18 million college students and families are smart to
evaluate the risks of college life.
PHOENIX, June 28,
2024 /PRNewswire/ -- 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.
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.
*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.
Contact:
Natalie Hubertus
6023415947
379750@email4pr.com
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SOURCE GradGuard