Students dealing with chronic illnesses such as, Diabetes, Lupus, Crohn’s and others, in addition to the extended recovery illnesses such as mono and anxiety, have left colleges and universities facing a higher rate of withdrawals due to medical issues. This increase in withdrawals would more than likely increase the number of appeals filed for tuition refunds due to these unanticipated circumstances. Not only is an appeal a burden of time but inevitably a financial loss regardless of the outcome to either the school or the student.
Proactive vs. Reactive
While there are more and more initiatives on many campuses to improve student success rates, you may want to consider some low hanging fruit – namely, taking a proactive approach to a better process for policy disclosure and acceptance by the payer to start, as well as, offering affordable tuition reimbursement insurance to help payers insure their tuition investment and your receivable.
According to a recent study sponsored by Next Generation Insurance Group, LLC - Trends and Common Practices for Managing Student Withdrawals , 45% of schools surveyed reported seeing an increase in medical withdrawals and 62% of school use a passive method to disclose their tuition refund policy.
To learn more about common practices and trends regarding medical withdrawals and tuition refunds, view the info graphic below.