Coastal Carolina University Enhances Student Financial Protection with Tuition Insurance
Like many other institutions, Coastal Carolina University faced challenges with students requesting refunds for medical withdrawals beyond established refund dates. This led to the implementation of a firm no-refund policy, which caused frustration among students and families. Daniel Hucks, Financial Services Business Analyst at CCU wanted to find a better option for students.
“Tuition insurance was something that was floated around for quite some time. It gives students and their families the ability to plan accordingly and makes it much simpler for us to not be in the middle of it,” Hucks said.
Integration was seamless and students are presented the option to purchase a plan through TouchNet Bill+Payment. Staff provide information to students during orientation and in the weeks leading up to each term.
Amid rising withdrawals, administrators are pleased to see students and families see the value in tuition insurance.
“Anything can happen. It’s so cheap - it’s definitely worth it,” Hucks said.
All tuition insurance claims are handled by GradGuard and its underwriters, but the university has a designated staff member to assist students with claim paperwork to expedite the process.
The opt-in program puts students and families in control. Hucks says unfortunately, there will always be students who don’t opt for the insurance and find themselves in a situation with no refund if they withdraw from school.
“It’s a learning lesson for them,” he said. “We offer a great product, very fair terms, and we promote it well. It’s great to have that in our back pocket.”
GradGuard’s Tuition Insurance complements existing refund and withdrawal policies at CCU. Additionally, through a GradGuard partnership, students and families are eligible for Tuition Insurance plans with preferred pricing.
BOTTOM LINE
Offering optional tuition insurance to students and families allows Coastal Carolina University to stand firm on their refund policies and demonstrate a commitment to student success.
“It’s nice to be able to offer some solution that isn’t no solution. Definitely helps them not be in a bad spot with us,” Hucks said.
GradGuard Tuition Insurance promotes financial literacy by helping schools disclose its refund policy and can protect families from a financial loss if their student is forced to withdraw due to a covered reason.
