College planning usually focuses on admissions, scholarships, housing, and tuition. But there’s another question families should be asking:
What happens to the money we’ve invested if something unexpected prevents our student from finishing the semester?
In this episode of Parents: Is Your Teen College Ready?, Shellee Howard sits down with John Fees, co-founder of GradGuard, to discuss some of the financial risks families may overlook when sending a student to college.
John explains why he helped create GradGuard and how tuition insurance can provide protection when a student has to withdraw for a covered reason. He and Shellee also discuss the realities students can face once they’re living independently—from illness and mental health challenges to stolen belongings, dorm damage, accidents, and other unexpected disruptions.
In this episode, you’ll learn:
Why families should understand a college’s tuition refund policy before the semester begins
How an unexpected withdrawal can create a significant financial loss
How tuition insurance may help when a student must leave school for a covered medical or mental health reason
Why John believes mental and physical health should be treated with equal importance
What parents should know about renters insurance for students living on campus
Why FERPA and other important documents deserve attention when a student turns 18
How families can check for potential duplicate health insurance charges
Why it may be worth contacting your auto insurer when your student leaves for college
How travel insurance can factor into planning when a student attends college far from home
Why financial preparedness is part of helping students successfully navigate college lifeShellee and John also share an important reminder: preparing for unexpected situations isn’t about creating more fear around sending a student to college. It’s about understanding the risks, asking better questions, and knowing what protections are available before you need them.
The takeaway: College is too significant an investment to understand the financial risks only after something goes wrong.
Before your student starts the semester, learn the school’s refund policies, review your family’s existing insurance coverage, understand what you would be responsible for financially, and determine whether additional protection makes sense for your family.
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