When college families and their students are discussing college, the topic of money always comes up in the conversation. For good reason too! Did you know that the combination of tuition, fees, and room and board charges average between $20,000-$50,000 a year?
For many college families, the expense of a higher education is one of the largest investments they will make. That said, college parents need to make a plan in case their student is forced to withdraw from school due to severe injury or illness.
However, for most of the twenty million college students and their families, the financial loss of an entire college semester is a burden big enough to break the bank. As a result, college families are smart to consider the purchase of tuition insurance prior to the start of the school semester.
Below are the top three reasons that tuition insurance is a smart choice.
First, in the instance that a student gets severely ill or injured and needs to completely withdraw from the university due to a covered reason, tuition insurance can provide up to a 100% refund of your expenses.
Second, your college or university may not provide a 100% refund of the college money paid. In fact, a majority of school refund policies do not extend beyond the fifth week of the semester, and many don’t refund the full cost after the first week of classes. Be sure to check with your school to see what their refund policy is so you can see how much of your money is at risk.
Third, even if the school does provide you with a 100% refund for tuition, most schools do not refund supplemental academic costs and fees. Rest assured — many tuition insurance plans can provide coverage for academic fees and student housing in addition to tuition.
Student health incidents like illnesses, accidents, and mental health conditions happen frequently, even to young and healthy college students. The good news is that college families can protect their investment by purchasing tuition insurance!
Visit www.hbcucollegegrants.com to see the plans available on your campus!