Long Island University's Tuition Insurance Program Promotes Student Success

At Long Island University, improving student success has been a top priority for years. David Mainenti, former Associate Vice President for Student Financial Operations, sought to eliminate the university’s inconsistent and subjective tuition refund appeals process. The committee would determine if a student should owe the school money or not based on their situation.

“With mental health... We're not doctors,” Mainenti said. “It just became very subjective, trying to figure out who owes and who doesn’t.”

To address this, LIU implemented GradGuard’s Tuition Insurance in July 2022 through a seamless integration with TouchNet Bill+Payment. Now, students are offered the optional insurance when reviewing their tuition bill, reducing the need for appeals and promoting fairness.

“Once we found out how simple everything was, we were really pleased,” said Mainenti. “There’s clearly a market for the product with parents who understand the risks.”

How Tuition Insurance Fits into LIU's Push for Student Success:

• Boost graduation rates - Graduation rates increase when students return from a leave of absence. 

• Promote fairness - All students are presented with the option to purchase tuition insurance. There's no more need for a subjective appeals process when claims for withdrawals are handled directly by GradGuard. 

• Complements existing refund policies - GradGuard's Tuition Insurance can provide up to 100% refund when schools don't, assuring that any accounts payable are paid.

Mainenti emphasizes that while tuition insurance isn’t necessary for everyone, it’s a smart safeguard for families who may be concerned about the cost of an unexpected withdrawal.

“For undergraduates, sending them to collections, reporting them to a credit bureau, that’s a pretty dirty thing to do to someone who may not have even understood what they were getting into at 18,” Mainenti said.

BOTTOM LINE

• Seeing how GradGuard promotes student success at Long Island University, Mainenti recommends GradGuard to other institutions looking to improve student retention and streamline operations.

• “It’s a simple product,” Mainenti said. “When students are covered, they can focus on getting better and coming back.”

GradGuard’s Tuition Insurance Program 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.