How Much Tuition Insurance Do I Need?
How Much Tuition Insurance Do I Need?
The hefty costs and responsibilities a college career brings from tuition and student loans to textbooks and that midnight pizza habit are widely known by parents and students alike. Parents searching for a way to secure this great investment have found comfort in GradGuard's tuition insurance and Student Protection Plan. Should a student make a medical or mental wellness withdrawal from an accredited educational institution GradGuard's Tuition Insurance refunds the college related costs
Before purchasing tuition insurance it's important to determine just how much coverage a student will need. A rough estimate should be made to determine just how large of an investment is being made in a student's education.
The College Board has determined five basic components that contribute to a student's cost of attendance: tuition and fees, room and board, books and supplies, personal expenses, and travel. Take a look at the following for the average amount spent by during the 2009-2010 school year by private four-year university students and public four-year university students.
Average Cost of Attendance for the 2009-2010 School Year:
On-Campus Four-Year Private University:
Tuition: $26,273.00
Room & Board: $9,363.00
Books & Supplies: $1,116.00
Personal Expenses: $1,427.00
Travel: $849.00
GRAND TOTAL: $39,028
On-Campus In-State Four-Year Public University:
Tuition: $18,548.00
Room & Board: $8,193.00
Books & Supplies: $1,122.00
Personal Expenses: $1,974.00
Travel: $1,079.00
GRAND TOTAL: $30,916.00
Source: College Board Trends In College Pricing 2009 PDF
The great thing about GradGuard's tuition insurance .is that it covers any school related cost. When calculating the cost of attendance, be sure to remember more than the tuition including the costs of textbooks and supplies, travel, etcetera.
Now that you have a good guestimate as to how much you coverage you will need, request information form the institution about their refund policy. Some colleges and universities provide a refund only before the first class, others a few weeks into classes, and still others a couple months into classes. When inquiring about a refund policy, it is also important to ask exactly what it covers. More often than not colleges and universities offer only a percentage of the tuition in a refund.
After gathering the proper information to estimate a student's cost of attendance and information on the school's tuition insurance refund policy you should be ready to determine the amount of coverage needed. Grab a calculator and start crunching numbers!
** Remember, tuition insurance is not ">
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