If your institution does not provide 100% refunds to students then it is prudent to determine how your college or university can verify that the institution has disclosed its refund policy.
GradGuard works closely with schools and their technology providers to make it easy to electronically verify that each student and family is aware of the refund policy of the institution. A 2016 survey of college parents found that a majority of parents did know the terms and conditions of their payments to colleges and universities.
- Only 24% of parents surveyed indicate that the college refund policy was disclosed to them during the enrollment process.
- 66% of parents surveyed indicate that they have no idea how the school would handle a refund if their student was unable to complete classes an unexpected illness or injury.
Though medical withdrawals are infrequent, they appear to be a growing concern for institutions and the families they serve. A 2017 survey of college officials reported that 85% of institutions surveyed indicate a growth in medical withdrawals and strongly agree that tuition insurance should be as easy as buying travel insurance.
Therefore, if your campus does not provide 100% refunds for medical withdrawals, GradGuard recommends that your institution provide notice to each student of your refund policy and also provide the opportunity for students to protect themselves from the financial loss that may result from an unexpected medical withdrawal.
GradGuard helps our college and university partners to disclose their refund policies to each student while also providing the opportunity for them to protect themselves through a modern and affordable form of tuition insurance.
GradGuard's modern tuition insurance program provides a refund when schools cannot. Remember, our Tuition Protection Plan provides a refund to students for the loss of tuition, room, and board and academic fees due to a medical withdrawal that is a result of covered reasons such as those result of illness, injury, addiction or death of a parent or tuition payer. Plus tuition insurance can pay for the financial loss to students for unpaid student balances such as student housing leases*.
Please contact us today if you would like to learn more or if we can be of service to you and your students.
Also - (this is somewhat ironic) - * is a disclosure for my readers that this is not a solicitation to purchase insurance and like all financial services products be sure to read the policy for complete policy information and restrictions. The question is how do your students and families find the asterisk mark regarding your institutions refund policy.