Transact Partners With GradGuard To Provide Financial Insurance to Millions of Students
Transact, the leader in innovative payment and mobile credential solutions for a connected campus, today announced an enhanced partnership with GradGuard, the leading provider of college renters and tuition insurance. The partnership will provide families and students with peace of mind that their investment can be protected should they be faced with 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.
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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 withdrawig 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 six percent of schools surveyed administered 100% refunds of tuition and fees to students who completed a medical withdrawal, compared to twenty-three percent in 2015. GradGuard recognized the need for effective 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 the coverages available to prevent the financial consequences of unforeseen medical events. 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 important 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."
GradGuard is the nation's leading provider of college renters and tuition insurance. GradGuard is trusted by more than 450 colleges and universities to educate and protect nearly one million students and families. Visit GradGuard.com to use its college insurance search tool to find the insurance programs that are right for your college student or recommended by their college or university.
Transact is the leader in innovative payment and mobile credential solutions for a connected campus. Its highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the full spectrum of student life. Transact's offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation in the education community, Transact proudly serves more than 12 million students across 1,750 client institutions. Its fintech solutions facilitate $45 billion in payments annually and have enabled more than 110 million contactless mobile wallet transactions and $200 million in mobile orders in less than three years. For more information, visit www.transactcampus.com.