Learn About College Tuition Insurance Before You Buy

According to the National Center for Education Statistics the current average costs of attending a private university is around $30,000. Some private institutes have tuition costs that can run much higher. After sacrificing and struggling to afford the high cost of college tuition, the last thing any parent or self-funded student wants to face is suddenly losing an entire semester of tuition due to an unexpected illness or emergency. In some cases, tuition insurance can be the cushion that puts your money back in your pockets. Before signing up for a refund tuition completion policy, there are several factors to consider.

Tuition Insurance or a refund tuition plan as it is also called, is an insurance policy that refunds the cost of a semester of college if a student has to drop out unexpectedly. It is also an option for parents of students in private k-12 schools to refund tuition. Completion of the plan sign up process could provide a refund of up to 100% of the cost of tuition and room and board.

Determine if tuition insurance is ideal in your situation by checking with your schools financial aid office. This form of insurance is offered directly through schools with the backing of third party insurers and is priced at 1% to 3% of the cost of tuition. Enrollment deadlines are an important consideration when signing up for tuition insurance. Most colleges require students to enroll before the first day of classes and plans offers protection for the whole academic year or for a single semester.

For students enrolled in private universities and k-12 schools in North America the primary source of tuition insurance is A.W.G. Dewar, Inc. The organization offers customized refund tuition completion plans to over 1,000 schools. This coverage isn't limited to little known private colleges. Ivy-league private universities such as Yale University also offer tuition refunds through Dewar.