<p>Our son's new school offers an optional tuition insurance plan, and a friend of ours has a daughter attending a school where a similar plan is mandatory. Does anyone have any thoughts about these plans--do most parents use them, has anyone ever had to make a claim, etc.? Thanks!</p>
<p>Most people I know use them. You can walk for no reason. The cost is generally fairly low. The kid leaves school for discipline and you still pay. Lots of reasons this coverage is desirable.</p>
<p>Most schools will require it if you use any payment plan other than 100% before classes start. The cost last year was around $550.</p>
<p>Where my S goes is optional, but I recommend you take it ... If your child, for whatever reason won't attend that school, you have to pay for the remaining years your child was supposed to be in that school. I don't know of anybody who ever had to make a claim.</p>
<p>Planning to do it as the school my child will attend allows you to pay in installments without interest. They do require tuition insurance, however, which is 1.9% of the tuition cost - so it's like a low cost loan. I can invest my $ at a higher rate than 1.9%, and if, for any reason, my child doesn't complete the year, I will get at least a partial refund (70% or more). Seems like a slam dunk to me.</p>
<p>
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** you have to pay for the remaining years your child was supposed to be in that school.
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**
I have NEVER heard of this. Most school contracts are annual.</p>
<p>Thanks, everyone--we'll do it.</p>
<p>Read the terms very carefully. In the plan offered at my D's school they only refunded the amount you pay (less than the full tuition if you are on FA). However, the rate was based upon the full tuition price. It seemed more like they were insuring the school's interest than ours, much like title insurance on your home insures the bank's interest. So for us, it didn't make much sense financially.</p>
<p>And our gut feel was that my D would have no problems adjusting to BS. If you worry about your child's reaction to new environments, then I guess it would be worth considering. And if you think your child could be getting in over their head, you might want to consider as well as burn out at some of the top schools does happen.</p>
<p>yeaR (singular) sorry hazmat ...</p>
<p>I did not get insurance. My S really wanted to go and I felt he wouldn't have a problem. It has turned into total success. I'm just as happy now as I was year ago for him.<br>
My other kids may be a different story when the time comes.</p>
<p>Do you think the school looks at is as a flag for a potential problem when insurance is obtained for a student?</p>
<p>Not at all, I think schools don't consider it anything other than a parent will pay the full contract....out of pocket. The contracts are clear, the amount owed is large to some and small to others.</p>
<p>We never even thought about getting the insurance... hmmmmm... I am not sure what that means... I guess I never even considered my son not finishing the year. He went 4 years no problem, second son going in September and I don't think we will get the insurance for him.
But if you have any doubts at all I suppose it would be wise to make the investment.</p>
<p>Accidents and sickness do happen. Some kids don't choose to leave and don't have a bad experience but one cannot predict the aforementioned.</p>
<p>Thanks again. No worries about my son adjusting, finishing the year, etc., but there's always the remote possibility of some unpredictable lengthy illness, accident, etc., so this insurance helps allay those concerns. It's sort of like having earthquake insurance in California--you're not ever likely to need it, but for those who are risk-averse, it provides a certain measure of peace of mind.</p>
<p>We had it for our s, but he was not receiving FA, so it seemed to make sense for those unpredictable emergencies (family emergency, lengthy illness, etc.) Fortunately we never needed it, but it did give us a certain peace of mind.</p>