As colleges and universities conclude the Spring term and prepare for a new academic year, it is worthwhile to pause to evaluate the cost of student withdrawals on your campus. Clearly student withdrawals are a costly event for all involved. Institutions depend on the funds that students pay in tuition and fees. Families and students are often not prepared to recover from the financial loss.
Yet every year, students suffer unexpected events that can often disrupt a students education...and when they do, GradGuard's tuition insurance can help pay for the financial loss of the school and family.
It is worthwhile to determine the cost of withdrawals to your campus and to understand how many are related to medical or hardship events. A 2014 survey of more than 150,000 freshmen found that 9.5 percent of respondents had frequently felt depressed during the past year, up from 6.1 percent five years ago. (The New York Times). In addition, the American College Health Association annual report on student health trends demonstrates the frequency of medical events that may disrupt a student's education. Some of the most common incidents reported by ACHA include the following:
If your institution does not provide 100% refunds for medical withdrawals, these medical events and the potential medical withdrawal that results can be devastating for a student and their family. In fact, a 2014 national survey of 800 college parents revealed that only 26% would be able to afford the financial loss / additional semester and 51.2% of students said it would be difficult or not possible to absorb the loss.
Students and their families may suffer from a medical event, but should not also be surprised to learn that their instituion may not provide a refund.
As a result, GradGuard helps our college and university partners to disclose their refund policies to each student while also providing the opportunity for students to protect themselves from a potential financial loss through enrolling in GradGuard's affordable tuition insurance program.
There is still time to implement a program for 2016. Please contact us today if you would like to learn more or if GradGuard's tuition insurance program can be of service to you and your students.