When talking about college, the conversation almost always turns to money. From tuition to back to school shopping to textbooks and more, there are many costs associated with a semester at school. For many families, college tuition is one of the largest investments they will make, however, few do anything to protect that investment. But just as homeowners can purchase homeowners insurance and drivers can purchase car insurance, college students and their families can purchase Tuition Refund Insurance to protect their investment in college in the event of a medical withdrawal (or other covered event) from school.
Accidents happen, illness happens, even to young and healthy college students. No one wants to think about what could disrupt a student’s semester, but does your family have a plan when so many dollars are at stake? If you contracted a bad bout of mono and had to withdraw for the rest of the semester, what would you and your family do to offset those costs? If you’re not sure, you may want to consider Tuition Refund Insurance.
The top 3 reasons to buy Tuition Refund Insurance:
- If you can’t afford to lose the investment you are making in your semester of school – If you get sick, injured or have to leave school due to the death of a parent, you may still have to pay for that semester, not to mention make up that semester at a later date. Tuition Refund Insurance can cover those costs and help you get back on your feet in the event of a withdrawal, without the added stress of a financial loss.
- Your school’s refund policy may not extend beyond the first few weeks of the semester or cover full tuition – Do you know what your school’s refund policy is? Many schools policies do not extend beyond the fifth week of the semester, and many don’t refund the full cost of tuition after the start of classes. Every school that doesn’t offer 100% tuition refunds should offer students the opportunity to buy tuition refund insurance. You should check with your school to see what their policy is and what your risk factor could be, as well as check if your school offers Tuition Refund Insurance to students.
- It provides more than just coverage for tuition – Certain Tuition Refund Insurance plans can also cover the costs associate with attending school, like books, fees and room and board. Tuition Refund Insurance through Sallie Mae and GradGuard normally covers other academic losses.
You can learn more about Tuition Refund Insurance in the Slide Share below:
What do you do if your school does not offer tuition insurance?
If you and your family can afford the potential financial loss then you may not need tuition insurance. However, if you can’t overcome the financial loss, then ask your school how you can protect it. Only schools can offer you this opportunity to protect tuition:
- Let your school know you want Tuition Refund Insurance – The best way to get tuition protection is to ask your school for it! Contact your school bursar, financial aid office, or admissions office and ask them to offer tuition insurance coverage or make a commitment to your to refund 100% of your losses if you need to withdrawal for medical reasons. Be sure to get this in writing.
- Pay it forward – Ask your school how they disclose the refund policy during the school payment process – if you can insure the cost of traveling to college then you sure should be able to insure the cost of something that costs as much as ten times as much. This will help other families weighing the risks of their college costs as well.
- If you need a little protection – Most college students and their families will benefit from having at least some amount of tuition insurance. Starting at $29.00 for $2,500 of coverage, tuition insurance can help cover those non-refundable academic fees and provide some relief if you were forced to withdraw from college.