Nationwide, college families are busy completing student orientation and finding ways to pay for college. Among the many questions that college students are smart to ask is – What will happen if your student has to withdraw from college?
According to a 2015 National Student Clearinghouse: “The overall national six-year completion rate for the fall 2009 cohort was 52.9 percent.”
“So nearly half of students who start college may not complete it. Though academic readiness and the financial concerns are the primary reasons why college students don’t complete their degrees, other unexpected incidents can also disrupt a students’ education,” said John Fees, co-founder of GradGuard, an authority on protecting the investment of college students and their families and a leading provider of tuition insurance.
The American College Health Association annual survey on National College Health student health reports incidents such as illnesses, accidents, and injuries can frequently happen, even to young and healthy college students. The good news is that college families can protect their investment by purchasing tuition insurance coverage starting at $29.95 for $2,500 per term.
College is a large investment at any college. The College Board’s 2016 Trends in College Pricing reports the average published in-state tuition, fee and room and board charges for 2016-17 are $20,090; for out of state students, total expenses are $35,370, and private nonprofit four-year institutions are $45,370. With so much money at stake, Fees suggests that college parents make a plan in case your student is forced to withdraw from school due to a serious illness or injury. As a result, college families are smart to consider purchasing Tuition Insurance before the start of school.
5 Reasons Tuition Insurance is a Smart Decision:
- If you can’t afford to lose the investment you are making in your semester of school – Tuition insurance can provide up to 100% refund for your expenses if a student gets sick, injured or have to leave school due to the death of a parent. Tuition insurance can cover those costs and help you get back to classes, without the added stress of a financial loss.
- If your school does not provide 100% refund? – Do you know your school’s refund policy? A majority of school refund 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. Be sure to check with your school to see what their policy is and how much money is at risk.
- If you have more than $2,500 of academic expenses – Even if the school provides a 100% refund for tuition, most schools do not refund academic fees or student housing. Many tuition insurance plans provide coverage for not only tuition but also for expenses related to academic fees and student housing.
- If you are a first-year student – Adjusting to the demands of college life can be stressful and often students are unaware of how to maintain their good health. As a result, tuition insurance can be smart for new college students.
- If you are taking out a student loan – Though subject to a partial refund, student loans must be repaid even if your student completes a medical withdrawal. As a result, purchasing tuition insurance can be used to repay the balance of your student loan or help you pay for the next term.
Fees continued: “No matter where your student attends college, families deserve the opportunity to protect their investment in a higher education. Just remember tuition insurance must be purchased before the start of each term”.