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DENVER (KDVR) — As thousands of college students prepare to continue their education during the pandemic, many are facing challenges if they have been exposed to the coronavirus, quarantined or caring for loved ones. 

The FOX31 Problem Solvers found tuition insurance is an option that can offer reassurance.

One way students and parents can recover course and on-campus living costs is by purchasing a plan, now available from several umbrella insurance carriers.

The FOX31 Problem Solvers talked to GradGuard, based in Phoenix, which specializes in tuition protection.

Spokesperson Natalie Tarangioli said only 6 percent of schools surveyed in 2019 provided 100 percent refunds for tuition. None provided refunds for academic fees or housing.

Most schools only provide a prorated refund for tuition, which is only through the fifth week of classes. 

Tuition insurance plans are designed to recover most expenses associated with a student’s needs on campus.

“You have home insurance, you have car insurance, why wouldn’t you also make sure your college tuition is insured?” Tarangioli said.

GradGuard said available plans cover losses due to physical and mental illness or injury.  The cost of a policy averages about 1 percent of tuition per term, so a payment of approximately $100 would cover a $10,000 expense.

Students or their parents can buy up to $40,000 in coverage that provides a refund for tuition, academic fees and room and board.

The pandemic policy only applies if a student becomes ill from COVID-19 and has to leave school based on a doctor’s recommendation.

“This doesn’t apply if a student is fearful for attending college because of COIVD or if campus is shut down like we saw in spring and classes were online only,” Tarangioli said. 

Other companies may provide coverage if a student becomes a caretaker of a loved one with COVID-19 or is quarantined.

Tuition insurance can also cover the cost of private elementary and high schools. If your school is partnered with a company that provides tuition insurance, you will get a lower rate.  Make sure to check your school’s refund policy before getting insurance.