Consider Tuition Insurance
In this Issue: today we talk about optional Tuition Insurance, and why you may wish to consider it
Every year, I want to make sure that families consider tuition insurance and make an informed choice about whether this is right for your family.
Wake has offered a tuition insurance program for well over 15 years. Every year, there are students who leave Wake Forest after the semester begins. The date that a student leaves impacts the amount of refund their parents/family members receive for their tuition. If your student leaves during the fifth week of class, you only get 20% of your tuition back (see the refund of charges policy).
No one intends to have to leave college once they start. Tuition insurance exists to extend and enhance the University’s refund of charges policy. In cases of withdrawal due to accident, illness or mental health conditions (as defined in the plan), the GradGuard tuition insurance plan ensures up to a 100% refund throughout the term on tuition, required fees, and on campus housing and meals up to $50,000.
It is important to know that Wake does not financially benefit if you opt into GradGuard tuition insurance. Wake offers this plan because we have seen situations where families are forced to choose between major financial losses and their child’s health. Those situations are extraordinarily difficult for everyone. We all share the same goal of our students’ wellbeing.
Cathy Higginbotham, MHA, BSN, RN, Executive Director of Deacon Health, says this about tuition insurance:
“From a healthcare perspective, tuition insurance offers significant peace of mind for both students and parents. Illnesses are unpredictable, and when they occur, students often struggle with their academic responsibilities, which can lead to depression, fatigue, and feeling overwhelmed. These feelings can further affect their healing process. Many students will push through their illness, worried about the financial burden, potentially leading to prolonged illness and continued academic challenges. Tuition insurance can alleviate this concern, giving students the peace of mind they need to prioritize their health and recovery.”
More information regarding Wake Forest’s new tuition insurance program will be available in early July. You can also learn more about GradGuard tuition insurance here. Be sure to read all the fine print and know what it covers, as I am not an expert on this!
Just as you might do for travel insurance with a big vacation, you can choose to opt in – or not – as meets the needs of your family. We just want everyone to know this is an option so you can consider tuition insurance if that would be helpful.