GradGuard is an authority in protecting the investment in higher education. By protecting students and their families from risks from college life, GradGuard helps reduce the cost of college and promote greater student success. GradGuard’s modern tuition and renters insurance programs are valuable student benefits available through a network of more than 300 colleges and universities. Since 2008, GradGuard’s insurance programs have protected more than 650,000 students and families. For more insights on #collegelife follow @GradGuard
We believe it is vital to understand the common practices of colleges and universities, which is why each year we seek to sponsor research on important topics of concern to both institutions and the families they serve.
This year, the results from a February 2015 survey of 138 bursars, student services and health administrators of colleges and universities reveal important insights for Common Practices for Managing Tuition Refunds and Disclosures.
As schools prepare to welcome their entering classes and finalize their refund policies and processes for the new academic year, it is useful to highlight elements of our research.
Most schools only passively disclose their refund policy - simply placing it within the university website or handbook. However, 84% of school officials believe that it is prudent to provide "notice" of the policy to each student, and 62% agree that schools are required to do so.
Conclusions & Next Steps:
- If your institution does not provide 100% refunds for student medical withdrawals, it is prudent to ensure that famlies are given notice of this policy so that they can protect themselves from financial losses with tuition refund insurance.
- Evaluate how your school manages tuition refunds and disclosure requirements. Determine how your instutition verifies that students have been adequately informed and provided "notice" of your policy.
- Download and share the study and one page Tuition Refunds & Disclosures Infographic.
Speak with us to see if we help.
GradGuard is available at more than 150 colleges and universities. We work to support schools in the administration of their refund disclosure process and by mitigating financial losses to schools and students through tuition refund insurance.
Please help us fulfill our mission is to promote greater student success by helping students and their families overcome financial losses resulting from unexpected events that may disrupt their pursuit of a higher education.