NEWARK, Del.--(BUSINESS WIRE)--
The average family spends $21,179 a year for one child to go to college, yet 41 percent don’t have a contingency plan for how they’ll pay in case of emergency. Furthermore, 23 percent report concern that their life insurance coverage is insufficient, according to a recent national study from Sallie Mae and Ipsos. What many don’t know is that a growing number of colleges offer programs to allow families to protect their investment.
This fall dozens of colleges and universities will offer tuition refund insurance to their families through Sallie Mae. Sallie Mae’s Tuition Refund Insurance reimburses families for lost tuition and fees as a result of a medical withdrawal. A Tuition Continuity plan, new this year, covers remaining tuition and fees for up to four years if the primary payer dies or becomes critically ill. Sallie Mae’s insurance programs can complement and enhance a school’s existing refund policy to provide valuable insurance protection to schools and the students they serve.
“All families should have the opportunity to protect their investment in education. Colleges and universities can help by making Tuition Insurance available to their families,” said Charlie Rocha, senior vice president, Sallie Mae. “Many schools don’t refund 100 percent of tuition and fees in the case of a medical withdrawal, and the only way for families to protect their investment is through programs like ours that help students overcome unexpected events that may disrupt their education.”
“Sallie Mae is known for helping students achieve their education goals and it was an easy decision to switch to Sallie Mae to help us enable families to protect their investment in education,” said Kristine Cassano, bursar, Miami University. “We selected Sallie Mae as our tuition refund insurance provider for their flexibility and commitment to grow this important program.”
College and university officials can learn more about Sallie Mae’s insurance offerings at www.SallieMaeInsurance.com.
Sallie Mae (SLM) is the nation’s No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
- Financials Industry
- Sallie Mae
Debby Hohler, 617-454-6741