GradGuard for Higher Education

2018 NACUBO SFS - Tuition Refunds & More

Posted by John Fees on Mar 13, 2018 7:03:00 PM

Today it was my pleasure to join Mike Reynolds of Auburn University to present at the annual NACUBO Student Financial Services conference.  It is always good to share the stage with a higher education veteran and true student financial services professional.  Mike and I had some 

We shared our experiences and research regarding:

Common & Emerging Best Practices for Disclosing and Managing Tuition Refunds.  

Our presentation focused on the growing impact/frequency of student medical withdrawals and the increasing cost of the financial losses experienced by institutions and families.  The discussion aimed to 

  • Understand national research / benchmarks for how schools disclose their refund policies & manage student withdrawals 
  • Understand how schools are reducing the costs and risks of administering tuition refund appeals process
  • Understand how schools are implementing tuition insurance programs to reducing the financial losses caused by students withdrawals.

It isn't always possible for schools to afford the cost of attending an industry conference in person, so I am pleased to share the slides from our discussion through the link below. 

Download the NACUBO SFS Slides 

The slides provide a summary of the industry research and also a review of the experience at Auburn University and other schools who have chosen to embrace a fully transparent approach to disclosing and managing tuition refunds. Given the growth in student medical withdrawals it is prudent for schools that do not provide 100% refunds to provide notice of their institutions refund policy.   

The research contained in the presentation provides a useful baseline for schools to benchmark their own experience in managing the growing cost of refunds.   You don't need to read the research or the slides, however, if you take a moment to consider the following conclusions of the presentation. 

If you are serious about reducing the cost of student withdrawals to your institution and the families you serve, then we recommend that you consider the following practical next steps:

Recommended Next Steps

1. Evaluate your institutions refund policy.

2. How are students provided “notice” of the refund policy?

3. Is your current refund policy administered objectively?

- Avoid subjective & arbitrary administration

4. What is the cost of administering your current policy?

- Confirm you do not accept student health records without a HIPAA release.

5. Adopt a fully transparent disclosure process and offer tuition insurance protection.

 

Read More

Topics: student success, Student Life, student health, Financial Literacy, tuition refund insurance, Tuition Insurance, student risk, Refund Policy, Best Practices by Colleges, Transparency, college parents, tuition refunds, Student Benefits, Higher Education, Bursars,, nacubo,, business operations,, Tuition Protection Plan, college refunds,

New College Insurance Search Tool Makes It Easy for Parents to Protect Their Students and Investment

Posted by GradGuard on Jun 27, 2017 11:53:21 PM

Paying for college can be a challenge but thanks to a new innovative college search tool providing valuable protection for your college student is easy as ever.

The average published in‐state tuition and fee and room and board charges for 2016-17 are $20,090 and for out of state students, total charges are $35,370. The average published total charges at private nonprofit four-year institutions are $45,370, according to the College Board’s 2016 Trends in College Pricing. In total, more than 20 million students and their families invest an estimated $500 billion annually in tuition, academic fees, student housing and related expenses.

Read More

Topics: Press Releases, renters insurance, tuition refund insurance, College Life Protected, Press, Tuition Insurance, college parents, tuition refunds, college renters insurance

Do College Students Need Renters Insurance?

Posted by Bill Suneson on Aug 24, 2015 2:17:23 PM

We are often asked by friends and family preparing to send their kids to college about student renters insurance.  This is not surprising since many news stories and insurance agents offer differing views at this time of year.  Some professionals have gone on record against the need for student renters insurance stating that homeowners policies extend protection to students when they are away at college.  Others advise families to purchase specific coverage or "floaters" on select personal items (laptops, smart phones, etc.) and continue to rely on the home policy for broader coverage.  Our approach is not to refute this guidance but to help make families aware of the practical value of a student renters policy and why homeowners insurance is not always the best solution.

Read More

Topics: college theft, Dorm Life, renters insurance, dorm living, Renting, college parents, Renters Liability, insurance

Tuition Payment Plan Protection

Posted by John Fees on Jul 16, 2015 12:06:08 PM

According to the NACUBO SFS report, as of 2013 95% of institutions surveyed offered tuition payment plans.  

Read More

Topics: student success, Student Life, College Life Protected, Tuition Insurance, life insurance, college parents, college completion

Who Pays for College When a Parent Dies?

Posted by John Fees on Jan 22, 2015 2:28:00 PM

There are many life events that can disrupt a student’s college education, but none more severe than the loss of a parent. Given the severity of such a disruption, it is startling how little awareness there on this topic. This lack of awareness could simply be that college and university administrators have not closely considered how the loss of a parent affects not only the student, but the entire institution.

Infrequent but Dramatic Impact:

Read More

Topics: student success, Student Life, College Life Protected, Tuition Insurance, life insurance, college parents, college completion

College Life Protected

Insights on student risk

GradGuard for Higher Education examines how unexpected losses can affect student success, bringing you the latest in best practices and trends for safety on and off campus.

Here you'll learn more about:

  • Risks on and off campus
  • How schools are using benefits programs to protect and attract students
  • Effects of loss on student outcomes

Subscribe to Email Updates

Recent Posts