Like many institutions, Lasell College had no way to confirm that tuition payers had reviewed key financial policies and disclosures -- including the college's tuition refund policy. While the policy was fully disclosed within the school's website, Lasell had no ability to track if families had reviewed the policy. This passive approach, therefore, led to confusion and additional stress when families needed to initiate a student withdrawal.
Two of Lasell's partners, GradGuard and Tuition Management Systems, engineered and optimized a customized solution that prompted active review of the tuition refund policy; while simultaneously providing the opportunity to review the benefits of an affordable tuition insurance plan.
Students and families were given information about GradGuard's Tuition Refund Insurance through direct mail and other marketing outreach. Information could also be found on Lasell's website. "We were happy to make this plan available to our families. It allowed them to protect their investment, and it was a way for us to protect our tuition receivables, as well as the time and resources needed to process refunds and manage appeals," notes Jim Garrant, Lasell’s Director of Student Accounts.
Learning: While several families bought policies, ultimately there was no way to confirm that each Lasell family had reviewed the tuition refund policy or even received the opportunity to make a fully informed decision regarding insurance protection.
All students and their invited shared users were provided the opportunity to review and acknowledge the Lasell refund policy within the online Student Account Center. This solution -- the result of collaboration between GradGuard, Tuition Management System and Lasell College-- led to more families choosing to protect the investment they had made to attend Lasell.
Learning: Including this information within the Student Account Center did prompt more families to enroll in the Tuition Refund Insurance program, but the leadership at Lasell was interested in ensuring greater peace of mind for a larger number of students and families.
User-experience experts from the GradGuard and TMS teams identified the optimal placement of the refund policy acknowledgement and tuition insurance information.
Learning: Combining the requirement to read and agree to the tuition refund policy with the opportunity to purchase affordable tuition insurance -- and placing it right where tuition payments are made -- significantly increased the number of families who chose the protection.
“After hearing the proposal, we couldn’t think of a reason not to give this a try. All the systems were in place and, in my opinion, both Lasell College and our families would be one step ahead.”
Director of Student Accounts
“We are thankful for the collaboration of our partners and their providing a solution that made perfect sense. Medical withdrawals continue to be on the rise. With this real-time integrated solution for our families it can proactively help protect the investment they have made in a Lasell education.
The GradGuard & TMS team made it easy.
Director of Student Accounts