Even for those who have been vaccinated, the fear of sickness is looming over the next semester as college students return to in-person instruction on campuses around the country. In fact, according to CDC data, the college-aged cohort has one of the highest rates of illnesses in the United States.
Though it’s unclear how successful vaccinations and other measures will be in keeping schools and children safe, families may protect themselves financially against COVID-19 and other infections by purchasing tuition insurance.
College tuition insurance: Who can get this assistance?
According to CNET, these insurance plans reimburse tuition fees for students who are unable to complete the semester due to an accident, illness, injury, or mental health condition.
Though this form of insurance has been present for decades, the COVID-19 era’s new realities, as well as greater attention to mental health concerns in academic settings, are expanding its visibility.
Continue reading to discover more about college tuition insurance, including how it works and if it’s a good investment. Tuition insurance reimburses you for the tuition and fees you paid at the start of the semester. It also pays tuition if an insured student passes away.
Which school accepts college tuition insurance?
After the plan pays out for tuition, you may pick how much coverage you want and how much your maximum benefit amount is, which will determine how much you can receive reimbursed for additional school expenditures like books.
GradGuard, for example, will reimburse you for extra school expenditures up to the maximum benefit amount if your maximum benefit amount covers all of your tuition and fees and there is still money left over.
According to College Board data, the average cost of tuition and fees at an in-state public institution is $10,560 per year, $27,020 at an out-of-state university, and $37,650 at a private nonprofit university.
This is an expensive endeavor, and those figures do not include additional costs involved with higher education, such as books, transportation, or housing.
In light of those figures, assuming your policy charges 1% of your tuition, you’ll be looking at a minimum of roughly $105 each year. Tuition insurance may be useful for this reason alone, as the strains of college can take a toll on your mental health.
Even if you’ve previously been vaccinated, tuition insurance may be a smart option if you have an autoimmune problem or other medical conditions that place you at a higher risk of serious illness from COVID-19.