Purdue gets peace of mind with a financial back-up plan.
Participation in Purdue University’s Tuition Protection Program rapidly rises.
Rising mental health concerns and student withdrawals were bogging down administration at Purdue University for years. Before offering tuition insurance, administrative overload was at a breaking point.
An appeals committee would see up to 40 appeals per term. Before GradGuard, Purdue explored other insurance options, disliking opt-out programs that add fees to student bills.
GradGuard's opt-in approach appealed to Purdue. Amid the pandemic, GradGuard added up to 100% reimbursement for mental health withdrawals and an Epidemic Coverage Endorsement for illnesses due to COVID-19.
Purdue integrated GradGuard's insurance programs into billing processes, displaying the offer alongside the school’s refund policy. Students must acknowledge the school’s refund policy before being offered the option to purchase tuition insurance.
With billing provider integration, Purdue is able to display the tuition insurance offer as students and families go through the portal to pay their tuition bills.
Offering tuition insurance has enabled Purdue to drastically reduce the time spent on withdrawal appeals. More students protect their investment each year at Purdue.
Student interest in tuition protection grows annually at Purdue. Tuition insurance not only offers peace of mind but also aids enrollment and retention for administrators. GradGuard also accommodates students with controlled preexisting conditions, expanding its appeal.
“The more you can have it in front of them, and they can pay then and there and make it easy, the better off you’ll see it,” Tim Riley, university bursar said.”It has gone over really well because our students are finally aware of everything.”
BOTTOM LINE
Since working with GradGuard, Purdue saw a 75% reduction in the number of appeals each term.
“Having that peace of mind if something does happen, they have a financial plan to back them up,” Riley said. “It’s definitely a good investment, especially at high dollar amounts.
GradGuard’s Tuition Protection 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.
