Allianz Tuition Insurance
In state tuition insurance
Haven’t heard of it? Don’t feel bad, 81% of people sampled didn’t know that it exists, and 90% of those that did had no idea where to get it or how it works.
According to WebMd, 7% of college students in the U.S. live with chronic illnesses, often having to miss days, weeks, or even months of school unexpectedly. As anyone can imagine, this can quickly raise the already high cost of college. College Board states that the average cost of a public college (including room and board) is $19,000 and more than $40,000 a year for a private college. For many families, these amounts are difficult to afford, but even more so when coupled with medical bills or other emergencies.
Unfortunately, most schools only provide a partial reimbursement of tuition when a student has to stop attending.
Depending on when the student withdraws, the school may not provide any refund at all. That is downright scary!
Allianz Tuition Insurance wants to help! They refund college tuition in unexpected circumstances. This insurance covers both in-state and out-of-state and even non-refundable tuition, and has been approved in 47 states with established systems in 26 of them.
When/if a student has to leave college, for a covered reason, a doctor will need to fill out the proper paperwork. A school administrator will also need to complete paperwork. The policyholder will receive the tuition reimbursement after the paperwork has been submitted to and approved by Allianz Global Assistance.
What about student loans and financial aid?
You might be wondering if student loans and financial aid are covered (as was I). According to Allianz, “If a student is paying for tuition using a student loan, he or she is still eligible for insurance and for a tuition refund. If the student is still responsible for paying back the student loan after withdrawing from school, then Allianz Tuition Insurance will refund that amount minus any refunds given by the school. The same applies for any financial aid.”. The plan does not cover grants paid directly to the school, however.
Since our family has two children in college, the concept of tuition insurance just makes sense. Allianz Tuition Insurance can provide peace of mind for students and parents alike. Students can concentrate on what really matters – doing well in school. Parents can breathe a sigh of relief, knowing that they are covered if unexpected situations do occur.