This year has left many individuals uncertain about their academic futures. With COVID forcing colleges and universities to change their business tactics, many students find it nearly impossible to get tuition refunds if forced to withdraw from school.
How can you protect your investment in your education and get a full refund for your college tuition?
Tuition insurance is a great way to secure your finances in a crisis. Here’s a guide to help you understand tuition insurance and how it could benefit you.
How COVID has Affected Refund Policies
Most colleges and universities offer a refund policy allowing you to get your money back after deciding to withdraw from school. This usually applies only to the first five weeks of college. However, most schools do not refund 100% of the money you paid to attend.
COVID has affected college life, as most students shift to online classes. Many institutions charge room and board, even while students study from home. Some courses also lack certain classroom fundamentals. This includes mock trials, clinical experiences, and more.
Some colleges have found themselves unable to give refunds at all. The virus has brought many new changes that universities aren’t sure how to cope with; some schools cite a lack of funding as a reason to hold onto college tuition. Due to this lack of funding, among other issues that universities face with the virus, you may have difficulty getting a refund.
What That Means for You
If you decide to attend college or a university in the near future and withdraw yourself, you may be out of luck when trying to get a refund. Some students have taken their universities to court over the matter. Many cases are still pending and waiting for a resolution.
You will be paying for things you won’t receive, such as room and board, but you may not even get your money back after dropping out. At most, you may receive a small fraction of what you paid.
What is Tuition Insurance?
Are you considering applying for college in the coming year? If so, then you should strongly consider getting tuition insurance for yourself. This will help you protect your money if you decide not to continue your education.
Tuition insurance, otherwise known as tuition refund insurance, is exactly what it sounds like; it protects you from being denied a tuition refund after withdrawing from school. However, the reasoning behind your withdrawal must be due to your medical or mental state. For example, if you received a severe injury that prevented you from attending your classes, you can get your tuition funds back with tuition insurance.
Your reimbursement may depend on the type of coverage you apply for. This means you are not guaranteed a 100% refund because you have tuition insurance; however, receiving a percentage of your tuition is better than being denied any refund.
Tuition insurance commonly covers one academic term. However, you can purchase additional insurance policies to protect yourself throughout your academic career.
The Benefits of Tuition Insurance
Tuition insurance can grant you peace of mind when paying for your education. You can know that your investment in your education is safe and that if the worst happens, you can get your money refunded.
If you are wondering whether or not tuition insurance is right for you, you can consider a couple of things.
First off, consider the overall cost of your tuition. Is the institution you are attending particularly expensive? If so, tuition insurance can significantly ease your mind and is a great way to protect your investment.
If you have a chronic illness, severe mental illness, or disability that may make it hard to attend college, then tuition insurance is a great way to protect yourself. The last thing you want is to enter your institution and realize you cannot continue due to your physical or mental health.
With COVID as a severe threat to your physical health, you should strongly consider tuition insurance if you contract the virus. This disease can leave you bedridden for weeks, making you incapable of completing your schoolwork and attending your classes, even if they are online.
How to Get Tuition Insurance
If you are considering tuition insurance, you must apply for coverage before beginning the academic year. You are not required to purchase tuition insurance for the entirety of your academic career, so choose your plan and coverage wisely.
You can choose from many different plans, so do your research before settling on a plan. Your school likely offers various forms of tuition insurance, so don’t hesitate to look and see what plans they are offering as well.
Protect Yourself and Your Money
There’s no need to worry about where your money is going regarding your college tuition. With tuition insurance, you can keep your assets safe and get a college refund without being denied by your university.
Are you considering attending a university soon but are concerned about needing to have your tuition refunded?
We’re here to help. Contact us with any questions or concerns about our tuition insurance, and continue reading our blog for more helpful information.