The partnership, finalised on December 4, supplies a monetary safeguard for college students who withdraw from college for lined causes and goals to enhance transparency and the monetary literacy of scholars and households.
“The combination of GradGuard’s tuition insurance coverage with Flywire’s dynamic billing course of helps present confidence to college students and households that they will obtain their tutorial goals, whatever the headwinds they face,” stated John Charges, co-founder and CEO of GradGuard.
GradGuard presents customisable tuition insurance coverage quantities primarily based on the person or household’s wants – whether or not it’s $10,000 or as much as $40,000 price of protection per time period, in line with Sharon Butler, EVP of world training at Flywire.
Tuition and renters’ insurance coverage safety plans can be found for all college students at GradGuard’s 600 companion establishments throughout the US, with no additional value to the establishment.
With the mixing of GradGuard’s safety plans instantly into Flywire’s cost platform, the method will probably be streamlined for establishments, giving college students the choice to buy tuition instantly by the checkout expertise.
“To be reimbursed the price of tuition, housing, and costs as much as 100% of the protection quantity, a lined scholar should fully withdraw from the college (not simply drop a category or two) on the suggestion of a licensed medical skilled or for an additional lined cause,” clarified Butler.
Paying for increased training is among the most substantial investments college students and households could make, and it’s vital that these investments are protected
Sharon Butler, Flywire
The partnership can even create larger transparency round universities’ withdrawal insurance policies, offering households with the assets they should contemplate defending their funding of their training.
“We work intently with and take heed to the wants of our companion establishments to search out methods to higher serve them and the scholars and households they assist,” stated Butler, including that there had been “nice demand” for the providers.
Unexpected diseases, accidents and psychological well being issues have been cited by the businesses as main components contributing to college students contemplating dropping out of their diploma or credential program.
In 2024, school dropout charges averaged practically 33% for undergraduate college students within the US, with 51% of those that left citing monetary issues, in line with a latest report.
“Paying for increased training is among the most substantial investments college students and households could make, and it’s vital that these investments are protected.
“The combination Flywire is providing with GradGuard is a crucial step for each establishments and college students, and we’re thrilled to companion with them to drive larger scholar success,” stated Butler.
The announcement comes sizzling on the heels of Flywire’s partnership with Vietnamese Worldwide Financial institution in November 2024.
