GradGuard for Higher Education

Transparency is a Topic Larger than Texas

Posted by GradGuard on Nov 2, 2015 1:40:08 PM

We recently attended Texas Buc$ - a conference of the student financial services staff and bursars throughout the great state of Texas.  GradGuard student benefit programs are available at many Texas institutions and it is reassuring to be reminded of the growing value of our services to colleges and universities.

In particular, student financial services professionals appear to be more committed then ever to making sure students and their families are not surprized by institutional policies. This commitment to promoting greater transparency is noteworthy and should help reduce the low awareness of insitutitonal policies. 

Indeed, a 2014 survey of 814 college parents found that many parents don’t know the answer.      

  • 71% of parents did not recall be informed of the university medical refund policy
  • 66% of parents had no idea of how the university would handle a medical withdrawal

The same 2014 survey of college parents revealed that only 26% would not 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.

Student withdrawals are a costly event for everyone. Institutions depend on the funds that students pay in tuition and fees. Students and their families may suffer from both a medical event but should not be surprized by learning after the fact that the instituion may not provide a refund.  

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.  

As most higher education professionals realize promoting greater transaprency requires an institutional commitment.  Clearly "Transparency" is larger than Texas and an important topic for every campus in the nation.

Please contact us today if we can be of service to you and your students.

Help Us Protect Our Students & Institution

Read More

Topics: tuition refund insurance, Tuition Insurance, Transparency, tuition refunds

The Cost of Medical Withdrawals

Posted by GradGuard on Aug 4, 2015 12:30:00 AM

Though student medical withdrawals are infrequent, they appear to be a growing concern for institutions and the families they serve.  A 2015 survey of college officials estimated that 41% of campuses report having more than 1% of students complete a medical withdrawal a year and 59% indicating less than 1%. 

Clearly student withdrawals are a costly event for everyone. Institutions depend on the funds that students pay in tuition and fees. Students and their families may suffer from both a medical event but should not be surprized by learning after the fact that the instituion may not provide a refund.  

The American College Health Association publishes data that demonstrates the trends and frequency of medical events that may disrupt a students education.  In the most recent report the 2014 annual survey revealed:

If your campus does not provide 100% refunds for medical withdrawals these medical events and the potential medical withdrawal that results can be devastating for a 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.

As students return to campus for the start of college, we like to remind our college and university partners to recommit to disclosing their refund policies to each student. 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.  

Please contact us today if we can be of service to you and your students.

Help Us Protect Our Students & Institution

Read More

Topics: student success, Student Life, student health, tuition refund insurance, Tuition Insurance, student risk, Transparency, tuition refunds

Tuition Refund Policy Disclosure Process

Posted by GradGuard on Jul 30, 2015 6:56:00 PM

As students return to campus for the start of college, we like to remind our college and university partners to recommit to disclosing their refund policies to each student.

A 2014 survey of 814 college parents found that many parents don’t know the answer.      

  • 71% of parents did not recall be informed of the university medical refund policy
  • 66% of parents had no idea of how the university would handle a medical withdrawal

The same 2014 survey of college parents revealed that only 26% would not 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.

Though medical withdrawals are an infrequent, they appear to be a growing concern for institutions and the families they serve.  A 2015 survey of college officials estimated that 41% of campuses report having more than 1% of students complete a medical withdrawal a year and 59% indicating less than 1%. 

Clearly student withdrawals are a costly event for everyone. Institutions depend on the funds that students pay in tuition and fees. Students and their families may suffer from both a medical event but should not be surprized by learning after the fact that the instituion may not provide a refund.  

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.  

Please contact us today if we can be of service to you and your students.

Help Us Protect Our Students & Institution

Read More

Topics: tuition refund insurance, Tuition Insurance, Transparency, tuition refunds

Impact of Student Financial Services Policies & Procedures Report by NACUBO

Posted by John Fees on May 18, 2015 3:45:17 PM

The National Association of College and University Business Officers (NACUBO) recently published the first update to its Student Financial Services Policies and Procedures Report since 2007.  The report contains particularly useful information regarding the common practices by colleges and universities on topics such as financial literacy and the types of financial services offered to students.  

Read More

Topics: Financial Literacy, tuition refund insurance, Tuition Insurance, Consumer Protection, Higher Education Policy, tuition refunds

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