This year has left many individuals uncertain what their academic futures will look like. With COVID forcing colleges and universities to change their business tactics, many students are finding it nearly impossible to get tuition refunds if they are forced to withdraw from school.
How can you protect your investment in your education and get a full refund for your college tuition?
Tuition insurance is a great way to keep your finances secure in a time of crisis. Here’s a guide to help you understand tuition insurance and how it could benefit you.
How COVID has Affected Refund Policies
Most colleges and universities offer a refund policy allowing you to get your money back after deciding to withdraw from school. This usually applies only to the first five weeks of college. However, most schools do not refund 100% of the money you paid to attend.
COVID has affected college life in many ways as most students shift to online classes. Many institutions are continuing to charge room and board, even while students study from home. Some classes also lack certain classroom fundamentals. This includes mock trials, clinical experiences, and more.
Some colleges have found themselves unable to give refunds at all. The virus has brought many new changes that universities aren’t sure how to cope with; some schools are citing a lack of funding as a reason to hold onto college tuition. Due to this lack of funding, among other issues that universities are facing with the virus, you may have a hard time getting a refund.
What That Means for You
If you decide to attend college or a university in the near future and decide to withdraw yourself, you may be out of luck when trying to get a refund. Some students have taken their universities to court over the matter. Many cases are still pending and waiting for a resolution.
Not only will you be paying for things you won’t actually receive, such as room and board, but you may not even get your money back after dropping out. At most, you may receive a small fraction of what you paid.
What is Tuition Insurance?
Are you considering applying for college in the coming year? If so, then you should strongly consider getting tuition insurance for yourself. This will help you protect your money in case you decide not to follow through with your education.
Tuition insurance, otherwise known as tuition refund insurance, is exactly what it sounds like; it protects you from being denied a tuition refund after withdrawing from school. The reasoning behind your withdrawal, however, must be due to your medical or mental state. For example, if you received a serious injury that prevents you from attending your classes, then you can get your tuition funds back with tuition insurance.
Your reimbursement may depend on the type of coverage you apply for. This means that you are not guaranteed a 100% refund just because you have tuition insurance; however, it is better to receive a percentage of your tuition because of your insurance than to be denied any refund.
Tuition insurance commonly covers one academic term. However, you are able to purchase additional insurance policies in order to protect yourself throughout your academic career.
The Benefits of Tuition Insurance
Tuition insurance can grant you peace of mind when it comes to paying for your education. You can know that your investment in your education is safe and that if the worst happens, you can get your money refunded.
If you are wondering whether or not tuition insurance is right for you, there are a couple of things you can consider.
First off, consider the overall cost of your tuition. Is the institution you are attending particularly expensive? If so, then tuition insurance can greatly ease your mind and is a great way to protect your investment.
If you have a chronic illness or severe mental illness or disability that may make it hard for you to attend college, then tuition insurance is a great way to protect yourself. The last thing you want is to enter into your institution and realize you cannot continue due to your physical or mental health.
With COVID as a serious threat to your physical health, you should strongly consider tuition insurance in case you do contract the virus. This disease can leave you bedridden for weeks, which would make you incapable of completing your schoolwork and attending your classes even if they are online.
How to Get Tuition Insurance
If you are considering tuition insurance, you will need to apply for coverage before beginning the academic year. You are not required to purchase tuition insurance for the entirety of your academic career, so choose your plan and coverage wisely.
There are many different plans that you can choose from, so do your research before settling on a plan. Your school likely offers various forms of tuition insurance, so don’t hesitate to look and see what plans they are offering as well.
Protect Yourself and Your Money
There’s no need to worry about where your money is going when it comes to your college tuition. With tuition insurance, you can keep your assets safe and get a college refund without being denied by your university.
Are you considering attending a university in the near future but are concerned about needing to have your tuition refunded?
We’re here to help. Contact us with any questions or concerns you have about our tuition insurance and continue reading our blog for more helpful information.