How can I get money paid for a college in the USA

Paying for college can be one of the biggest financial obligations you make. In this regard, many families are faced with a dilemma: to buy insurance to protect their investments or not. Given that the average cost of tuition, fees, room and board is about 21 000 dollars per year for a public institution and 47 000 dollars for a private one, you see, the temptation is very high.

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You can buy insurance to pay for tuition, which will refund the payments you made for the above, if you drop out of school, writes Consumer Reports. An insurance policy that costs several hundred dollars a year, depending on the coverage plan, is offered by hundreds of educational institutions, mainly through third-party vendors, such as AWG Dewar and GradGuard.

As with any insurance product, the devil is in the details. Most plans only cover leaving college due to serious health problems. If a student is expelled due to poor academic performance, leaves on his own, or is dissatisfied with him at the educational institution and is forced to leave, the insurance will not reimburse anything.

“Most families don’t need insurance,” says Shannon Vasconcelos, director of college financial affairs and former financial aid officer at Boston University and Tufts University. “Most college students are young and healthy, so they probably won’t have to leave school for medical reasons.” But there are situations when it makes sense to consider buying insurance.

How it works

To make your decision, first read the fine print of your insurance policy so you can figure out whether the insurance will work for your child. Please note that in order to receive compensation, you will need to document all claimed expenses and obtain a doctor’s opinion that it is best for the child to leave the educational institution. Although many policies cover mental health issues, typically a student who withdraws for these reasons must be admitted to hospital for assessment within 24 or 48 hours.

Then find out how much the insurance covers. Some plans reimburse 100% costs; others are only from 75 to 90 percent of the amount of money you lose when leaving the school. Education insurance may seem like a good idea if your child has chronic health problems, but many policies exclude diseases that were known prior to the start of school.

Learn about school policy

Keep in mind that most educational institutions have a refund policy and do not limit reimbursement for medical problems if your child leaves during the academic year. Therefore, if your son or daughter leaves college at the beginning of the semester, the institution will most likely return most of the tuition and housing costs that you paid; If you have insurance for studies, the policy will cover everything that the institution does not pay.

At Boston University, for example, a student who leaves within the first five weeks of class can get back 20 to 100 percent of the cost of tuition, depending on when they leave the institution, but will not receive a penny after October 10 of the current semester. At Vanderbilt University, the policy is a little more generous - here a student can leave until October 31 and return from 40% to 100% of the money.

The final decision should be based on your financial and medical situation, as well as on the policy rules proposed by the school plan. If you pay the full amount of tuition, a few hundred dollars in insurance costs may not shake your budget. Of course, if losing a percentage of the amount will seriously affect your financial condition, you may really need to insure the above risks.

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