How much tuition do you have to pay if the student is absent? – The news herald

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While the new school year is expected to begin in a few days, many families are still wondering what it will look like. I doubt the vast majority of parents want a repeat of last year.

Each school district has its own set of challenges regarding health and safety protocols. But it is virtually impossible to get administrators, educators and parents to agree on the best approach to take. Making changes along the way is akin to rocking a boat that is already in rough water.

It is a real dilemma. There are so many variables with this seemingly endless pandemic, who can say for sure what is the best and safest way for our schools to operate? It is particularly difficult for parents. Their most valuable assets are their children and they obviously want them to receive a good education in a safe environment.

The same goes for parents of college-aged children. I know a number of parents who were stuck with apartment leases last year, even after classes were moved away and the students returned home. Under normal circumstances, when students change their mind or circumstances change, their apartments can usually be sublet. It can’t happen when the whole college town comes home and the campus becomes a ghost town. But the rental obligations still have to be fulfilled.

Additionally, tuition fees did not decrease as classes moved from online lecture theaters, meaning parents of students were paying the price of distance education in person.

This is why tuition insurance might be a good idea for some. You may not know it exists, but it is offered by many universities and third party insurance companies. The plans provide for full or partial reimbursement of tuition fees, depending on the circumstances.

Ken Morris.

If a university changes its policy and decides to switch to distance learning and a student leaves, you are unlikely to be able to collect.

However, if you have tuition insurance and a student has fallen ill and had to withdraw, your chances of receiving a full or pro-rated tuition refund are excellent. This includes any unforeseen medical condition or accident that made the withdrawal necessary. Some plans cover the death of the student and tuition providers, usually the parents. The timing of withdrawal, of course, is a factor.

If you choose to purchase tuition insurance, be sure to carefully review the terms and conditions of the policy. Don’t just shop around for the cheapest premium. Also, be sure to review the language of the contract, as some programs even cover college expenses beyond tuition. And finally, consider the financial strength of the insurance company you are considering.

I feel bad for the families who have saved and invested for their children’s college education for years. There is still no certainty as to what the campus experience will be like this fall. It may not be what parents thought they were paying for.

From kindergarten to college, these are difficult times for educators and parents. Everyone wants to do the right thing, but there is no consensus on what it can be.

Policies can change quickly in this pandemic environment, but the bills keep rolling in. It might be worth exploring the availability of tuition insurance, especially if you’re spending tens of thousands of dollars for tuition.

Securities offered by LPL Financial, member of FINRA / SIPC. Email your questions to [email protected] Ken is a registered representative of LPL Financial. Ken is vice president of the Society for Lifetime Planning. All opinions expressed are those of Ken Morris. LPL and Society for Lifetime Planning are independent companies. Investing involves risks, including loss of capital. No strategy ensures success or protects against loss.

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