Eighteen million college students and their families are judiciously assessing the risks of college life.
Phoenix, June 28, 2024 /PRNewswire/ — Gradguardan authority on helping schools educate and protect students from the risks of college life, encourages college students and their families to evaluate their insurance options and protect themselves from potential financial risks on National Insurance Awareness Day.
Gradguard
Gradguard
by University Council, For the 2023-24 academic year, the average published tuition and fees for full-time undergraduate students are: $11,260public 4-year out-of-state tuition is $29,150On the other hand, private, non-profit, four-year universities $41,540.
“The cost of higher education creates financial risks that are often overlooked.” John Feesco-founder and CEO of GradGuard, a leading provider of tuition and renters insurance to college students across the U.S. “College tuition is typically the second-largest investment a family makes, so it’s important that families understand how to protect that investment.”
Students can mitigate the financial and academic risks they face by being aware of potential pitfalls and taking proactive steps to protect themselves.
Tuition Insurance: If a student is forced to withdraw from college due to a serious illness, injury, or accident, they are unlikely to receive a full refund of tuition, housing, or other expenses. GradGuard tuition insurance can provide reimbursement for these expenses if the school does not reimburse them or if an insured student withdraws from school during the insurance period for a covered reason, such as mononucleosis, concussion, mental illness, tuition payer death, or tuition payer unemployment, depending on the plan*.
Recent American College Health Association data:
- One in four students report being affected by depression
- One in three students report being affected by anxiety disorders
- One in two students report being affected by stress
Rental Insurance: The more than 3 million students who live in on-campus dorms are likely unaware that their universities are unlikely to reimburse them for stolen or damaged personal property. Clery Act ReportSince 2009, an average of more than 24,000 crime and safety incidents have been reported on college campuses each year.
- An average of 2,411 robberies were reported per year.
- An average of 1,840 fires were reported per year.
- An average of 20,521 theft cases were reported per year.
Off-campus residents face similar risks. When you can’t rely on your school, housing company, or landlord to cover stolen or damaged property, renters insurance is a smart choice. GradGuard’s college renters insurance includes student-only endorsements that offer worldwide property coverage, liability protection, and low rates. $100 Deductible, no credit check.
Health insurance: Many colleges offer health insurance plans that require students to sign up for insurance or opt out by showing proof of alternative insurance. While a college health insurance plan may be a good fit for some, families are wise to make sure their current insurance meets the school’s requirements and to avoid paying premiums twice. Federal law allows young people to remain on their parents’ plan until they turn 26.
Travel Insurance: For students attending college more than four hours away from home or planning to study abroad, purchasing annual travel insurance is a smart idea, as it can provide financial protection against trip cancellations, medical emergencies, and even lost luggage that could disrupt your semester.
Life insurance: Families are often ill-prepared to pay for college tuition if a parent passes away, or to pay private student loans if a student dies unexpectedly. Life insurance is an important consideration for families, providing a vital resource to cover college costs, including tuition, housing costs, fees, and private student loans that parents took out for higher education.
“Please take a moment before school starts to assess the risks your students and their families face and purchase the protections they need to help them overcome anything that may impede their path to college graduation,” Fees added.
For more information about GradGuard insurance plans, Source.
About GradGuard:
Gradguard is the authority on helping schools educate students and protect against the risks of college life. As the number one provider of college tuition insurance and renters insurance, GradGuard’s pioneering protection serves more than 1.7 million students at over 1,900 different educational institutions.
GradGuard’s nationwide technology platform embeds innovative insurance protection into the admissions process at approximately 600 educational institutions. united states of americaBy compensating for preventable financial losses, we help schools increase college graduation rates and reduce the cost of college.
*Terms, conditions and exclusions (including pre-existing conditions) apply. Plans are available to U.S. residents only and may not be available in all jurisdictions. Insurance benefits are underwritten by Jefferson Insurance Company. Grad Guard, a service of Next Generation Insurance Group, LLC (NGI), is an authorized agent for all insurance programs. Plans include insurance benefits and support services. Non-insurance benefits/services and claims administration are provided by AGA Service Company.
contact:
Natalie Hubertus
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SOURCE GradGuard
