Do you want tuition insurance? Time is running out for Fall 2022

Students who must withdraw from university for medical reasons can only count on a full tuition refund from their school for perhaps the first two weeks of classes.

After that, the potential refund share begins to decline, until it eventually disappears – usually around five weeks into the semester.

But a growing number of New Jersey colleges and universities are partnering with entities that give students and families the opportunity to recoup every dollar they spend on tuition, tuition, housing, and board – for a fee.

Tuition insurance policies can be purchased by any student, but partnerships between the company and the higher education institution provide students with access to cheaper rates.

“The average cost is $110 for $10,000 of coverage,” John Fees, co-founder of GradGuard, told New Jersey 101.5.

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GradGuard is currently partnered with 12 New Jersey colleges and universities for tuition insurance: Centenary, Drew, Felician, New Jersey Institute of Technology, Princeton, Ramapo, Rutgers, Saint Peter’s, Seton Hall, Stockton, The College of NewJersey and William. Paterson. The school had partnerships with nine New Jersey schools as of September 2020.

The company also offers tenants insurance (linked to student housing) through Rider University, as well as Centenary, Princeton, Seton Hall and TCNJ.

The policy is not cancellation insurance, costs noted. It covers legitimate reasons for leaving school, such as a death in the family, concussion, coronavirus or monkeypox.

Stockton first offered tuition insurance in the summer of 2022 as a pilot program, the university at New Jersey 101.5 said. Students interested in purchasing insurance can do so during the add-drop period, which ends September 12.

The registration period for this fall ends on September 6 in Ramapo. Participation exploded between 2019-2020 (30 students) and 2020-2021 (132), the first full year impacted by COVID-19. As of August 25, 113 Ramapo students were enrolled in tuition insurance for the 2022-2023 academic year.

The application deadline for TCNJ students is August 30, the first day of classes. Of about 6,500 undergraduates, 72 have purchased tuition insurance for 2021-22, the university said.

According to the National Student Clearinghouse, about 113,000 students took time off in 2021, including medical time off for mental health issues.

Dino Flammia is a reporter for New Jersey 101.5. You can reach him at [email protected]

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