PHOENIX–(BUSINESS WIRE)–Transact, the leader in innovative mobile payment and credential solutions for a connected campus, today announced an enhanced partnership with GradGuard, the leading provider of college tenants and tuition insurance . The partnership will provide families and students with the peace of mind that their investment can be protected 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 by HigherEdStudy found that only six percent of schools surveyed reimbursed 100% tuition and fees to students who had made a medical withdrawal, compared to twenty-three percent in 2015. GradGuard acknowledged the need for effective tuition insurance and has closed this gap.
“Transact is dedicated to streamlining the campus experience for millions of users through its mobile-centric payment 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. “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 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 reimbursement insurance provided by GradGuard,” explained Stina Olafsdottir, associate vice president of business and administration of 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.
GradGuard is the nation’s leading provider of college renters and tuition insurance. More than 450 colleges and universities trust GradGuard to educate and protect nearly one million students and families. Visit GradGuard.com to use its college insurance search tool to find insurance programs that are right for your student or recommended by their college or university.
About the transaction
Transact is the leader in innovative mobile payment and credential solutions for a connected campus. Its highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the spectrum of student life. Transact’s offerings include integrated solutions for paying tuition and other student expenses, multipurpose campus identifiers, and on-campus commerce. With a long-standing reputation in the education community, Transact proudly serves more than 12 million students at 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.