Tuition Insurance FAQs
Who may benefit from College Parents of America’s Tuition Insurance coverage?
The Tuition Insurance applies to one full-time student of each member of College Parents of America who may have a substantiated "loss" of tuition, academic fees, room and board as a result of a medical withdrawl from an accredited college, university or trade school.
Eligible students include both foreign and U.S. students studying in the U.S. as well as U.S. students studying abroad.
Are additional levels of the tuition refund coverage available to members of College Parents of America?
Yes, additional coverage levels are available to members of College Parents of America through GradGuard.com. Coverage levels include the base membership benefit level of $2,500 per semester/ $5,000 annually. Additional coverage levels up to $50,000 per year are also available.
Is Room and Board also eligible for refund under the College Parents of America Tuition Insurance?
Yes, the actual loss or non-refunded portion of Room and Board paid as a result of an eligible medical withdrawal under the Tuition Insurance Plan is eligible for the specific benefit coverage.
What is Tuition Insurance?
The coverage provided as part of membership in College Parents of America is triggered when a covered member suffers a loss as a result of medical withdrawal, including loss of life as a result thereof, that causes the member to withdraw from the accredited educational institution they are attending. The loss is calculated as the non-refunded eligible tuition, academic fees and room and board that are not refunded to the enrolled member.
What is covered by GradGuard Tuition Refund Insurance?
GradGuard Tuition Insurance refunds the cost of attendance including tuition, academic fees, room, board and other related expenses. Coverage is triggered when a student is forced to withdraw from an accredited educational institution as a result of a medical disability, illness or loss of life as a result thereof. A loss is calculated based on the non-refunded expenses incurred by the policy holder.
GradGuard Tuition Insurance coverage includes:
- 100% of covered fees due to Medical "disability" withdrawal
- 100% of covered fees due to the Death of a "tuition payer"
- 100% of covered fees due to the Death of a student
- 100% of covered fees due to Medical "disability" withdrawal due to emotional, nervous or mental disorders
- 0% of covered fees due to Voluntary Withdrawal
When will I receive an insurance certificate for the Tuition Insurance?
Members will receive a certificate of insurance in their fulfillment kit and affiliate members can download the certificate directly from our website or receive it from your sponsoring organization. The Tuition Insurance is in force as long as you are a paid or sponsored member of College Parents of America.
Are there exclusions from the benefit coverage from Tuition Insurance offered by College Parents of America?
Yes, there are exclusions that apply to the Tuition Insurance.
Tuition Insurance does not cover medical expenses or losses resulting from Voluntary Withdrawals not related to a Medical “disability”.
Additional exclusions are as follows:
1) "Loss" which first occurred before the "covered person's" "period of coverage" 2) Failure to attend classes or sessions for any reason that is not listed as a covered cause of "Loss" 3) A change in a "covered person's" enrollment status, for example, changing from resident student to day student, or reduction in number of classes. 4) Early graduation or early completion of classes; 5) War, including undeclared or civil war; warlike action by a military force, including action in hindering or defending against an actual or expected attack, by any government, sovereign or other authority using military personnel or other agents; or insurrection, rebellion, revolution, usurped power or action taken by governmental authority in hindering or defending against any of these; 6) Fear of contagious disease or epidemic; 7) Induction or draft into the armed forces. 8) Catastrophic events other than terrorism of any kind that result in partial or complete closure of your institution. 9) Seizure or destruction of property by order of governmental authority which results in partial or complete closure of your institution; 10) Dishonest acts committed by you or anyone employed by you whether acting alone or in collusion with others.
Coverage benefits are also excluded if the loss is a result of the use of narcotics, medication or hallucinogen unless prescribed by a physician or intentional self-inflicted injury.
For more information on Terrorism Exlusions, please click here.
How is Tuition Insurance included in College Parents of America membership different from other tuition insurance plans?
Tuition Insurance is unique in its scope of coverage where the benefit coverage extends beyond just tuition insurance payments. The Tuition Insurance is designed to cover the non-refunded loss which includes the total cost of attendance such as academic fees, room and board and other academic charges.
- Tuition Insurance is available for full-time students enrolled at accredited college, university or trade schools.
- The plan is available at two-year, four-year and graduate schools and trade schools.
- The plan is available in all 50 states and District of Columbia and enrollment for the coverage may occur at any time during the semester.
Most other tuition refund plans require the student or parent to purchase an amount based on a full year of tuition in advance. These school sponsored plans are generally only available prior to the start of each academic semester.
College Parents of America members receive the Tuition Insurance coverage as part of a blanket policy issued by Markel. In this case, College Parents of America serves as the plan sponsor or policyholder. College Parents of America, founded in 1997, is the nations only organization designed to serve the needs of current and future college parents.
Member’s of College Parents of America may also elect additional benefit coverage levels up to $25,000 per semester or $50,000 annual benefit level through www.GradGuard.com.
What benefit limit should you choose?
The base membership of College Parents of America includes $2,500 per semester and $5,000 annual benefit protection. If you your estimated cost of attendance is greater than are greater than $5,000 annually, then additional coverage should be considered.
The 2009 Trends In College Pricing by the College Board, estimates that the cost of attendance for the average in-state public student is $15,213, inclusive of tuition, fees and room and board; $35,636 for the average private college education.
How does Tuition Insurance work?
Tuition Insurance benefit limit applies per semester of classes.
|Total Cost of Attendance (Tuition, Academic Fees, Room & Board) for term:||$5,000||$15,000|
|Refunded portion of tuition, academic and fees by school:||$2,500||$7,500|
|Unreimbursed Portion of academic fees: (Loss)||$2,500||$7,500|
|Tuition Insurance Benefit for the particular Term:||$2,500||$7,500|
|Cost of CPA Membership:||$89||$299|
How is a claim made?
The member of College Parents of America must file a written proof of loss within 90 days of such loss. The claim shall include written documentation that the student has been granted a medical withdrawal for the remainder of the semester or term of classes due to injury, sickness or death of a tuition payer (parent or student). Signed documentation has to be received from an official of the school as well as a licensed medical doctor.
Who is the Insurance Company?
Markel Insurance, AM Best Rating: "A" Excellent for financial strength and stability. The agent is Next Generation Insurance Group, LLC.
For more information regarding GradGuard Tuition Refund Insurance, please contact GardGuard at 877-556-3984 or visit www.GradGuard.com/tuition.