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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.

Фото: Depositphotos

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 cover leaving college only for serious health problems. If the student is expelled due to poor academic performance, leaves on his own, or if they are unhappy at the school and forced to leave, the insurance will not compensate anything.

“Most families don't need insurance,” says Shannon Vasconcelos, the college's director of finance 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 times when it makes sense to consider buying insurance.

How it works

To make a decision, first read the small print on the policy to see if the insurance will work for your child. Please note that in order to compensate, you will need to document all the declared expenses, get a doctor's opinion that it is better for the child to leave the educational institution. Although many policies cover mental health issues, it is common for a student who leaves for these reasons to be hospitalized for a checkup 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.

For example, at Boston University, a student who leaves in the first five weeks of study can return 20 to 100 percent of the tuition fees, depending on when he leaves the institution, but will not receive a cent after October 10 of the current semester. At Vanderbilt University, the policy is a little more generous - here a student can leave before 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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