one family, that has meant taking out loans to keep their son, a senior, in school. The family had been receiving financial assistance for the last three years but were told this year that funds would not be available.
"I assume because there were parents worse off and funding went to those more in need," said the father, a San Gabriel Valley resident who did not want his name used because of the sensitive nature of financial aid issues. With two other college-aged children, the family is stretched thin.
"With the cost of tuition going up faster than your income, as well as the costs of normal day-to-day living expenses, you start getting squeezed at every end," the father said. "Our choice was to take on more debt. We didn't want to pull our son out of private school, especially in his last year."
Like many other schools, Loyola is looking to cut expenses and increase fundraising early next year, Baker said.
"Once we get a fairly good idea of how things are tapering out and what our real needs are going to be, we'll begin a special appeal to our donors who are consistent supporters to give them a clearly articulated case and message," he said.
New Roads Head of School David Bryan said some families who previously paid full tuition -- $26,830 for upper-school students this year -- are now receiving financial aid, which can be awkward for some.
"It's clearly far more embarrassing for those families than for families who have needed aid right from the start," Bryan said. "There are families who've had disposable income for years and find themselves in a position where coming up with cash is impossible."
Of the 20 families who left because of financial uncertainties, Bryan said, "These were not families that were having to make a decision between a rent check or a tuition check, but just didn't know what the next year was going to look like. We were able to replace those families and meet our enrollment goals, but we had to work hard at it."
Market stresses also appear to be creating problems for some private schools either in the midst of capital campaigns or those that have recently completed facility upgrades, said James McManus, executive director of the California Assn. of Independent Schools.
