Protecting Your Investment: Understanding USC Tuition Refund Insurance
Attending university is a significant investment, and unexpected events can sometimes disrupt a student's academic journey. The University of Southern California (USC) offers Tuition Refund Insurance to help protect students and their families from financial loss due to unforeseen medical circumstances. This article provides a detailed overview of USC's Tuition Refund Insurance, its coverage, eligibility, and how to enroll or opt-out.
What is Tuition Refund Insurance?
Tuition Refund Insurance is an elective insurance program that provides financial protection for tuition and mandatory fees (excluding the student health insurance fee) if a student has to withdraw from the university before the semester is completed due to a serious illness or accident. USC has contracted with A.W.G. to provide this insurance.
This insurance helps to safeguard the investment made in education by offering a refund of tuition and fees to a student who must withdraw from all classes due to an illness or accidental injury.
Key Features of USC's Tuition Refund Insurance
Coverage: The insurance covers 85% of the tuition and mandatory fees (excluding the student health insurance fee) for the semester.
Covered Reasons for Withdrawal: The plan covers withdrawals due to injury, sickness, or psychological and emotional conditions (as defined in the DSM-IV manual).
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Payment Coverage: The plan covers payments made directly by the student, as well as those made through loans, grants, or scholarships.
Enrollment and Opt-Out Process
USC provides students with the flexibility to enroll in or opt-out of Tuition Refund Insurance. Here's how the process works:
Automatic Enrollment: By default, at the time of registration, Web Registration will enroll you in Tuition Refund Insurance.
Opt-Out Option: If you wish to remove Tuition Refund Insurance after you have registered, you can make the change on Web Registration by clicking the Tuition Refund Insurance button and following the prompts.
Deadline to Opt-Out: You may decline tuition refund insurance up until the end of week three of the fall semester of session 001.
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Understanding Other Fees and Charges at USC
To fully understand the context of Tuition Refund Insurance, it's important to be aware of other fees and charges that students may encounter at USC:
Student Health Center Fee: This fee applies to students enrolled in 6 or more units.
Student Health Insurance Fee: This fee applies to students who have not obtained an insurance waiver.
Norman H. Digital Course Material Fees: This new program allows all undergraduate students access to required textbooks and course materials.
Deferment Service Charge: Thirty-day deferments are granted for up to $2,000 of the tuition balance.
Read also: Withdrawals for College: A Guide
Late Fees: To avoid late fees, you must register and have your tuition, fees, housing, dining, and all other charges paid or deferred by 5:00 PM PT on the settlement deadline. If you fail to register and settle your account, you will be assessed late fees each week in accordance with the following schedule.
Housing and Meal Plan Charges: Housing and meal plan charges will appear on your student account. Housing rent charges for undergraduate buildings and all meal plans are billed once per semester. Rent for most graduate and family buildings is billed on a monthly basis. All utilities are included in rent charges. All housing assessments must be paid at the time of billing or they will be considered past due and may be subject to finance charges and/or late fees.
Third-Party Billings: Students with pre-authorization for third-party billings from entities recognized by the university will have their agency credits posted on their student accounts. They will be required to pay any amounts not covered by the agency. Approved agencies may include local, state and federal governments, private corporations, foreign governments and the United States Armed Services. Sponsored students must meet the terms and conditions agreed upon by the university and the agency.
Understanding Form 1098-T
USC is required to provide students and the I.R.S. with form 1098-T each year. This form reports general information about enrollment status, qualified charges, and financial aid posted to a student’s account during the calendar year just ended. In addition to the 1098-T, USC provides students with supplemental information that includes a breakdown of all financial activity by category. The 1098-T assists students and families in determining their eligibility for the Hope Scholarship and Lifetime Learning tax credits.
Credit Balances and Refunds
If you have a credit balance on your account, you may be eligible for a refund. If your bill was paid with cash, check, web check or financial aid and you are eligible for a refund, it will be deposited directly into the student’s bank account (regardless of who paid) in 2-3 business days. If your account has been overpaid by a wire transfer, either the university will return the entire amount of the wire transfer to the originating bank or you may leave the excess funds in your account to be used for future charges.
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