With college campuses again buzzing with students, the fall will bring concerns about the flu and other potentially serious illnesses. As parents remind their students to get flu shots, they should also consider how an illness like the flu or mononucleosis can impact academic performance – as well as their finances.
A significant illness can impact a student’s ability to handle an educational workload. In some instances, this can lead to medical withdrawals, which, in turn, leads to the loss of a family’s investment in tuition, fees and other related expenses. Most colleges and universities do not provide any refund of tuition and fees if a student withdraws for medical reasons after the first five weeks of a term. Many schools only refund a portion of the tuition, not fees.
Although school is already back in session, it’s not too late to protect the cost of college attendance. GradGuard tuition refund insurance covers the cost of tuition and other non-refunded expenses in the case of a medical withdrawal, and is available at any time before or during the semester.
When considering tuition refund insurance, parents and students should take into account the following important points:
Time of purchase: Do I need to purchase the policy before the start of the academic term?
GradGuard is the only tuition refund insurance that may be purchased at any time, even after school has started.
For coverage purchased after the beginning of the semester, there is a 14-day waiting period before a claim can be filed for sickness. The waiting period does not apply to disability caused by an unforeseen accident or death.
Availability: Is the purchase of tuition refund insurance tied to attendance at a specific college or university?
A relatively small number of institutions offer students the option to purchase tuition refund insurance. With the launch of GradGuard, for the first time, tuition refund insurance is available nationwide to any student attending any accredited college or university.
Mental health coverage: Does the policy cover losses for withdrawal for mental health issues?
Some policies have requirements tied to hospitalization or only cover 60 percent of the tuition lost due to a withdrawal due to mental health issues. GradGuard covers 75 percent of tuition, fees, room and board, and related expenses due to a college withdrawal for emotional, nervous or mental disorders.
Additional benefits: Does the policy cover anything beyond tuition?
GradGuard’s tuition refund insurance covers the non-reimbursed cost of college attendance, including: tuition, room and board, fees, travel to and from the academic program. It also includes membership in the College Parents of America and the Student Protection Plan, a suite of benefits that includes emergency medical evacuation, identity theft protection and resolution services, computer repair and warranty extension.
Costs: How does the cost of the policy correlate to the overall benefits?
GradGuard’s tuition refund insurance includes coverage for the additional non-reimbursed cost of college attendance (room and board, fees, travel to and from the academic program), as well as the Student Protection Plan, making it a great value. Rates start at $19.91/month for $5000/term or $10,000/annual coverage.