College Cancellation Insurance
What happens if you have to leave college early? Do you get a refund for the unused tuition and fees? College insurance provider GradGuard has some answers.
In fact, one out of four students who enroll in college, don’t complete their degree. As a result, college families can benefit from taking steps to overcome risks that could disrupt their child’s education.
“Paying for college is usually the second largest investment college families make,” says John Fees, co-founder of GradGuard, a student benefits platform designed for the collegiate market. “Families are smart to protect that investment.”
GradGuard recommends the following tips:
Know Your School Refund Policy: If your student has to withdraw from college due to a serious illness, injury or accident, it’s unlikely that you’ll receive a full refund. Tuition insurance can provide a refund, however, when schools do not.
If you cannot afford the cost of an extra college semester, then it is essential to purchase tuition insurance coverage prior to the start of classes.
The good news is that college families can protect their investment by purchasing tuition insurance starting at $39.95 for $2,500 of coverage per term.
Confirm Health Insurance Coverage: Many colleges offer health insurance plans to students and require them to purchase or opt-out by showing proof of alternative insurance.
According to the American College Health Association, about 10 percent of students get their health insurance through their school.
A college health insurance plan may make sense for some students. But if you have family health insurance, your college student can remain on a parents’ plan until the age of 26. Be sure to confirm the requirements to use your student campus health clinic and be sure not to pay twice for coverage.
Understand the Risks of Living on Campus: For many of the nearly 3 million students who live in student housing, this is the first time they are living independently. Chances are, they’re not aware that their college or university is unlikely to replace stolen or damaged student property.
- 98% of colleges and universities do not replace stolen or damaged student property (HigherEdStudy)
- 1,999 fires are reported in campus-based student housing (Clery Act Reports from 2009-2019)
- 69,500 property crimes were reported on campuses nationwide (FBI Crime Report)
As a result, students are smart to consider purchasing renters insurance, particularly given that a recent review of the top 20 home insurance companies found that only 35% of them provide coverage for students living on-campus.
For about $.50 cents a day, GradGuard’s college renters insurance contains an exclusive student endorsement that provides world-wide property coverage, a low-deductible and no credit check, making renters insurance a must-have consideration for college families.
GradGuard’s college insurance search tool can make it easier to find the insurance programs that are right for your college student, or even recommended by their institution. For more information, visit gradguard.com.
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