<p>When my son started college in 2009 I received the info on the tuition insurance. I immediately phoned my brother who is an insurance attorney in NYC and asked him what he thought. I gave him a copy of the info I received and I know he got a hold of additional info ( I can’t remember how it was awhile ago). He recommended that we purchase the insurance. We are full pay and he explained that some of the more common scenarios are an accident that would pull my son out of school, mono, meningitis , or any sudden illness that would impact his ability to complete the semester. The cost was so minor compared to the $50,000+ we pay each year. I will be taking it out again for my son and my daughter who will be a freshman. Post #18 mentions it is just an example of “one more service that students pay for but never use”. Ummm it’s called insurance! I hope I don’t use it.
When my son was a freshman swine flu was going around his campus and his roomie came down with it. I was glad to have the insurance. I have a friend who has a son that became ill this past spring semester with a serious blood disorder. He had to withdraw for the semester on doctors orders and the first question his college asked her was did she have tuition insurance. She was out over $24,000. Needless to say she is taking insurance this semester.</p>
<p>Keep in mind that you’re never risking a full year’s tuition, unless for some reason your school collects tuition on a full-year basis up front. And at least in the case of our school, the tuition insurance doesn’t cover room and board. So we’re insuring against a loss of ~22K/semester. The insurance is actually per semester, although they bill per year. If your kid doesn’t go back to school 2nd semester (for any reason, covered or not) you can ask for a refund of your 2nd semester premium. I’m sure they bank on people forgetting :-o</p>
<p>just received Dewar flyer…$257 for the year 75% coverage for both illness and mental health…covers tuition and room and board. I don’t usually buy supplemental insurance, but for $128/semester on $36k, I’m definitely considering this.</p>
<p>^ make that $128 on $18k(semester)…still not a bad deal IMO</p>
<p>We bought it for years 2-4 after not buying it for year 1. It might not have made actuarial sense, but when QMP got mono freshman year, we thought that it might have been nice to have the option to withdraw (if needed), without losing the cost of tuition. As it was, QMP toughed it out, without finances coming into the picture. But if your son/daughter has not had mono pre-college, it might be worth thinking about. I also got mono freshman year, but late enough in the second half of the year to make it feasible to continue. Also, in retrospect, my course load at the time was not as challenging as some, which made it more feasible.</p>
<p>I object in principle to the distinctions and requirements Dewar’s makes between “physical” and “mental” illnesses. We have informed our son’s school that we reject this insurance offer because it is discriminatory. We’re willing to take the chance rather than to feed such a company’s coffers. That said, DS ’ s school has fairly generous withdrawal policies should that ever become necessary - hope not!</p>
<p>I am new to this topic. I am researching tuition insurance and found this article helpful. Unfortunately, my school doesn’t offer me tuition insurance. </p>
<p>Can someone help me - how is it possible that some schools offer it and others don’t? I can buy travel insurance for a $300 flight, but I can’t insure the $30,000 I am spending for college? </p>
<p>New players expand tuition insurance business - Pittsburgh Post-Gazette [New</a> players expand tuition insurance business - Pittsburgh Post-Gazette](<a href=“http://www.post-gazette.com/stories/business/news/new-players-expand-tuition-insurance-business-646681/]New”>http://www.post-gazette.com/stories/business/news/new-players-expand-tuition-insurance-business-646681/)</p>
<p>Tuition Insurance? ///// I learn something new every day on CC…</p>
<p>Do you have to buy it from the company offered by your university? Or can you buy it from any company?</p>
<p>Tuition insurance is an excellent thing to do. If you end up using it, you will be grateful. If you don’t end up using it, you can also be grateful. </p>
<p>Yes you can still get this insurance even if your child has a pre-existing condition.</p>
<p>Most do cover psychiatric illness, and I would check with Dewar because many insurance policies now consider certain psychiatric disorders (bipolar, major depression, schizophrenia) as “medical,” and documentation from professionals will back that up.</p>
<p>Never considered doing this, paying tuition for 10 months out of the year, every year since 2003, if something should happen, just stop making the payments and close the Tuition Management Systems account. Not making two lump sum payments for two different semesters does have its advantages.</p>
<p>SLUMOM, if you want the school to let the kid back in after a temporary medical leave, just not paying isn’t really an option. I started the thread, and the reason (and I ultimately did take the insurance for this year, and will do so again) is that in addition to losing the amount we pay, he’d have to repay some of his grant aid and might have to immediately repay a portion of his federal loans as well.</p>
<p>Slumom, if you want your kid to end up with a diploma (and if there’s grad school in the future- even 10 years later) or an employer who requires a transcript, you are SOL with your method. I’ve had new hires at my company on hold because their colleges won’t release a transcript due to a $30 unpaid “lost key” charge, or a $5 library fee. Don’t risk your kid not getting a job because the registrar won’t release a transcript due to the Bursar’s putting a freeze on your kids account.</p>
<p>Happens more often than you think. I can’t imagine not being able to complete a law school application years later because you’ve got an unpaid month’s tuition dating back to your Freshman year…</p>
<p>Is anyone else having a hard time getting a real answer from colleges regarding their refund policy in the case of a medical withdrawal of my student. We are still evaluating 3 colleges and have attempted to find a clear answer to that question. I am in shock that I can spend $40,000 and not have a clear answer regarding if a school refunds 100% of my investment in the case of an unexpected medical event. </p>
<p>By the way - USC is clear after 15 days - no refunds, but they offer tuition insurance for the $40,000 for only $140, Arizona State - no clear policy and something about appeals with no opportunity to even buy tuition insurance & Loyola which doesn’t have a clear policy but does offer tuition insurance - though it is twice as expensive as USCs. </p>
<p>I can think of no other sizable investment I have made that has so little clarity regarding the risk?</p>
<p>Seriously ? Someone should make schools have a standard process regarding the terms, conditions and refund policies. Most appear to have unclear and inconsistent approaches. I guess it is easy for the school administrators - as it isn’t their money at risk.</p>
<p>Some of these policies do not cover pre-existing conditions.
Read them over carefully, sometimes mental illness, including depression, is excluded. </p>
<p>Tuition insurance is comparable to buying cars and appliances, the salesmen try to sell you warranties, fabric treatment for interior of vehicle etc. The colleges no doubt get a percentage of every policy sold to every student. Colleges are a business, after all.</p>
<p>Certainly if parents feel it is worth it and they have concerns about their child finishing college, then by all means, purchase it for your peace of mind. We just never felt it was necessary.</p>
<p>I think I might have posted this already, but I think tuition insurance is worth it if there is a likelihood that your son or daughter may have mononucleosis in college.</p>
<p>Both QMP and I had mononucleosis in the spring of freshman year. Both of us stayed in school, although I recall falling asleep at 7 pm a few times that spring. It depends a lot on when in the semester one contracts it, how severe the case is, and how heavy the course schedule is. I recall managing to make special arrangements with the German department to take my final exam early so that I could leave for home. I felt really miserable.</p>
<p>I have certainly heard of students withdrawing for a semester if they have mono. Some universities do not give tuition refunds at all, after a certain point (often early) in the semester has passed. Even if your son or daughter elects to stay in school, it is good to have the finances covered, so that he/she doesn’t feel that it is essential to stay.</p>
<p>I should add: I never buy warranties for appliances or computer equipment. I just go with the manufacturer’s automatic coverage.</p>
<p>What happens if you take federal loans for a semester and have to withdraw for medical reasons?</p>
<p>These recent posts have been helpful. I have continued to research my options. It doesn’t look like I can buy tuition insurance other than directly thru schools and not all schools offer it. USC has the best deal - it seems like but others cost around 1%. </p>
<p>How is it possible that I can pay $40,000 for an education and not be told about the refund policy or have the ability to protect it. Shame on schools who do not refund 100% for medical withdrawals and don’t offer parents a chance to buy tuition insurance. </p>
<p>I am new to this, but it seems like I would be foolish not to buy some tuition insurance or to at least get something on record by the school about what the objective policy is for granting refunds. </p>
<p>I can’t believe the run around I just got from Arizona State University - nearly 90 minutes, 3 offices - and no answers…and they want me to send them a $20,000 check for one term without any transparent policy or ability to protect it?</p>
<p>Further to QuantMech #35: anyone who works in higher ed has seen numerous examples of students getting sick in November, whether with mono, flu or something else, and having to withdraw with limited refunds. We decided to buy tuition, room and board insurance because we felt the cost was worth it to ensure a full refund of our $27K semester payment in the event that D became ill at an inopportune time. I think what people don’t realize is that you can’t always “make up” college work after the semester is over very easily, if at all. Once that train passes, it’s gone and you’re behind. You will be staying an extra semester to finish. Colleges don’t sell credits for which you can get a refund; they sell seats in classes, professor attention, etc. on a term-by-term basis. You often have to pay for all of that even if you don’t end up finishing the semester, regardless of the circumstances.</p>
<p>Different colleges have different refund policies, and there are many limits and exclusions to insurance plans. But tuition insurance is not something to dismiss out of hand.</p>
<p>NJSue - thank you.
"We decided to buy tuition, room and board insurance because we felt the cost was worth it to ensure a full refund of our $27K semester payment in the event that D became ill at an inopportune time. I think what people don’t realize is that you can’t always “make up” college work after the semester is over very easily, if at all. "</p>
<p>was so helpful for me. Thank you!</p>