Ever wondered what to do if college gets too costly? Here’s a simple rundown of this thing called Tuition Insurance.
See, college isn’t cheap. As someone who’s pondering going back to school, the cost is a big thing on my mind. With sky-high fees, investing in college is a big deal. And what happens if something comes up and I have to drop out for whatever reason? Will all that money I’ve put in just disappear?
That got me thinking about future college-goers, like my kids, and how their decisions could affect my wallet. According to a Forbes study, if your kid is a high school freshman now, you might be looking at over 38,000 dollars a year when they start college, and 46,000 a year when they finish. And that’s just for public schools, it could shoot up to around 85,000 a year for top universities!
That’s a risky amount of money if your child has to take a break from studies for any reason. And not to forget, college isn’t a one-size-fits-all solution. Some kids struggle to adjust and it might not be the best decision for them at the moment.
Well, here’s where Tuition Insurance comes in. This new sort of insurance could be a lifesaver. If your kid can’t complete their semester for any valid reason – be it illness, psychological issues, or adjustment trouble, tuition insurance repays you the non-refundable fees you’ve spent, depending on the coverage you chose.
One of the companies that offer these plans is Allianz Global Assistance. They provide three tiers of coverage, starting at $29.99 per term. This is a smart option if you’re unsure whether college is the right fit for your child or if they have previously faced health or emotional challenges.
Of course, not every kid will need this, like those who are self-managed and comfortable with the idea of college – they’ll likely do just fine on their own. But if your kid might have a tough time adjusting, looking into tuition insurance could save you a lot in the long run. Heads up though, this post is sponsored by Allianz Global Assistance, but the thoughts are all mine! It’s always good to have options, isn’t it?