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How it Works. Client Login. Generally, one of the following conditions must be met to satisfy a reimbursement claim: Death in the family Chronic injury or illness Serious injury, disability, or illness Mental health condition i. Generally, the plan will pay out only if you contract the disease. Cost of attendance COA is your estimated annual school cost, including tuition and fees, books and supplies, room and board, transportation and personal expenses.
Colleges subtract your expected family contribution, or EFC, from their cost of attendance to calculate the maximum amount of need-based aid you can receive. Expected family contribution is the amount the federal government estimates your family can pay for college. A student loan is money you borrow from the federal government or a private lender to help pay for college costs, like tuition, supplies, books and living expenses.
Federal student loans typically have lower interest rates and more flexible repayment options than private loans. Borrowers should exhaust student loans from the federal government before applying with private lenders. Tuition insurance is a means of providing protection from lost tuition, fees and room and board if you leave school for a qualified medical reason.
You should consider buying tuition insurance only if your college does not have an adequate or flexible refund or medical withdrawal policy.
And there are situations when it might make sense to consider buying it. To decide, the first thing to do is to read the fine print on the policy to figure out whether it might work for your son or daughter. Then find out how much the insurance covers.
Some plans reimburse percent of covered costs; others reimburse only 75 to 90 percent of the money you lose by withdrawing. Tuition insurance might seem like a good idea if your child has chronic health issues, but many policies exclude pre-existing conditions.
Be aware that college tuition policies have generally excluded pandemic-related illness from coverage in the past. Keep in mind that most schools have a refund policy that reimburses tuition on a declining scale depending on the date of withdrawal, but generally not beyond the first month of the semester, says Jane Klemmer, an independent college consultant. So if your son or daughter withdraws from school early in the semester, the college will likely refund a big portion of the tuition and housing costs you paid.
For example, at Boston University , a student who withdraws in the first four weeks of school can get 20 percent to percent of tuition back, depending on when she leaves school, but nothing after Oct. At Vanderbilt University , the policy is a little more generous. However, if your college does not have tuition insurance or an agreement with a provider, third party companies will charge higher fees for their services. For some colleges and universities, tuition insurance is not necessary.
You should also check to see what else is covered under their withdraw and refund policies. In a post-COVID world, more and more families may flock to tuition insurance policies, especially those that provide coverage for global pandemics. In light of that, some third-party providers will reimburse students for college costs if they have to return to virtual learning again.
Finally, students that contracted COVID and were not able to attend classes, or who suffered long-term effects and had to withdraw, may not have been reimbursed for their college costs that they did not use.
In that event, tuition insurance could have saved them hundreds or thousands of dollars.
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