College students being offered tuition insurance amid COVID-19
COLORADO SPRINGS, Colo. (KRDO) -- College students are preparing for the upcoming school year by considering the uncertainty COVID-19 brings.
The national average cost of tuition is about $42,738 per year and often is nonrefundable, so students are now considering all their options.
GradGuard is a tuition insurance company offering aid to college students who completely withdraw for medical reasons. For the first time, they have added a provision to cover students who test positive for COVID-19, although it doesn't cover those who miss class because of quarantine or a sick family member.
They provided this statement on their COVID-19 coverage:
| "Claims due to known, foreseeable, or expected events, epidemics, cessation of operations by the school, or fear of attending school are generally not covered. However, until further notice, although not covered under most plans, we are currently accommodating claims for when an insured student completely withdraws from school for the covered term due to becoming ill with COVID-19." |
UCCS spokesperson Jared Verner says the last time the financial aid office had students inquire about tuition insurance was during the recession.
Although they haven't heard much about it this year, they say they're taking matters into their own hands to make sure students don't face financial struggles.
He says the university is keeping the tuition rate flat for incoming freshmen and current students.
Any student can purchase tuition insurance for any school at a rate of 2% of the school's tuition.
International students can also purchase tuition insurance with a an address that proves residence in the U.S., such as the address of their school or where they'll be living on campus.
