You insure your house and auto without thinking twice, but have you considered buying insurance for college tuition?
Check out our cheat sheet for what you better know about tuition insurance, especially this year.
What is Tuition Insurance?
Tuition insurance differs from a refund from your college.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Ask your college or university for its refund policy in writing, he wrote in an email.
Tuition insurance, in comparison, typically covers an entire semester.
Well break down what to look for if youre considering tuition insurance and what to avoid.
What Does Tuition Insurance Cover?
Similar to other types of insurance, you might buy different levels of tuition insurance coverage.
Read the policy contract carefully before you sign so you know whats included.
When Does Tuition Insurance Kick In?
If tuition insurance coverage begins after a qualifying unexpected event, whats considered an unexpected event?
Medical reasons could also encompass psychological issues, including mental illness and substance abuse.
And that brings us to the coronavirus.
Again, it pays to read the fine print, Rosenshein Atkin advised.
How Does Tuition Insurance Work If I Have Financial Aid or a 529 Account?
The tuition insurance payment is sent to the insured and not to the student loan company, he wrote.
Thatinterest will continue to accrue and capitalizeif you dont return to school this year.
Is Tuition Insurance Right for You?
And that tolerance may be different this year.
Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
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