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PrintSpecial Report: Tuition Insurance
You can buy it for your car, your house, and your life. Now, many students are even getting insurance for their education.
Kate Larrisee, Suffolk University Student
"I think it sounds like a great idea, especially being a college student, prone to being sick more, so, you can't go wrong with it."Kaitlin Buckley, Suffolk University Student
"You never know if something could happen and you have to leave school. And I think it's a good idea to be reimbursed instead of wasting all that money."
A number of local schools offer tuition insurance - including Tufts, Suffolk University and Endicott College.
Lynne O'Toole, VP Finance, Endicott College
"It's an excellent program, and one of the things we've been trying to do is increase awareness of this program."
Depending on your school, and where you live, an insurance plan costs between $200 and $300 per year.
Lauren, Boston University grad student
"Three hundred isn't too bad, add it on to the bill."
Here's what it covers - only withdrawals for medical reasons, such as an accident or illness which would make it impossible to continue studying.Students are reimbursed 100% for the cost of the semester. Some plans cover mental illness at 60% reimbursement.
Lynne O'Toole, VP Finance, Endicott College
"We have actually seen an increase in the number of students using it. Whether it be, eating disorders or emotional, and we had one young lady that had an accident, a car accident, and she was very lucky she had that tuition insurance."
Even so, some students think it's unnecessary.
William, Boston University student
"I don’t think it's practical to buy that insurance because the only circumstances you'll use it if you're really sick, and that's too rare."
Financial experts agree that students rarely use this insurance. But like any insurance, you never know if and when you'll need it.
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