College can be costly and stressful. For as many perks and peaks as there are, it does have its fair share of stress. With bulks of work and the frequent demands to prepare for the future, balancing your life in and out of school can be a tough task.
Sometimes students overdo it to the point where you get ill with the flu, mono, depression or any other school and stress related side effect that you can think of. In fact, college students have many unique illnesses that may force them to withdraw from school.
Data from the American College Health Association demonstrates that many student health issues are so serious that they can force a student to withdraw from classes.
If you get sick or injured and you’re forced to withdraw from school, what happens to your investment?
Most times, you will not be refunded the thousands of dollars you are paying for college. Though universities often refund a portion of your tuition thru the first weeks of school you can safely assume that none of your tuition will be refunded after the 5th week of classes and that your academic fees will also not be eligible for a refund.
A survey of university bursars and health administrators confirmed that 84% of institutions do not provide a 100% refund. When you consider the fact that many families invest more than $30,000 a year in college tuition, it makes tuition insurance a smart buy.
Tuition insurance can help you minimize the risk of financial loss due to withdrawal. It’s not “drop-out” insurance, but should you need to withdraw from school for a covered medical reason, tuition insurance can help protect that investment – your tuition and other fees.
GradGuard offers tuition insurance starting at $33.75 for $2,500 of coverage but typically is about $135 for every $10,000 of coverage you need. GradGuard also offers special pricing and coverage options at more than 300 colleges and universities. Schools that integrate tuition insurance within the billing process can often save students money on the coverage.
It is important to consider:
a) Your school’s refund policy.
b) If you can afford the financial loss should become ill or injured.
c) Getting protection before classes start. Just like you can’t buy insurance after a fire or theft, you must buy tuition insurance before classes start.