There's a Tuition Insurance?

Something I knew: Most college take a Semester based payment due in the beginning of the Semester.

Something I did not know until I took a medical leave of absence midway through the Semester: Colleges have a refund policy that is not proportional to the amount of time spent in the college. Further, the college's website lists out how they look at refunding money if you take the Semester off only after it has started.

 

On your individual college website have a look at their policies. Here's a snapshot of the policy at Swarthmore College to give you an idea:

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The bottom line is that you never go into a Semester thinking that you'd have to withdraw at some point - no-one does, but sometimes circumstances force you to. So it's good to look into insurance plans to see if the pros might beat the cons based on your individual circumstance. This is when their refund greatly outlays that of the college or you feel that you are vulnerable to some causes of taking the Semester off.  Like health insurance, there are policies that offer different coverage of tuition and allow you to reimburse only in certain cases. 

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For example, 

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Tuition insurance typically cover reasons including:

• Illness

• Injury—such as sports injuries and vehicle accidents

• Family deaths

• Mental health conditions

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Among other standard exclusions are:

• Epidemics and pandemics are typically excluded.

• Participating in professional sporting events

• Taking part in a riot or civil disturbance

• Drug use

• Activities that involve extreme risks like bungee jumping, skydiving and scuba diving

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For more on how how Tuition Insurance works, this article by Forbes Advisor is a great read.

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Here are some common reasons to take a Semester off. 

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