With the very real risk of getting sick threatening school closures every step of the way, families may find that the education they paid for could fall far short. But don’t bank on a refund.
If the recent events at the University of North Carolina at Chapel Hill are any indication, a lot can — and will — go wrong this semester at colleges nationwide. With cases of coronavirus rising, the possibility of more campus closures has sparked a sudden interest in college refund policies and tuition insurance. While a number of colleges and universities have said they will offer refunds of fees and room and board, the reimbursement policies vary from school to school — and nearly all of them have drawn the line at tuition. „Most colleges don’t have very good refund policies,“ said Mark Kantrowitz, publisher of SavingForCollege.com. „Part of the reason for that: Once you get that far into the semester and the student drops out, you can’t replace them.“ Depending on when a student withdraws in a semester, the college’s refund policy may reimburse a significant amount (specifically if it’s within the first month or so of the semester, although it varies by school). However, refunds are typically offered on a sliding scale and most schools won’t give any money back at all after the fifth week of classes. At UNC, for example, the deadline to withdraw and receive a 95% prorated refund was on Monday. This week, it dropped to 80% and decreases by another 10% in each following week.
