Being a new college student is a wild ride. For those of us that decide to go away for school, that can be even wilder. We’re thrown into a quasi adulthood where we have to be mindful of how we manage our time all the while remaining carefree. Add to that the emotions of being homesick, trying to find the right major and stressing out about grades and it can be a recipe for disaster. Especially when someone may just not be ready for the pressures of college life but doesn’t wan to jump into the workforce just yet. Or who knows that trying that isn’t a good idea.
When I went away to school for my freshman year I had no idea what I was in for. I had never been without a single member of my family for 18 years and it was scarier than I thought it would be. I was also brought up with education at the forefront of everything so it was only natural that I would go to college but I wasn’t emotionally ready for it. In high school I didn’t have tons of friends, I wasn’t able to hang out late, if at all, and I was pretty much sheltered from all the ‘bad things’. Imagine what my first weekend in college was like! It was like lord of the flies and parties became my #1 priority. Thankfully my first semester grades gave me a wakeup call and I cleaned up my act after that.
But there are a lot of people that don’t and end up dropping out after one semester, or even a year of college, because they weren’t ready for it. And if they’re like a lot the people that I went to school with, including myself, the only way school was paid for was by taking out loans. Imagine going to college for one, two or even three semesters and finding out that it just isn’t for you right now. You’re stuck not only having to support yourself in the ‘real world’ but you also have to pay back loans for tuition and room and board that wasn’t beneficial.
I’ve never heard of this before, but there’s actually something called Allianz Tuition Insurancewhere you can be reimbursed for non-refundable tuition expenses-- with a few caveats of course. Allianz has three different plans with coverages that range from having to leave or take a semester off of school due to an illness to complete withdrawal for any unforeseen reason. It’s pretty cool considering the fact that we’re used to paying insurance premiums for those what-if moments in life that would be detrimental to our finances if they happened.
I think it's worth checking out for parents sending their kids to college, or someone paying for it themselves. It's nice to have piece of mind and have one less thing to worry about if things don't go according to plan as someone starts a new and exciting chapter of their lives.