College tuition costs have gotten so out of control that they now can be insured.
Flywire and Allianz Global Assistance recently announced a new partnership that combines Flywire’s OnPlanU platform, which enables 24/7 access to a focused suite of tools for e-billing, domestic and international e-payments, and payment plan services, with the ability for families to purchase the GradGuard Tuition Protection Plan from Allianz Global Assistance as an extension of paying their tuition bill electronically. The Tuition Protection Plan can protect a family’s education investment in case a student forced to withdraw mid-term due to a covered illness, injury or other covered reason, such as the death of a tuition payor.
“College is typically the second biggest investment a family makes, but many people don’t realize the financial impact of a withdrawal in the absence of tuition insurance. Most families are stretching their finances to pay for four years, so adding even one more semester can put college attainment at risk,” said Joe Mason, Chief Marketing Officer, Americas, Allianz Partners.
“As the gap between available financial aid and tuition costs grows, students and schools find themselves struggling with tuition management. OnPlanU helps bridge that gap by offering tailored payment plans that students can afford.” said David King, VP of Engineering, Flywire and co-founder of OnPlanU.
James Madison University will be one of the first universities to partner with OnPlanU and Allianz Global Assistance to offer their students the Tuition Protection Plan through the OnPlanU portal.
“When a student has to withdraw unexpectedly, it’s a stressful and uncertain time for the family. It is important to us that families at James Madison University have an easy and affordable way to protect their education investment,” said Linda Combs, Director, University Business Office at James Madison University. “Giving families the opportunity to purchase tuition insurance while they are paying their tuition bill just makes sense.”