18 million college students and families are smart to evaluate the risks of college life.
PHOENIX (June 28, 2024): GradGuard, an authority on helping schools educate and protect students from the risks of college life, recommends that college students and their families evaluate their insurance options on National Insurance Awareness Day and protect themselves from potential financial risks.
According to the College Board, in 2023-24, the average published (sticker) tuition and fees for full-time undergraduate students are: Public four-year in-state tuition is $11,260, and Public four-year out-of-state tuition is $29,150, while Private nonprofit four-year institutions are $41,540.
“The cost of higher education creates financial risks that are often overlooked,” said John Fees, co-founder and CEO of GradGuard, the number one provider of tuition and renters insurance to college students in the nation. “Given that paying for college is typically the second largest investment families make, it’s important for families to understand how to protect that investment.”
Students can mitigate the financial and academic risks they face by being aware of the potential pitfalls and taking proactive measures 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 for tuition, housing, or other fees. GradGuard’s Tuition Insurance can provide reimbursement for these expenses when schools do not, when a covered student withdraws from school for a covered reason such as mono, concussion, mental health condition, the death of a tuition payer, or loss of employment for the tuition payer, depending on the plan during the covered term*.
According to recent American College Health Association data:
• 1 in 4 students reported being affected by depression
• 1 in 3 students reported being affected by anxiety
• 1 in 2 students reported being affected by stress
Renters Insurance: Over 3 million students living in on-campus housing are likely unaware that their college or university is unlikely to replace stolen or damaged personal property. According to Clery Act Reports, an average of over 24,000 crime and safety incidents have been reported annually on college campuses since 2009.
• 2,411 robberies were reported on average annually
• 1,840 fires were reported on average annually.
• 20,521 burglaries were reported on average annually.
Off-campus residents face similar risks. When schools, housing companies, or landlords can’t be relied upon to replace stolen or damaged property, renters insurance is a smart choice. GradGuard’s College Renters Insurance includes an exclusive student endorsement offering worldwide property coverage, liability protection, a low $100 deductible, and no credit check.
Health Insurance: Many colleges offer health insurance plans, requiring students to purchase coverage or opt out by showing proof of alternative insurance. While college health plans may be suitable for some, families are smart to confirm their current coverage fulfills school requirements and to avoid paying twice for coverage. Under federal law, young adults can remain on a parent’s plan until they turn 26.
Travel Insurance: For those students attending college more than 4 hours away from home or planning to study abroad, an annual travel insurance policy can be smart as it can provide financial protection against trip cancellations, medical emergencies, and even lost luggage that can disrupt an academic term.
Life Insurance: Families are often not prepared to pay for college in the event of a parent’s death or to pay for private student loans in the case of a student’s unexpected death. Life insurance is an important consideration for families and provides the resources essential to cover college costs, including tuition, housing, fees, and private student loans parents may have taken to pay for higher education.
Fees continued, “Take a moment before school begins to evaluate the risks facing your student and family and purchase the protection you may need to ensure you can overcome what might otherwise disrupt the path towards completing college.”
To learn more about GradGuard’s insurance plans, visit www.gradguard.com.
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About GradGuard:
GradGuard is the authority on helping schools educate and protect students from the risks of college life. As the #1 provider of college tuition and renters insurance, GradGuard’s pioneering protections have served more than 1.7 million students at more than 1,900 unique institutions.
GradGuard’s national technology platform embeds its innovative insurance protections within the enrollment processes of nearly 600 institutions in the United States, helping schools increase college completion and reduce the cost of college by covering preventable financial losses.
Contact:
Natalie Hubertus
Sr. Director, Marketing
602-341-5947
nhubertus@gradguard.com
*Terms, conditions, and exclusions (including for pre-existing conditions) apply. Plans only available to U.S. residents 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 the licensed agent for all insurance programs. Plans include insurance benefits and assistance services. Non-insurance benefits/services, and claims administration, are provided by AGA Service Company.