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Should You Buy College Tuition Insurance?

Should you consider tuition insurance so you can get a reimbursement if your child has to leave before the end of the year? Consumer Reports has this advice.

When planning for college for their three boys, the Rosatis considered the possibility that one of them might have to withdraw. So when mom Patrice heard about tuition insurance, it piqued her interest. “Amongst other friends who have kids in colleges, a lot of us, you know, would talk about this tuition insurance,” said Patrice.

Graduation is the goal, but the reality is that the most recent data show that more than 15% of students leave school within two years. Tuition insurance can range in cost from under $300 to well over $600 a year. But Consumer Reports says that might not be money well spent. Tobie Stanger explains, “Most tuition insurance only covers withdrawals for medical and mental health issues. But there are a lot of other reasons students withdraw, which often won’t be covered.” […]