Is it common to purchase the insurance for college student?
DD is in a private HS this year, the school asked us to buy the insurance…
We didn’t. I think for a kid with medical or mental health issues, it might be a good idea. I also think some people can use it as a crutch though. I have heard of an instance when a kid was having normal settling in problems and the parents pulled the kid out of school. If you anticipate any issues, it might be wise, but I seem to recall it isn’t particularly cheap.
It isn’t that expensive and is well worth it. People don’t realize that not only do you get tuition back but also the amout of your financial aid.
The college offered it, asked you to consider it? Or expects it?
I bought it and needed to use it. Well worth it.
For my older daughter, we didn’t buy it. But for my younger one who has gotten a strained shoulder, mono, broken tailbone, car accident, anxiety in HS we did. You have to check when you would be able to use it (like they might have to be hospitalized if it were a mental health issue). So far we have not had to use it 
@compmom - I was under the impression that the amount of financial aid you might get back, if any, is not the same for all schools/states. Am I mistaken?
Does anyone know where to purchase the insurance? and how much is the insurance?
@lookingforward no, the college did not ask for it
We purchased it- my daughter has anxiety, ADHD and depression and we were full pay so I thought it was worth it. Didn’t need to use it this year but I plan on buying the insurance yearly.
We didn’t buy it for my first son; he became injured/ needed multiple surgeries couldn’t complete a semester so we lost over 30K$… gone… poof… kicked ourselves for not buying it. We have bought it for second son. Well worth it… you never know what can happen … (we are full pay, not sure what happens re financial aid)
If your child is receiving grants, you would need to pay the school back if the child can’t complete the semester due to medical reasons.
Dewars has this for some schools http://www.tuitionrefundplan.com/
For other schools, I’ve used
https://gradguard.com/tuition-refund-insurance
We did it through a link that the college had.
We have it for D2. Had never heard of it for D1. D2 has a scholarship that covers most of tuition. We asked the school and her scholarship is prorated the same way tuition is in case of withdrawl. We were able to get tuition insurance for just the amount the scholarship doesn’t cover at a reduced rate. Ask questions before buying.
yellowgranite is incorrect. With tuition refund insurance, you don’t pay any schools back if the child leaves for medical reasons. I have dealt with a few schools and they all paid US the financial aid/grants, in cash so to speak. I haven’t done a survey of states or schools, that is just our experience.
If you withdraw for medical reasons without insurance, you may very well have to pay back the grants, yes.
If your child has a medical or mental health history that causes you concern, you should certainly consider it. However, most policies will not cover withdrawal for mental health reasons unless the student is hospitalized for a period of several days. If your child withdraws in order to avert a mental health crisis that would require hospitalization, then you are not covered. That puts the student/parents in a difficult situation - being proactive and aware enough to avoid the crisis means that you lose coverage. Stick it out and ignore warning signs until the crisis is inevitable and the student requires hospitalization and you get your tuition refund.
If your student has an issue with depression or anxiety, it seems wise to invest in the insurance, but in reading about the insurance, is that considered a “pre-existing condition” exclusion?
I have had to pull middle son out on medical leaves twice. Although he had no black mark on his GPA, I took the financial hit both times. If he goes back to school, I will look into tuition insurance.
I would also consider it. We almost had to have our daughter take a medical leave for something that we never anticipated. Unfortunately, our school doesn’t offer insurance. My vote is take it and pray you never need it unless you can easily afford to self insure,
After D had to withdraw due to mental illness and we lost the whole semester’s costs, I purchased insurance through Dewar’s when she returned. She had to withdraw again, and I got back 80% (all of the tuition, prorated room & board) of my costs. She did not have to be hospitalized; just needed the doctor’s note. I strongly recommend it if you have the option and have concerns. It was only a couple of hundred dollars. Compared with OOS tuition, room and board, it was peanuts.