College students are preparing to return to their campuses to attend classes in person. But the recent surge of Delta variant appears to threaten the fall semester. This has led to desperate attempts to safeguard their investment among families. And they have now found that college tuition insurance is a reliable way to make it happen.
Last year, the rapid rise in the number of new COVID 19 cases stopped fall semesters in numerous colleges. Classes had just begun at the time. This year too, the Delta variant is causing the same threat. Many campuses are about to get shut. This has given rise to the prospects like refund policies and tuition insurance.
Delta Variant Gives A Boost To The Insurance Industry
Almost 78% of colleges have announced that they are prepared to start in-person learning. 19% say that they will combine remote and in-person classes. A few other institutions, however, have decided to stick to online classes due to the recent surge of the Delta variant.
For a vast majority of students, an online class is not good enough to replace in-person learning. Some even say that the mechanism is not worthy of the huge money involved in the process. Having to pay the full price for a poor alternative to in-person learning is sure to frustrate students.
Almost 50% of students feel that they did not receive the support they deserved at the time of the pandemic. Furthermore, certain families are being aggressive to safeguard their hard-earned money. One 52-year-old mom bought a tuition refund policy for her college-going daughter. She works as a nurse and feels that she needs the protection to handle the risks her job poses at present.
A large number of educational institutes have promised to refund fees and other expenses if they close their campuses. But such policies differ from college to college. Some have imposed added restrictions in the matter of refunding the cost of tuition.
Refund policies in general depend on the time when a student withdraws from the semester. The college may refund a major portion of the fees if the student withdraws within the first few days of the semester. This too differs based on the school of choice. Refund policies in general work based on a sliding mechanism. A student who withdraws after 35 days may not get even a single penny as reimbursement.
Certain schools and colleges also offer third-party tuition protection coverage. Others also allow students to directly buy the same from insurance firms.
Tuition insurance offers protection to families in the instances of psychological or medical emergencies. There, however, are certain exclusions; bunking classes or being fired for any reason puts you at the risk of losing such protections. The cost of insurance coverage and the protection available varies from insurer to insurer.
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Tuition, fees, room, and board combined for four years will come up to an average of $50,770 in a private college 2020-21 academic year. The same was $22,180 for State-run schools. When combined with other expenses, the total cost may come up to over $70000 each year for a student in a private college. The same may be the situation for out-of-the-State students in public schools.
The cost of education continues to rise. The same for tuition refund insurance, however, remains relatively affordable. Besides, certain insurers offer 100% of the expenses incurred due to an unexpected emergency. However, you have to remain alert.
Most of the time, insurers offer protection only when a student actually gets the COVID 19 infection. This implies that parents who take their children from the college for fear of an outbreak may not receive any reimbursement. Some may not offer protection if the university decides to revert to online classes.