A college education is a big investment and is getting bigger every year. According to the National Center for Education Statistics, between the 2007-08 school year and the 2017-18 school year, the prices for undergraduate tuition, fees, room, and board at public institutions rose 31%! With the increasing costs involved in getting an education, tuition insurance has become a more intriguing option for students. Tuition insurance protects your investment in your college or university education, whether that be for undergraduate or graduate studies, should you have to withdraw during the semester.
What Does Tuition Insurance Cover?
Tuition insurance provides a full, or partial, refund for tuition, room, fees, and board due to a qualified reason that requires the student to drop out of school during the semester. Most tuition insurance plans consider qualified reasons to be health-related such as an ongoing chronic illness, an unexpected injury, or mental health conditions.
Before deciding on any tuition insurance coverage, it is important to review which events or reasons that plan specifically covers. The more covered events you have in your policy, the more expensive your premium is likely to be. If you are going to invest in a tuition insurance policy be sure to pay extra attention to what your covered events are. You don’t want to think you’re protected, then still get stuck with the bill.
Should I Get Tuition Insurance?
The first step towards answering this question is to verify your college’s own tuition refund policy because this will vary from school to school. While many colleges offer their own version of a tuition refund policy, several of them operate on a declining schedule which means the actual dollar amount you are eligible to receive declines (quickly) as you go further into the semester. So much so, that if you are five or six weeks into the semester, you may not get back any money at all. That’s why an actual tuition insurance policy can be the better bet. After all, it’s impossible to know when an accident is going to happen. Why only protect yourself from accidents happening in the first few weeks? With a proper tuition insurance policy, you’ll know that your finances are protected, no matter what happens.
We know that insurance can be a tricky topic, and uncommon insurance such as tuition insurance can be even trickier to navigate. For all of your insurance questions, the staff at TGS Insurance Agency is always here for you. You can contact us here.