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Tuition Insurance

A college education is one of the largest investments you’ll ever make, and it is an investment worth protecting. Each term, thousands of students withdraw from colleges and universities across the U.S. and in many cases their tuition is not refunded. Tuition Insurance is designed to complement your school’s tuition refund policy if your student has to withdraw for a covered reason. Help give your family financial security by protecting against the unexpected.

What does Tuition Insurance Cover?

In the event of a covered withdrawal, Tuition Insurance can reimburse the following costs, up to the policy limits:

  • Tuition
  • Academic Fees
  • Room and Board
  • Other eligible education related expense

How Much Does Tuition Refund Insurance Cost?

There is no “right” amount of tuition insurance. It varies person to person, family to family. Be sure to assess your out-of-pocket risk before choosing your coverage levels. Consider all of the costs associated with attending college that you and your family would lose if you had to withdraw for medical reasons. This includes fees, room, board, tuition, and books. Available coverage levels vary by school.

Learn More  

By clicking "Learn More" you will be directed to, a service of Next Generation Insurance Group,LLC ("NGI"), and is governed by NGI's privacy policy, https:// You will be identifying yourself to NGI as a Sallie Mae customer and/or visitor to who is eligible for this offer.

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1 Consult your school's refund policy for specific details pertaining to your school.

2 There may be a hospital inpatient requirement to be eligible for mental health coverage. Coverage availability varies by state.

GradGuard is a service of Next Generation Insurance Group LLC (“NGI), a licensed insurance producer. For insurance licensing information, click here.

Sallie Mae Bank is not a licensed insurance producer or insurance carrier. Insurance programs offered through NGI are underwritten by authorized insurance carriers. All insurance is subject to the terms and conditions of the actual policy purchased and will contain reductions, limitations, exclusions, and termination provisions. Coverage may not be available in all states.

Tuition Insurance is tuition refund insurance is underwritten by Markel Insurance Company, Deerfield, IL; Administrative Office, Waukesha, WI. Coverage is not available in all states. Coverages, limitations and exclusions may vary by state. Refer to the full policy and member certificate for complete coverage. If a withdrawal is due to a mental health issue, a hospitalization stay of at least 24 hours, within 30 days of the date of withdrawal, is required. In some states, this requirement may be modified to a 2-day hospitalization.


Insurance products are not deposits or other obligations of, or guaranteed by, Sallie Mae Bank or its affiliates. Insurance Products are not insured by the FDIC or any other agency of the United States, Sallie Mae Bank or its affiliates.