Allianz Global Assistance has formed a new partnership with Flywire – a provider of global payment and receivables solutions – that aims to benefit higher education institutions and their students.
Through the new partnership, Flywire’s turnkey end-to-end solution for managing tuition receivables (powered by OnPlanU) will be paired with Allianz Global Assistance’s GradGuard Tuition Protection Plan. This means families can pay their tuition bills electronically over the OnPlanU online portal and purchase insurance for the payment.
The Tuition Protection Plan can protect tuition payments in the event of unexpected student withdrawals for a covered reason – reasons such as covered illnesses, injuries, or the death of a tuition payor. The plan can provide families with up to 100% tuition reimbursement.
“College is typically the second biggest investment a family makes, but many people don’t realize the financial impact of a withdrawal in the absence of tuition insurance. Most families are stretching their finances to pay for four years, so adding even one more semester can put college attainment at risk,” said Allianz Partners Americas chief marketing officer Joe Mason.
“As the gap between available financial aid and tuition costs grows, students and schools find themselves struggling with tuition management. OnPlanU helps bridge that gap by offering tailored payment plans that students can afford,” commented Flywire vice-president of engineering and OnPlanU co-founder David King.
A release said that James Madison University will be one of the first universities to partner with OnPlanU and Allianz Global Assistance.
“When a student has to withdrawal unexpectedly, it’s a stressful and uncertain time for the family. It is important to us that families at James Madison University have an easy and affordable way to protect their education investment,” remarked James Madison University business office director Linda Combs.