To identify and track important trends in how current and prospective college students and parents view key issues, Allianz Tuition Insurance is pleased to introduce the 2017 College Confidence Index.
In this, the first year of the Index, several important insights have been uncovered that are likely to influence the way you interact with parents and students. By tracking changes in the Index year-over-year, you can see how issues are evolving, thereby ensuring you and your institution remain aligned with the expectations of college-bound students and their families.
Among the many important findings of the Index, two are of primary importance and interest to higher education professionals tasked with maximizing student success:
As they’re poised to enter college, a majority of students wonder if they’ll need to withdraw at some point.
- 55% of prospective students (within one year of applying) are “not very confident” that they will finish college without needing to temporarily withdraw.
- Only 44% of prospective students (and 47% of current students) are very confident that will graduate within 4 years.
The financial impacts of a potential withdrawal add to the anxiety experienced by students and parents and may jeopardize the likelihood of program completion.
- 85% of parents and students agree the financial implications of withdrawing could be severe.
- 82% of parents said they’d worry about making student loan payments in the event of a student withdrawal.
Students entering school with doubts about their ability to be successful are unlikely to reach their academic potential and may add additional demands on student support services that are typically already straining to keep up. An increase in student withdrawals has revenue implications, and may also result in additional time- and resource-consuming refund appeals.
With so many students with so many concerns, it’s imperative that you are as direct and transparent as possible in communicating your institution’s tuition refund policies. And if like most institutions, your policy has limitations, it’s advisable to offer families the opportunity to consider the benefits of tuition insurance.
Allianz Tuition Insurance can reimburse families for up to 100% of tuition and fees if a covered student withdraws mid-semester for any covered reason, regardless of your refund policy – at no cost to your institution.
- Provides peace of mind to families concerned with the financial and educational impacts of mid-semester withdrawal – demonstrating your institution’s commitment to their well-being.
- By reimbursing tuition, room, and board and other fees, Tuition Insurance can allow students to repeat missed semesters – positively impacting retention and graduation rates.
- Allianz Tuition Insurance covers students throughout the entire semester – helping you avoid costly and time-consuming refunds and appeals.
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