GradGuard Calls on Students and Families to Protect Their Higher Education Investments

18 million students and their families can wisely assess the risks associated with student life.

PHOENIX, June 28, 2024 /PRNewswire/ — GradGuardan authority in helping schools educate and protect students from the risks associated with college life, recommends that students and their families evaluate their insurance options on National Insurance Awareness Day and protect themselves against potential financial risks.

According to University Council, For the 2023-2024 academic year, the average published (estimated) tuition and fees for full-time undergraduate students are: The in-state tuition for a four-year public college is $11,260and the public four-year out-of-state tuition is $29,150while private nonprofit four-year institutions are $41,540.

“The cost of higher education creates a financial risk that is often overlooked,” he said John Fees, co-founder and CEO of GradGuard, the nation’s leading provider of student tuition and renters insurance. “Given that paying for college is typically the second-largest investment families make, it is important that families understand how to protect this investment.”

Students can mitigate the financial and academic risks they face by being aware of potential pitfalls and taking proactive steps to protect themselves.

Tuition insurance: If a student is forced to withdraw from studies due to a serious illness, injury or accident, it is unlikely that they will receive a full refund of tuition, accommodation or other fees. GradGuard Tuition Insurance can provide reimbursement for these expenses if schools fail to do so, when a covered student leaves school for a covered reason such as mono, concussion, mental health condition, death of a tuition payer or loss of job of a tuition payer, in depending on the plan during the insurance period*.

According to recent American Student Health Association data:

• 1 in 4 students reported suffering from depression
• 1 in 3 students reported feeling anxious
• 1 in 2 students admitted that they felt stressed

Tenant Insurance: The more than 3 million students living in on-campus residence halls likely do not realize that their college or university is unlikely to replace stolen or damaged personal property. According to Clery Act ReportsSince 2009, there have been an average of over 24,000 crime and safety incidents reported annually on college campuses.

• On average, 2,411 attacks were recorded per year.
• On average, 1,840 fires were recorded per year.
• An average of 20,521 burglaries were reported per year.

Off-campus residents face similar risks. When you can’t rely on schools, housing companies, or landlords to replace stolen or damaged property, renters insurance is a smart choice. GradGuard college renters insurance offers exclusive support for students, offering worldwide property protection, liability protection, low 100 dollars deduction and no credit check.

Health insurance: Many colleges offer health insurance plans that require students to purchase insurance or opt-out by providing proof of alternative insurance. While college health plans may be right for some, families are wise to confirm that their current insurance meets school requirements and avoid paying for coverage twice. Under federal law, young adults can use a parenting plan until they turn 26.

Travel insurance: For students whose studies are more than 4 hours away from home or who plan to study abroad, it may be wise to purchase annual travel insurance. It can provide financial protection in the event of trip cancellations, medical emergencies, or even lost luggage that could disrupt your semester.

Life insurance: Families are often not prepared to pay for college in the event of a parent’s death or for private student loans in the event of a student’s unexpected death. Life insurance is an important consideration for families and provides the funds necessary to cover college costs, including tuition, housing, fees, and private student loans that parents may have taken out to pay for higher education.

Fees continued, “Take a moment before the school begins to assess the risks your student and their family face and purchase the protection you may need to ensure you can overcome what could otherwise derail your path to graduation.”

To learn more about GradGuard insurance plans, visit www.gradguard.com.

About GradGuard:
Hail Guard is the authority on helping schools educate and protect students from the risks of college life. As the #1 provider of tuition and renter insurance, GradGuard’s pioneering protections have served more than 1.7 million students at over 1,900 unique institutions.

The national technology platform GradGuard embeds its innovative insurance protections in the recruitment processes of nearly 600 institutions United Stateshelping schools increase graduation rates and reduce graduation costs by covering avoidable financial losses.

*Terms, conditions and exclusions apply (including chronic conditions). Plans are available to U.S. residents only 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 a 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.