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Fall 2017  Volume 10, Number 7        
 

This Just In ...

Protecting Your College Investment

College is a major expense for most families. Tuition, fees and room and board average $20,090 annually for an in-state public college and $45,370 at a private college, according to a recent report by College Board, a not-for-profit organization working to expand access to higher education.

If the unthinkable happens, and your student has to leave school early because of illness or injury, you can protect your investment by purchasing a tuition refund insurance policy. Most plans cost several hundred dollars annually.

To collect on the plan, you will need to document all claimed expenses and provide the doctor’s recommendation that your student should withdraw. If a student withdraws for a mental health reason, the illness must be serious enough to require 24 to 48 hours of hospitalization.

Remember that most students are healthy. Many drop for academic reasons, some are expelled or others are just unhappy at school.

In addition, while tuition insurance might seem like a good idea if you child has chronic health issues, many policies exclude pre-existing conditions. Also, most schools have a refund policy so you may be able to get some of your money back for a medical issue.

 

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In this issue:

This Just In...

Individual Health Care Marketplace Faces Serious Hurdles

Smart Ways to Plan for Retirement Savings

Critical Questions to Consider When Designating a Life Insurance Beneficiary

Should You Insure Your Loan Payments?

 


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