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Life during college is often filled with many ups and downs. Sometimes life throws an unexpected twist that forces students to drop out of school mid-semester. If you've already paid for courses, you may not get a refund. This is where tuition insurance can help.
Whether you are a parent or a student, tuition insurance can be a worthwhile way to protect your investment.
In partnership with GradGuard, we take a look at five common reasons why you should consider tuition insurance. GradGuard is a leading provider of tuition insurance and can help you protect your financial investment for college.
Get a quote here and see how affordable tuition insurance can be >>
What is tuition fee insurance?
Tuition fee insurance offers security for parents and students. If a student has to discontinue their studies during the semester for an insured reason, tuition fee insurance can provide a refund of the money.
For example, let's say you get sick. If you can't continue classes and a doctor recommends that you leave the university altogether, your university may not refund the tuition you've already paid, not to mention the cost of room and board. However, if you have tuition insurance, you can file a claim for reimbursement of lost tuition, housing, and fees.
Tuition insurance typically covers serious illness or injury, mental illness, and death. Things like drug use, participating in a riot, or participating in extremely risky activities are not usually covered.
Terms and conditions and exclusions apply (including pre-existing conditions). Take a look at GradGuard's insurance coverage to find out more.
5 reasons for taking out tuition fee insurance
If you're not sure whether you should get tuition insurance, here are some reasons why.
1. Your school probably won’t refund your tuition
Most colleges do not offer 100% tuition refunds to students who drop out mid-semester, even if it is a medical withdrawal. Some schools offer tuition refunds on a sliding scale, so if you drop out mid-semester, you are unlikely to receive a full refund.
Since most families paying for college have made significant sacrifices to cover the costs, the lack of reimbursement can feel like a blow to your savings account.
If you want to protect your tuition investment, tuition insurance might be right for your budget.
2. You could get sick
No one wants to get sick while in college, or ever for that matter. However, if you are seriously ill, you may need to withdraw from classes to focus on your recovery. If you have student insurance, you will be reimbursed for your expenses that semester.
For example, I know several students who had to drop out of college because of mononucleosis. Without tuition insurance, they had to pay the tuition themselves. However, with tuition insurance, you can avoid this painful financial situation.
3. You can take care of your mental health
College can be a stressful time for students, and many suffer from serious mental health issues such as stress, depression, or anxiety. If you have to drop out of college for mental health reasons, tuition insurance will protect you from financial losses for that semester.
4. Support during a crisis
If a student is forced to drop out of college, a personal or family crisis may have played a role in his or her decision.
Some tuition insurance plans, like GradGuard's, offer assistance to students and families in emergency situations. At GradGuard, plans include Student Life Assistance, which can help parents plan travel so they can visit their child in the hospital, make travel arrangements for a student to get home safely, and even cover transportation of a vehicle from the college if they are too sick to make the trip.
Of course, no one wants to be faced with a health or other crisis. But if your student finds themselves in a difficult situation, any help is always welcome.
5. Reasonable rewards may be available
The exact cost of tuition insurance varies, but on average, tuition insurance is about 1-2% of total tuition fees.
Since most students and parents shell out thousands of dollars for tuition each school year, it can make sense to protect the investment with an affordable plan. But if you only want to cover a portion of your tuition, GradGuard can make your policy even more affordable.
Get a quote from GradGuard and see for yourself >>
Bottom line
If you're paying for your education out of your own pocket, tuition insurance can protect your investment. This is especially true if you're a parent co-signing a student loan to cover your child's education costs, or a student self-funding their education with limited resources.
If you're considering tuition insurance, get a quote from GradGuard today. Check out GradGuard here and see how affordable protecting your college investment can be.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
