For most high school students, May 1st means one thing: the college acceptance deadline. Over the next few days, college-bound students will be weighing their options and excitedly getting ready to make the final decision about where their college journey will take them. But with the decision about which school to attend, comes some important financial decisions, too. As parents and families evaluate financial aid packages and face the realization of actually paying for college, are they well-prepared for the financial investment they’re about to make in their student’s higher education?
A recent study from Liberty Mutual Insurance states that 86% of parents of current undergraduate students who are financing their children’s education are not aware of tuition insurance, a valuable resource that can help protect families if a student has to unexpectedly withdraw from school. Through tuition insurance, students will be protected if, for example, they contract an illness or suffer an injury forcing them to withdraw.