NASHVILLE, TN (WSMV) – College is already stressful, but since the pandemic, more students are reporting mental health issues.
GradGuard is one of the top providers of tuition insurance. The company has doubled the number of policies sold for this year compared to last, and that number is four times what it was in 2019.
"Tuition insurance covers forced medical withdrawals, so that would be a covered injury or illness," Grad Guard Director of Marketing Natalie Tarangioli said.
Tarangioli said that's things like mono, concussions, and now COVID-19. Another reason it's gaining popularity it covers mental health, anxiety, or depression, which has seen a spike during the pandemic.
"You don't need to be hospitalized for this type of claim either," Tarangioli said. "We know that is really a serious concern among college students and has been, but right now, it's even more heightened."
News 4 looked into seeing if it is working. The policy has to be purchased before the semester begins. For GradGuard, it's about $106 for every $10,000 intuition for schools that work with the company. For schools that don't, the rate is around 2% for families.
"We really feel every student and family should have the opportunity to protect their investment. I mean, if you're out 20 grand, that's substantial," Tarangioli said.
In Tennessee, GradGuard works with Trevecca Nazarene University, University of Tennessee, and Christian Brothers University. But it's available in all 50 states.
"We are really about college completion making sure you have that investment protected. It's so valuable people spend a lifetime saving for college, so it's worth protecting," Tarangioli said.
Obviously, like any insurance claim, it's on a case-by-case basis, whether it's covered and the amount you'll be refunded. To learn more about the program, click here.