GradGuard for Higher Education

Does your campus provide 100% refunds?

Posted by GradGuard on May 4, 2016 1:39:30 PM

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.  

There is still time to implement a tuition refund insurance program for this year. Please contact us today if we can be of service to you and your students.

Help Us Protect Our Students & Institution

Please note that as families prepare to make their financial deposits to enroll in the fall semester, it is worth evaluating how your campus discloses 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.Can_you_return_to_college_chart_copy

 

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.


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

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