Transact and GradGuard partner to provide financial insurance to students
By Edlyn Cardoza
Transact, a provider of innovative payment and mobile credential solutions for a connected campus announced a partnership with GradGuard, a college renters and tuition insurance provider. The partnership help families and students secure their investment should they face unexpected events impacting their college plans. GradGuard insurance will be fully integrated into Transact’s financial payment systems, simplifying the financial steps should a student need to withdraw from college before the end of an academic term due to an unforeseen covered accident, injury, or other medical situation.
The partnership will fully integrate tuition refund insurance within Transact’s highly configurable, mobile-centric campus technology. The goal is to create a cohesive user experience that provides direct tuition billing and key details on tuition insurance and college renters insurance, all in a single interface. Students and their families can have pertinent information at their fingertips, including specifics on the tuition refund policies of their school, should they need to consider withdrawing unexpectedly for a covered event.
“At Transact, we understand that college is a major investment, and when an unanticipated event occurs, a student may need to make the difficult decision to withdraw mid-term. GradGuard can give students and their families the assurance that their school investment is protected,” said Laura Newell-McLaughlin, Transact executive vice president, Payments.
The number of unforeseen medical withdrawals from college has been on the rise, while the rate of tuition refunds for those families has been declining. In 2019, a survey by HigherEdStudy found that only 6% of schools surveyed administered 100% refunds of tuition and fees to students who completed a medical withdrawal, compared to 23% in 2015. GradGuard recognised the need for adequate tuition insurance and has closed that gap.
“Transact is dedicated to streamlining the campus experience for millions of users with its mobile-centric payments solutions. The integration of GradGuard’s Tuition Protection Plan with Transact’s dynamic billing process provides security for students and families,” said John Fees, co-founder and CEO of GradGuard. “It assures them that they may be able to avoid a financial loss if their student must withdraw from college due to medical events.”
The GradGuard partnership with Transact creates transparency for school withdrawal policies and available coverages to prevent unforeseen medical events’ financial consequences. The timely presentation of information to families gives them the resources they need to navigate the complexities of the college experience with confidence that, should their student need to make critical personal choices, their investment can be protected.
“From the beginning, the partnership between Transact and GradGuard has given students and their families easy access to the tuition refund insurance provided by GradGuard,” explained Stina Olafsdottir, associate vice president for Business and Administration Services, Kent State University. “The new integration will not only enhance that experience but will also ensure that students and families are equipped with relevant college and university policy information to help them make an informed decision regarding the benefits of voluntary purchase of tuition refund insurance.”
IBSi Daily News Analysis
November 29, 2023
How Financial Cybersecurity landscape will evolve in 2024 with banking Trojans and direct payment attacksRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage