Texas Tech University Provides Confidence With Tuition Insurance Program
In college, students learn how to live independently, develop financial responsibility, and understand the risks that come with it. To support that, Texas Tech University offers an optional tuition insurance program through GradGuard, providing added protection for students and peace of mind for families.
Christine Blakney, Managing Director of Student Business Services, led the initiative to bring tuition insurance to Texas Tech, launching the partnership with GradGuard in December 2020.
"It's always been intriguing to me, the tuition insurance concept. Because in every instance I've looked at, it was a win-win for the school and the student,” Blakney said.
Most university refund policies are strict. Beyond the first few weeks of classes, students typically receive no reimbursement. While TTU does allow students to appeal, the university is limited in its ability to provide refunds.
"We couldn't just go in and wipe out a student's bill," Blakney said. "We don't have the flexibility to say, 'We know this is a bad situation. Let me take care of this,’” Blakney said.
GradGuard Tuition Insurance can provide up to 100% reimbursement for tuition, housing, and fees, for a covered student who withdraws due to a covered serious injury, illness, mental health condition, or other covered reason during the covered term. The optional student benefit is available to schools to offer at no cost.
TTU uses TouchNet, so integrating GradGuard Tuition Insurance within TouchNet Bill+Payment was seamless. The pop-up offer appears when families are paying their student’s tuition bill.
“It took one afternoon to turn on the feature. The setup was simple and required very little from our staff,” Blakney said.
BOTTOM LINE
GradGuard’s partnership with Texas Tech University empowers students and families to make informed decisions about one of the most significant investments of their lives.
"The university is also made whole, so we’re not looking at losing out due to events beyond the student's control,” Blakney said.
GradGuard’s Tuition Insurance promotes financial literacy by helping schools disclose their refund policy and can protect families from a financial loss if their student is forced to withdraw due to a covered reason.
