All of us have learned through experience, and occasionally from hard knocks, that it is best to insure an expensive purchase, whether it is a home, car, plane fare, luxury good or electronic device.
Yet until now, one of the most expensive purchases that parents make – the college tuition, fees and room & board for children – has not been “insurable,” unless the students in your family attend one of 180 mostly elite and very expensive private college and universities that offer what is usually called “tuition insurance” through the school’s enrollment contract process.
Now, thanks to a new policy that is embedded in College Parents of America membership, tuition insurance is available for the first time to all college parents. No matter where your son or daughter goes to school – a four-year public or private, a two-year public or private, or any other institution that is accredited and eligible for federal funds – you are now able to purchase tuition insurance to protect that investment.
For $89, the price of a basic College Parents of America membership, you receive a certificate of coverage for up to $5,000 of “loss” that may result from tuition and all other non-refunded costs should your student need to withdraw for a valid medical reason. Many schools will refund a portion of tuition expenses up to a certain point in the semester, but most do not refund commitments made – or already paid – for fees beyond tuition, nor for room & board expenses.
Here are some additional benefits of College Parents of America tuition insurance:
- The policy covers an entire family, not just one student;
- For medical withdrawal, loss coverage is 100% and for mental/emotional wellness withdrawal, the coverage of loss is 100%*; and
- Markel Insurance, which is underwriting the insurance, has an “A” rating from A.M. Best, a company respected for its close study of insurance company balance sheets.
Your child’s college education is one of the biggest purchases you will make in your lifetime. Whether it’s the average of $13,500 you may be spending on a public university in your state, or the $33,000 on average you may be bleeding for a private college clear across the country, that expenditure is a substantial drain on the family budget.
No doubt, you want to protect your substantial college investment from loss. That’s where College Parents of America, the nation’s only membership group of current and future college parents – and now the provider of the only national group policy for tuition insurance – can help. More information about the group – and the policy – can be found here.
*2-day hospital stay required; hospital stay must occur prior to date of withdrawal.