Should I Purchase Tuition Refund Insurance?

What is covered?
Although this coverage is termed "tuition refund insurance," there may be  write my essay for cheap under the policy for other costs. Coverage beyond basic tuition to include other associated costs may be available - usually at a higher premium. Read the policy carefully to see if fees and room and board are covered.

What is the likelihood of a covered event?
Although many college students withdraw from school, only a small fraction of the withdrawals are due to serious health issues, injury, or mental health challenges. Data show up to 15 percent of freshmen do not return for sophomore year, but the vast majority of the withdrawals are not for reasons that are covered by tuition refund insurance.

The number of students who leave school because of death or covered mental or physical health reasons are numbered in the thousands, while nearly 13 million students attend college full time each year. When contemplating insuring against this risk, realize the events that are covered are very rare.

Cost and deductibles
The premiums for tuition refund insurance commonly equal 1 to 5 percent of the coverage purchased. The average private college or university bill of $41,000 could cost between $400 to over $2,000 depending on the carrier, the level of coverage, and the reimbursable items.

Take care to understand how much of the tuition and covered fees and expenses are covered under your student's policy. Some plans cover 100 percent, while others pay out a lower proportion or feature a sliding scale depending on the type of illness or injury.

Does the school provide direct refunds?
Before making a final decision, explore whether your student's college or university makes refunds of all or a portion of tuition and costs paid in the case of early withdrawal. Your institution's admissions or billing office should be able to answer these questions.

Once all of the above factors have been weighed, you can make the best decision for your family. If you are funding all or a majority of the expenses and the premium is within your budget, this type of policy may offer peace of mind. Since it is unlikely that the average student will qualify for a payout, it is wise to purchase the insurance only if the premium will not cause any financial hardship and your out-of-pocket cost for unreimbursed tuition, should the unthinkable happen, is substantial.

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