Transact and GradGuard Partner to Provide Financial Assurance to Students

By Edlyn Cardoza

August 08, 2022

  • University tenants
  • Financial payment system
  • GradGuard

Transact, a provider of innovative mobile payment and credential solutions for a connected campus, announced a partnership with GradGuard, a provider of college tenant and tuition insurance. The partnership helps families and students secure their investment should they face unforeseen events that impact their college plans. GradGuard insurance will be fully integrated with Transact’s financial payment systems, simplifying financial steps if a student must withdraw from college before the end of an academic term due to accident, injury, or another unforeseen covered medical condition.

The partnership will fully integrate tuition reimbursement insurance into Transact’s highly configurable, mobile-centric campus technology. The goal is to create a consistent user experience that provides direct tuition billing and key details about college tuition insurance and tenant insurance, all in one interface. Students and their families can have relevant information at their fingertips, including details of their school’s tuition reimbursement policies, should they need to consider withdrawing unexpectedly for a covered event.

“At Transact, we understand that college is a major investment, and when an unforeseen 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 educational investment is protected,” said Laura Newell-McLaughlin, Transact Executive Vice President, Payments.

The number of unplanned medical withdrawals from college has increased, while the tuition reimbursement rate for these families has decreased. In 2019, a survey conducted by Graduate Studies found that only 6% of schools surveyed administered 100% tuition and fee refunds to students who had medical withdrawals, up from 23% in 2015. GradGuard recognized the need for adequate fee insurance schooling and bridged that gap.

“Transact is dedicated to streamlining the campus experience for millions of users through its mobile-centric payment solutions. Integrating 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. “This assures them that they may be able to avoid financial loss if their student has to withdraw from college due to medical events.”

GradGuard’s partnership with Transact creates transparency of school withdrawal policies and available coverages to prevent the financial consequences of unforeseen medical events. Presenting information to families in a timely manner gives them the resources they need to navigate the complexities of the college experience with confidence that, if their student must make critical 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 reimbursement insurance provided by GradGuard,” explained Stina Olafsdottir, Associate Vice President of Business and Administrative Services, Kent State University. “The new integration will not only improve this experience, but will also ensure that students and families have relevant information about college and university policies to help them make an informed decision about the benefits of voluntary purchasing. tuition reimbursement insurance.

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