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How To Be Financially Smart Before and During Study Abroad

July 8, 2021

Before Study abroad 

Most students will want to take advantage of the opportunity to study abroad in college. It is such an exciting opportunity that we can tend to get ahead of ourselves by daydreaming about the places we will travel to, planning out our Instagram poses, and begging our friends to come out and visit us. But what we can sometimes forget to do is start budgeting and saving up money for our travels before the semester abroad rolls around.

Summer work

If you are financing your study abroad, try to have at least three months prior where you can work consistently and set aside the money you make. Many students already know a year or so in advance that they are going to study abroad. Utilize the summer before the fall or spring term that you are studying abroad to work as often as you can so that you are able to save up as much as possible . Some days might be difficult if you are working 5-6 days a week and eight hours a day, but set your phone background as a picture of Europe, and remember that all the long hours will pay off when you are traveling the world for a semester.

Cutting out unnecessary expenses

In order to save as much as you can before getting on your plane to start your travels, there are a few expenses you can limit that we do not realize make a dent in our bank account: 

  • $5 dollar daily coffee 
  • Takeout/Eating out 
  • Limit your spending on social outings to twice a month instead of once each week
  • Shopping. You might feel like you need new clothes for your travels, but you will probably buy plenty in the countries you visit 

Apply for scholarships 

Schools like to show their support for study abroad programs by providing ample scholarship opportunities to their students. Look into your specific school program and try to apply to as many scholarships as you can.  There are many different amounts that students may receive, and any opportunity for aid should not be passed up. Even being awarded $200 will pay for a  fun experience, such as a weekend airbnb in Italy and most scholarships will award you more than that. 

During Study Abroad 

Budgeting is a long-term necessity. Saving your money while you are traveling is just as important as saving it before you go out and explore. It is easy to drain your wallet in the excitement that comes with being abroad, but following a few easy steps can help you be financially responsible. 

Create a budget 

During the week, give yourself a limit on the amount of money you spend going out to get food and drinks. Eating out and getting drinks tends to be a daily activity and can add up quickly, so make sure to keep track of this so that you avoid draining your travel money on things such as fancy pasta for lunch everyday.

Fly smart 

There is no need to book with expensive airlines, Although it may seem too good to be true, there are flights that will get you to the same location for as low as $30. RyanAir, for example, is a popular airline in Europe with competitive prices. Another practice to avoid expensive flights is to try and fly on Tuesdays, Wednesdays and Saturdays as these days tend to be cheaper. 

Book airbnbs or private hostel rooms 

Many students do not love the idea of staying in a hostel and so they think they will be spending more on hotels. This, surprisingly, is not the case. Airbnbs are safe and inexpensive options all over Europe. Look into any reviews and check the location with popular tourist spots. Also, hostels have the option of private, two person rooms, which is an option people are more comfortable with rather than spending more on a private hotel room.

Saving money both before and during study abroad can be done easily and efficiently if you keep in mind these simple tips. It is important to always remember why you are saving money as staying focused on your goal can motivate you to keep up your progress. These budgeting tips and other methods of saving money for school programs and activities can also be applied throughout your life in many different areas. 

Safe travels and happy saving!

BIO: Elie Corbett is a senior at Northern Arizona University majoring in Marketing. She is interning at GradGuard for the summer. She loves to spend time with her friends,  travel, and go to concerts!

Other

Juneteenth: The Importance and Meaning Behind This Day in History

June 17, 2021

Following the rise of activism during the summer of 2020, it’s become clear that there are missing pieces in our history books. This is why we are shining light on this upcoming Saturday, Juneteenth, a holiday that has been overlooked for the past couple hundred years.

You probably learned in history class that the Emancipation Proclamation went into effect January, 1, 1863, and with it came the end of slavery in the United States. However, the official end of slavery didn’t come until June 19, 1865, when Union soldiers entered Galveston, Texas to ensure all slaves had been freed. This arrival of troops came around two and a half years after the Emancipation Proclamation went into effect and brought freedom to nearly 250,000 Texan slaves. The following year, Texas declared a day of celebration on June 19th, and the longest running African American holiday was born.

Since then, the holiday has continued to gain more attention during the civil rights movement in the 1960s and again in the 1970s when Texas officially established June 19th as a holiday. In 2021, President Biden signed into law a bill creating a federal holiday to commemorate Juneteenth. Because the day falls on a Saturday this year, most federal employees will get Friday, June 18 off.

Juneteenth continues to grow in popularity as more cities and states take action to recognize and celebrate the day. It’s important to shed light on Juneteenth while acknowledging the present day recognition is long overdue. Juneteenth only recently became a topic of discussion in the media, and in order for it to continue to grow, it’s up to everyone to learn more.

Juneteenth.com provides a wonderful history of the holiday and up-to-date links to celebrations and events near you. Alongside education, donating to charities such as ACLU and the NAACP, can make a big difference. Here’s where you can find more information on how to contribute.

Happy Juneteenth!

Other Student Life

Why It’s Important to Always Learn New Things

June 3, 2021

Lifelong learning is a self-initiated education focused on personal growth and development. There are no pre-set standards as to how lifelong learning should be. It can take place within or beyond the four walls of the classroom and should be voluntary for the purpose of achieving personal fulfillment.

Learning is becoming more and more critical in the workplace since tech innovations continuously redefine and create jobs in the labor market. Companies have favored massive open online courses (MOOCS) to assist in their employees’ professional development. MOOCS are getting a fair share of popularity in terms of education modality. This platform is comprised of online distance-learning courses that are aimed at delivering the curriculum at your own pace. Technology, business, design, personal development, and language courses are enjoyed by people of all ages and professions in this modern and convenient learning program. 

Knowledge is everywhere. Even the simplest hobby of collecting stamps is putting learning into practice — from finding where to buy stamps, acquiring, organizing, cataloging, displaying, storing, maintaining them in their original form, and studying each stamp’s history. Learning a new musical instrument strengthens your memory and forms reading habits, practices your multitasking skills, increases blood flow in your brain, allows for a mind reset, and reduces feelings of stress and depression. Books are timeless pieces of knowledge source. Reading a book can increase empathy, build your vocabulary, prevent cognitive decline, and alleviate mental strain. With many book sales and cheap ways to ship books, this is not so hard to do. 

There are plenty of reasons to keep learning and you should start today. Make your time useful, allot room for intellectual conversations, grow your small business and reduce stress through a learning experience. Here are other initiatives worth engaging in:

  1. Trying out a new skill. You might just find the fun in cooking, baking, bartending, or gardening.
  2. Self-taught learning. Researching on any topic of interest or learning a new language.
  3. Plunging into a new sport or activity. Taking a zen moment for yoga, increasing your adrenaline with martial arts, or just finishing an exercise.
  4. Getting in touch with tech. Discovering new smart devices and navigating software applications.
  5. Learn a course through MOOC. Business management or technology, take your pick.

Learning something new makes us updated on trends and technological changes. In these modern times, what you do not know makes you left behind. If you are fully unfamiliar with what you want to learn, look back and revisit moments in your life when you wanted to do something but had to defer for a variety of reasons. Whether it is for personal, passion, or professional education, you can definitely lean towards learning new things for personal fulfillment and satisfaction. Humans have a natural desire to explore, learn, grow and find ways to improve their quality of life, sense of self, self-esteem, and worth. When we are fully aware of the possibilities to improve ourselves, only then will we be able to see our true potential.

BIO: Bash Sarmiento is a writer and an educator from Manila who writes laconic pieces in the education, lifestyle, and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management, and traveling are translated into his works.

Other Student Life

How Online Learning Increases Approachability for Disabled Students

May 28, 2021

There are eight sections in which impaired students are categorized according to their conditions – medical disorder, mental disorder, cognitive impairment, hearing problems, language disability, visual deficiency, acquired brain impairment, and intellectual disability.

Because certain people are physically and emotionally deficient, this does not rule out their ability to succeed in school or the workplace. Education is no longer an arduous task for disabled students, thanks to the introduction of eLearning. Technology which plays a vital role in delivering ideal learning solutions for disabled students.

Disabled students who study online find it more rewarding and less challenging to get knowledge. Disabled students may find it challenging to access a traditional education school, but this is not the situation when they use online learning platforms.

Remote working is getting a lot of spark in recent days. It’s convenient to work from home without having the hassle of moving around and dealing with the morning commute. Working from home also allows disabled people the convenience of operating from home with their ease. They can apply for the desired job from home and can get free resume reviews from online platforms.

Many universities and colleges have begun to provide online learning tools. The idea of virtual campuses is increasingly expanding these days, and thus more disabled students are enrolling. Technology also plays an integral part in delivering ideal learning solutions for disabled students. Students nowadays have the option of choosing their locations for coursework and research.

Furthermore, disabled students choose to learn online because it allows them to have more time to finish homework and allows them to sit, relax, or exercise anytime they need to. For disabled people, there are several advantages to eLearning that they can take advantage of without difficulty. We will mention below that how online studying increases convenience for these students.

Learning at your own pace and location

As a critical forum for online learning, the Internet provides disabled students with the ease of getting educated. Students who are mentally or physically impaired no longer have to drive long distances and struggle with the issues that come with it, such as being pressured for time and continually coping with pressures, thanks to computer-based learning. According to studies, 90 percent of disabled students don’t attend schools. Many individuals, rather than disabled students, do not have the ability or resources to drive long distances.

One of the critical reasons attending college or university is daunting for disabled students is the inconvenient commute. Every day tasks become quite hectic and special students need assistance from others. Simple activities like using the toilet may be a mild hassle for college-bound students who live with their disability. Imagine them commuting long distances to and from school every day! With physical disabilities, going to university for many years to get a degree seems like a lot of effort.

Benefits of online learning for disabled students

When physical disabilities prohibit you from doing what everyone else: like gaining a degree, it’s possible to get frustrated. This mindset is flipped via online learning, promoting the mentality of “I can do it!”

There are many ways in which students with disability who are studying online does not feel discouraged or do not mind any inferiority complex. Online studies remove any kind of discouragement and complexity from the disabled student’s minds.

  • Since online learning is more convenient, students feel freer to engage more than if they were in a loud or distracting environment. Fear of loss or judgment is also reduced because there is no peer pressure or rivalry. Online students now have quick access to the services they need, which impacts their overall results. It’s also worth mentioning that online educators are actively knocking down walls to promote online student engagement.
  • The ability to “study within their own tempo” is a crucial factor in disabled graduate’s progress. The ability to plan their own timetable relieves the undue burden that most students in traditional universities experience. Disabled and regular students can take breaks whenever they want or prepare for as long as they wish in certain college classes. They follow the correct principles to prevent mental or emotional exhaustion.
  • Disabled students who study online have more time and space to work. They will check the content and watch lectures however many times as they like with eLearning. Students with visual processing disorder or dyslexia can modify digital text using IT programs and software by changing the font type or scale, which helps them interpret information more efficiently.
  • Students with hearing loss may benefit from technological advancements. They can watch lectures with subtitles, something they cannot do in the classroom. Since the text is the primary means of contact for teachers and other pupils, it can be a more convenient way to communicate through platforms and emails.
  • Students with psychiatric disabilities can practice and learn in their settings. Since it is challenging for them to deal with the circumstance and distress, their familiar environment would aid them in learning by eLearning.
  • At any step, two key factors are helpful to disabled students: persuasion and versatility. Distance learners will benefit from online learning because it is more versatile than conventional schooling approaches.

BIO: Grace Griffin is a member of the writer’s team on Research Prospect. She has Bachelor’s in Law, Masters in Literature, and a PhD in Economics. Grace is a technical writer and loves reading articles, blogs, magazines, newspapers and books.

Other Student Life

8 Tips for Eco-Friendly Apartment Living

May 21, 2021

Many college students find living on or off campus as part of the college experience. Student-tenants benefit living away from their families, they gain a sense of independence, financial management strategies and an opportunity to pick a lifestyle of their own. Nowadays, many students have turned to the eco-friendly lifestyle and prefer environmentally-friendly products. This only proves that students have an environmental conscience and are aware of their social responsibility.

Here are a few ways to up your eco-friendly apartment life:

Conserve electricity

Every bit of it. You can start by knowing when to switch off appliances or using the self-timer feature of your television and air conditioner. Cut down electricity usage by switching off lights you do not need. There are many ways to practice conservation of energy. With this, you are reducing your carbon footprint and saving more money. For lights you use frequently, opt for LED bulbs. You will pay more money up front for them, but you’ll quickly see the savings in your electric bill over time.

Eco-friendly technology

When you have the opportunity to make a switch to more energy efficient products, do so. It is much like paying forward to the environment. Solar-powered lights, radio and calculators help you save money and reduce your energy output. You can also buy rechargeable batteries, which will save you money in the long run.

Don’t waste food

Not only is this waste of money but also a waste of landfill space. You can do composting if food waste is really unavoidable. Reduce your food waste by smart shopping. Buy less than enough perishables that you will be able to eat. Sometimes, less is more than enough. 

Recycle

As a student, there are many ways to practice recycling. Separate recyclable and non-recyclable materials. Reuse your shopping bags. You can also buy recycled paper and reuse by printing on both sides.

Try to fix stuff before ditching it

Throwing things away should be your last option! If you have a broken lamp, furniture or kitchenware, try to see if it can still be repaired. The internet can be your guide in practically fixing anything as there are tutorial videos for each household item, you just have to find it. Or, if it’s not broken but it’s not suiting you and your needs anymore, see if you can give it to a friend or selling it online. Remember, one man’s junk is another man’s treasure!

Skip the plastic

On your next trip to the grocery store, don’t forget to bring a canvas reusable bag with you. Avoid single-use plastic bags or buying bottled water. Opt for an insulated water bottle instead. At your favorite coffee shop, give the barista your reusable mug. There are so many ways to cut down plastic usage. Many cities and counties have banned plastic bags from stores altogether. And if you forget your reusable bags, you’ll be charged for a paper bag.

Visit your local sustainable retail store

This can be an eye-opener for you if you’ve never done this before. In a sustainable store, you are required to bring your own reusable canisters and canvas bags to put in your coffee, sugar, rice and other grocery items that are not in their usual plastic packaging. Items might cost a little more, but produce and products here are mostly non-GMO and organic so you can feel extra good about what you’re consuming.

Make earth-friendly decisions

The next time you are asked to jot down notes, use your laptop or your smartphone instead of paper. Try riding your bike or walking to classes instead of driving your car. Or if you must drive, try to carpool with a friend!

Adulting Other

Easy Ways to Start Investing

May 14, 2021

As a college student, you have some unique challenges. There’s a lot on your plate between attending classes and homework, but also studying and balancing a social life, too. You should also devote time to your own wellness.

In this post though, we are not talking about physical or social wellness. Instead let’s focus on a more neglected wellness aspect – financial wellness.

Here are five easy ways to achieve that glow in your investments while being sensitive to a college student’s lifestyle.

Open an Interest Generating Savings Account or CD

Got some cash? Here are two easy, super safe ways to earn some interest:

  • High yield savings account from a bank that pays you a variable interest rate.
  • CD (certificate of deposit) guarantees you an interest rate if you leave your money in for a certain amount of time.

Both offer some return for your money, so they do count as investments. Be prepared to let this money sit in these accounts for a while. After a few years, you will start to see some real return, more than you would see if you let it sit in a standard bank. Work for your money, then let your money work for you!

Modern Brokerage Account

Back in the day, brokerage firms were stodgy and cumbersome to deal with. You had to physically call a broker or use a desktop computer. Not to mention the fees that came along with it.

That’s changed. The internet is not just for cat websites or eating challenges. In today’s investment landscape, there’s a plethora of free online brokers with slick interfaces that work on phones, tablets, or desktops.

Names like Robin Hood, Webull, or M1 Finance come to mind. These apps have truly introduced a large group of “retail” investors to the markets.

Index Funds

Now armed with a modern broker app, you can start diving into the more “traditional” investments like stocks and funds – the kind of stuff you hear about on CNBC (but never paid attentioned to).

For a busy student, simple is best. And the simplest is to buy an index fund, a fund that holds ALL the stocks in a given market. This is less volatile since you are well diversified and exposed to many stocks. Over the long term, America’s stock market only goes up.

Basically, if you are not interested in individual stocks or sectors of the market, just investing in the whole market is the way to go. It’s generally a safer way to get your start in investing. But again, this won’t make you a lot of money quickly, unlike how you may be able to make a quicker profit through riskier, more volatile trades.

Retirement Account

“Retirement accounts” once made my eyes roll. I know the last thing on your mind is 40 years from now.

But hear me out. Basically, IRA’s and Roth IRA’s are just accounts or vehicles that your investments live in. You contribute to these accounts, then decide what funds or stocks to buy from there.

With a Roth, you contribute money you’ve already paid taxes on, and when you withdraw, it’s tax free! With an IRA, you contribute pre-tax dollars, then pay taxes on it when you withdraw.

For a busy college student, there are two things to set up. First is an automatic monthly or quarterly withdrawal from your checking or savings into one of these. Second is to reinvest dividends from that fund back into the fund. Something to look forward to in the future is to look for employers who match employee 401K contributions. That’s something you’ll definitely want to take advantage of — it’s basically free money.

That way, time and compound interest helps grow your account, hassle-free. Even contributions of a couple hundred dollars a month, over 30 years, end up massive!

In Closing

When I started “adulting,” my knowledge of financial products was minimal. I freely admit I did not know the difference between a checking and savings account, much less investing.

Now with modern apps, investing is easier and more accessible. Get started with a few of the top tips above!

Other

5 Ways for Students to Help the Environment

April 10, 2021

Environmental justice is a topic that’s on the mind of a lot of students these days. It can feel discouraging to hear about a problem that is so big and out of control like climate change. But there are some simple ways to make a difference!

Here are few things you can do to reduce your carbon footprint.

Calculate your impact

It’s helpful to be more aware of the impact of your lifestyle. Check out Conservation International’s Carbon Footprint ​Calculator​! Start thinking about how you can drive less, carpool more, and opt for greener alternatives when possible.

Recycle

Recycling is a great way to be more aware of your consumption. It’s important to be aware of ​proper recycling etiquette​ to ensure you are recycling what you are supposed to. For most cities, contaminated recyclables often end up costing a lot more money to dispose of versus if they were clean. So make sure you rinse that pizza box out before throwing it in the blue bin, and tossing out your bottled drinks without the liquid!

Eat more plant-based

One of the biggest differences you can make for the environment is ​consuming fewer animal products​. You don’t have to go completely vegan to have a positive impact! Try Meatless Mondays or experiment with veganizing one of your favorite meals. Plus, many fast food joints offer Impossible burger options these days to make it easy to eat plant-based on the go.

Thrift

Thrifting is a fun way to limit your consumption and contribution to fast fashion. Check out our ​College Student’s Guide to Thrift Shopping​ for some tips on how to start shopping second-hand. You can also thrift furniture!

Reuse

Try to limit your use of single-use plastics. Invest in quality reusable items such as water bottles and shopping bags. If you do end up with plastic bags from the store, repurpose them as trash bags or for pet waste cleanup.

These are just a few ideas to help you be more environmentally friendly. Take some time to educate yourself on how you can be a more ethical consumer and continue to make lifestyle changes that contribute to a more sustainable future!

Other

The Most Influential Professors in Recent History

March 8, 2021

Professors influence the world around them in several different ways. They instruct and guide students through classroom lectures and career advice. They also advance general knowledge of how the world, the universe, and human societies work through their research. Often, they influence others in both ways at the same time, although either research or instruction typically occupies a majority of a professor’s time. Professors of the past have been responsible for breakthroughs that irrevocably changed the way that people live, and today’s professors are constantly seeking new innovations and discoveries. The following are important professors in all different fields who deserve respect and appreciation for their important work and the benefits it offers.

Marie Curie

Marie Curie helped set the stage for future scientific professors, such as Berkeley chemistry professor John Arnold. While many professors today specialize in only one field, Marie Curie studied both chemistry and physics. Through her research on radioactivity, she discovered two elements, radium and polonium.

Despite operating in what was considered at the time to be a man’s field, she broke new ground as the first woman awarded a Nobel Prize. She is still the only woman to receive two Nobel Prizes and the first person of any gender so honored. Not only did she help advance scientific understanding but she also helped promote equal opportunities for women through her work. However, her accomplishments came at a price, and she died in 1934 of a sickness believed to be related to radiation exposure.

Noam Chomsky

Noam Chomsky is considered the founder of modern linguistics, which is the study of language development and acquisition. Today, he is better known to many for his political activities, but he revolutionized linguistics with an influential theory that the human brain is hard-wired from birth to learn to speak and write. According to the theory, the brains of young children are more receptive to language acquisition, and as they get older, this receptiveness goes away and learning language becomes more difficult.

Barack Obama

Many people may not be aware that Barack Obama was a college professor prior to his landmark presidency. Obama attended Harvard Law School where he broke barriers as the president of the Harvard Law Review. Following graduation, he went on to teach at the University of Chicago Law School where he taught constitutional law.

Stephen Hawking

Stephen Hawking was a theoretical physicist who overcame a nearly lifelong struggle with ALS, a neurodegenerative disease, to become a renowned professor of mathematics. He was also respected in popular culture, in part because of an appearance on the science fiction series “Star Trek: The Next Generation.” On a tour of the set, Hawking looked at the warp core, which gives the fictitious Starship Enterprise the power of faster-than-light travel, and remarked that he was working on making it a reality.

Judith Butler

Butler teaches in the Department of Comparative Literature at the University of California, Berkeley but has been influential in a wide range of fields beyond literary theory. Her work has been applied to queer activism, ethics, and political philosophy, to name a few.

Albert Einstein

Einstein is not only one of the most influential professors of all time but also one of the most iconic, instantly recognizable even to people who have only the barest understanding of his theories. Einstein was something of a Renaissance man who explored different philosophies and had a deep love for music. Raised in the Jewish faith, Einstein emigrated to the United States in 1933 to flee Nazi persecution. He was a complicated individual who described himself as a pacifist, yet also lent his considerable talents to the Manhattan Project, the purpose of which was the development of nuclear weapons, out of concern that the Nazis might develop it first. His involvement in nuclear weapons development would be a source of inner conflict for him for the rest of his life.

Of course, there have been many influential professors going back through history, such as Sir Isaac Newton and Galileo. Even Socrates could be considered a professor, though the term wasn’t in use during his time. Professors of the past and present continue to inspire the thinkers of the future.

BIO: Brett Clawson has a degree in Business Management and has started a couple of small businesses. When he’s not focusing his time on those, he spends time with his wife and two sons. His oldest son has entered the wonderful realm of college, and he now enjoys sharing tips that he and his son have found essential for college life.

Other Student Life

10 Ways for Students to Celebrate Black History Month

February 14, 2021

February is Black History Month which is a time to reflect on the contributions of Black people in the U.S.

1. Educate Yourself

It’s always good to learn more and educate yourself on topics of Black History and issues that the Black community faces. You can find resources through your school’s library or also can find valuable content on YouTube or elsewhere online, such as David Ikard’s TEDx Talk The Dangers of Whitewashing Black History.

2. Donate to Black Non-Profits

Donating what you can to a non-profit that supports Black individuals is a great way to celebrate this month. Check out charitynavigator.org for a list of reputable non-profits that you can donate to this month.

3. Support Black-Owned Businesses

Check out these resources for locating black-owned businesses near you! It’s also valuable to note that instead of making a one-time purchase, make an effort to consistently support these businesses throughout the year.

4. Listen to Podcasts

Podcasts are a great way to stay entertained and hear different perspectives throughout your day. These podcasts with Black hosts focus on a variety of topics, including 1619 and Code Switch.

5. Diversify Your Social Media Feed

Social media can take up a lot of your day. It’s easy to endlessly scroll but it’s also important to notice who you’re scrolling through. If you’re looking to diversify your feed and hear from Black creators, follow accounts like @ohhappydani on Instagram and @aliciagarza on Twitter.

6. Read a Book

Here are some books from Black authors that you can read this month. You can also team up with your friends and read it together and talk about it after. Don’t know where to start? Check out this list that includes Cicely Tyson’s Just As I Am and The Prophets by Robert Jones Jr.

7. Watch a Film

Make it a movie night and pick a documentary or film that highlights Black history. Check out this list of must-watch documentaries from PBS, including Freedom Riders and Slavery by Another Name.

8. Support Black Artists

If you are looking to spice up your living space or for a unique gift, check out some of these Black-owned Etsy shops.

9. Sign Up For a Virtual Event

Check out an event that your school is holding in honor of Black History Month, even if it’s being held virtually due to the pandemic. It’s always a good idea to learn more through your campus resources and to participate in dialogue with others.

10. Stand By and Support Black Students on Campus

Find ways to support your school’s Black Student Union throughout the school year and be sure to stand by Black students amidst instances of hate that are occurring on college campuses.

Make sure to continue to uplift Black voices throughout the year, educate yourself and reflect.

Other

Money Magazine: Tuition Insurance and Coronavirus

July 28, 2020
Some college families consider tuition insurance amid the pandemic

Chances are, college is the biggest investment families will ever make next to buying a home. According to College Board, the average cost of a 4-year public university for out-of -state students in $42,970, and $26,590 for in-state students. So it’s no surprise to see the growing interest in tuition insurance amid the pandemic, as college families are looking for ways to protect their investment.

Money Magazine contributor Joanna Nesbit interviewed John Fees, co-founder of GradGuard about how tuition insurance works, what’s covered, and what’s not.

How does tuition insurance work?

GradGuard’s Tuition Insurance reimburses tuition, room and board, and academic fees if a student completes a covered medical withdrawal. Plans also cover mental health conditions – which are on the rise among students – including depression and anxiety. Untimely death of a student or tuition payer may also be covered.

It’s important for students to know there are limitations and exclusions that apply, and plans must be purchased prior to the start of classes.

What isn’t covered by tuition insurance?

GradGuard’s Tuition Insurance is not “drop-out insurance.” As stated in the Money article, student’s can’t simply decided they need to go home. They must be assessed by a licensed medical practitioner and obtain a written recommendation to withdraw. Other exclusions include injuries during amateur sports competitions, participating in a riot, or pursuing in extreme sports such as mountain climbing or bungee jumping.

Pre-existing physical or mental health conditions might be covered. Fees advises that the best thing students with pre-existing conditions should do is to obtain a doctor’s note saying they’re well enough to start college.

Can tuition insurance help protect against uncertainties caused by the coronavirus pandemic?

Epidemics and pandemics are typically excluded from most insurance policies. But until further notice, GradGuard’s plans include coverage if a student becomes ill due to COVID-19. It’s important to be aware that if campuses close, and students are sent home again like they were in the spring, tuition and housing fees would not be reimbursed by tuition insurance.

GradGuard’s Tuition Insurance also does not provide refunds due to fear of being on campus, or if the method of instruction has changed — such as moving in person classes to online.

The bottom line:

Many families may not find the need for tuition insurance, especially if their student’s school provides a generous refund policy or they can afford the cost of an unexpected extra semester in the event the student had to leave school. However, most families find it difficult to afford the extra cost and thus are smart to purchase tuition insurance, and make sure their investment is protected.

Looking to buy tuition insurance? First, ask your school if they offer it. Another easy way to find out is to use GradGuard’s College Search Tool.