How to Ace the Technical Set Up to Offer Tuition and Renters Insurance to College Students

January 8, 2021 6:11:21 PM EST / by Natalie Tarangioli

The burden of large scale financial losses on colleges and universities has worsened over recent years. The pandemic has made schools even more strapped for cash than before, and we can expect long term effects of this to pose challenges to providing refunds and paying for unintentional student-caused damage.

Modern solutions for campus challenges

Buying insurance to protect their investment in higher education, whether it’s a laptop, tuition, or campus housing, shouldn’t be difficult nor time consuming for families. College is expensive, and empowering students and families to make the decision to protect their investment isn’t just smart -- it’s good business. 

These days, many students expect renters insurance to be a requirement or at least a recommendation for on or off-campus housing. As for tuition insurance, 85% of institutions surveyed in a 2019 HigherEdStudy agree that buying tuition insurance should be as easy as buying travel insurance.  GradGuard delivers on that expectation more than any other insurance provider in higher education through our expanding list of integrated partners.

Study: 85% of surveyed institutions agree that buying tuition insurance should be as easy as buying travel insurance.

Reducing costs is important now more than ever

As the coronavirus and its implications continue to strain higher education budgets, you’re probably finding yourself looking for ways to reduce costs. Tackling the problem in a proactive way is easier than you might think by offering tuition and renters insurance. 

Many colleges and universities believe providing an insurance solution to students is more of a challenge than it really is. Even if it’s nowhere near the top of your ever-growing to-do list, it should be. Trust us -- you’ll find yourself crossing off this task faster than you might think!

Acing the technical set up

1. Get stakeholders involved early. 

Student insurance benefits, including both tuition and renters insurance, are no longer only a student finance concern.  They're often deemed as solutions that multiple departments across campus find value in, and therefore more people need to be involved in the decision making process. 

2. The technical setup will streamline the process for administrators. 

The good news is it’s now easier than ever to implement tuition or renters insurance at your institution. We’re not reinventing the wheel with any of our setups thanks to our exclusive partnerships across payment and housing portals and have completed the development and technical requirements for you.

3. Insurance solutions are integrated with technology you already use at no cost to your institution.

No matter the software you're using for your payment portal housing platform, integrated options are available for you and at no cost - GradGuard nor our integrated partners assess fees to your institution for this enhanced functionality!

4. The technology requires little to no work by institutions.

Once GradGuard's solution is integrated into your existing system, it’s managed with little to no action by campus administrations which means your campus administrators can focus on other issues and pressing needs.

Mitigating risks that may impact college completion for students with programs that are integrated into software you already use doesn't have to be a daunting task. Once the technical set up is complete, difficult collections issues from student-caused damage or withdrawals will be a thing of the past.
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Topics: Student Risk Management

Natalie Tarangioli

Written by Natalie Tarangioli

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