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 2009, GradGuard’s insurance programs have protected more than 650,000 students and families. For more insights on #collegelife follow @GradGuard
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.