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.