A college education requires a very large investment of time and money. When you start college, the last thing on your mind is leaving college. But every year, there are a number of students who are forced to quit their studies for a variety of reasons.
Some students may fall ill, or may have to return home to visit or care for a sick family member. Unfortunately, sometimes a student may have to withdraw from studies when a parent or legal guardian passes away. When this happens, often the tuition is not refunded.
It’s difficult enough for these students to deal with the personal struggles that they are facing. But then they must also deal with the consequences of leaving school, including the loss of that large investment of tuition and related costs.
Tuition insurance can protect a student who is attending any high-cost educational institutions from the loss of tuition and other costs that result from the student having to involuntarily withdraw from school.
This type of insurance will usually cover withdrawals for medical reasons or in the case that the student’s legal guardian dies, and will either cover the costs associated with the student’s tuition, or by refunding it. In some cases tuition insurance may cover student loans as well.
Such insurance is often provided through your educational institutions, from insurance providers who offer such policies, or as an option along with a student loan. Coverage will range from policy to policy, but it will usually cover the cost of tuition (in part or as a whole), as well as academic fees, room and board, and possibly some other education related expenses.
There are limitations to this coverage. The reimbursement may be limited to the first few weeks of the semester, and if the withdrawal is due to mental health, most often the reimbursement will only be a maximum of 60 percent of the tuition.