Enhancing Student Financial Wellness: The Role of Tuition Insurance and Integrated Solutions
By: Heather Richmond
The challenge of student financial wellness is a clear and pressing concern in higher education today. Financial stress significantly impacts students’ academic journeys and overall well-being.
56% of respondents reported they would have trouble obtaining $500 in cash/credit to meet an unexpected expense. (Trellis Strategies, 2024)
3 out of 5 students face some type of essential needs insecurity (housing, food, lack of affordable care, etc). (The JED Foundation, 2023)
When those who cited emotional stress as a reason for stopping out were asked about the sources of their stress, 60% indicated financial stress was a factor.
With these growing concerns, institutions are seeking creative solutions to be seen as partners when financial situations arise for students. A holistic approach to student wellness recognizes that challenges in one dimension, like finances, can impact other dimensions. I discussed these findings at COMTEC 2025 as part of a panel presentation along with Kevin Smith, Assistant VP & Director of Student Records and Financial Services at Canisius University, Ken Bush, Bursar of Community College of Allegheny County, and Kaylyn Manning, Sr. Director of Strategic Partnerships.
Tuition Insurance as a Financial Wellness Tool
Tuition insurance is an essential tool in a campus’s financial wellness strategy, designed to protect families from unexpected financial losses if a student needs to withdraw from school.
GradGuard Tuition Insurance can provide peace of mind by reimbursing up to 100% for tuition, housing, and fees for a variety of covered reasons, including:
Covered serious illness or injury
Mental health conditions
Chronic illness
Death of a tuition payer
Loss of employment of a tuition payer
This protection can complement your institution’s existing refund policy, allowing for reimbursement for covered withdrawals at any point during the covered term.
TouchNet and GradGuard’s integration improves transparency
Every student deserves to know their school’s refund policy and have the opportunity to protect their investment in higher education. The integration between TouchNet and GradGuard is a seamless way to promote financial literacy and transparency by placing the tuition insurance offer directly within the payment process. This integrated solution ensures:
Financial Literacy: Students must consent to the university’s refund policy, educating them on the financial implications of withdrawing.
Voluntary active choice: Students are given a simple yes/no option to protect themselves from unexpected losses with tuition insurance.
No friction: The process is smooth and requires no additional IT resources for implementation.
Institutions Adopt More Holistic Approaches to Student Wellness
Both Canisius University and Community College of Allegheny County (CCAC) are proactively promoting holistic financial wellness and utilizing integrated solutions as part of their strategy.
Canisius University integrates the GradGuard Tuition Insurance offer, where students consent to the refund policy and are educated on the protection offered.
Other initiatives to promote financial wellness at Canisius include:
Added financial literacy to the new student First Year Experience program.
Outreach to financially at-risk students by introducing them to the services available to them.
Increased the financial hold on registration threshold from $100 to $1,000.
Community College of Allegheny County uses GradGuard Tuition Insurance to supplement its updated refund policy, allowing for up to 100% reimbursement for covered withdrawals during a covered term.
Other initiatives to promote financial wellness at CCAC include:
Prior balance forgiveness offers a former student a one-time balance forgiveness of up to $750 to help them re-enroll and complete their degree.
Receive free, one-on-one professional counseling through the Financial Empowerment Center on creating a budget, reducing debt, improving credit, building savings, and more.
The loaner laptop program enables students to borrow a laptop on a semester-by-semester basis, as long as they are enrolled at CCAC.
By embracing solutions like GradGuard Tuition Insurance through the seamless TouchNet integration, institutions can reinforce a culture of student support and success, helping to break down student financial barriers and increase retention. By disclosing the refund policy to all students and presenting the voluntary tuition insurance offer, tuition insurance can support an institution’s overall financial wellness strategy.
