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College is the “default” choice for many high school graduates, at least in the United States, but that hasn’t always been the case. A few decades ago, it was far more common for high school graduates to explore other options, such as attending the military, community colleges, technical schools, or entering the workforce directly.
Now it seems that there is almost no consideration other than going on to a four-year university. However, college may not be the right option for everyone, and it’s important to fully understand some of the risks that come with going to college.
We’ve partnered with GradGuard to show you some of the biggest risks of going to college and how to insure against them to protect your college investment. For example, GradGuard’s tuition insurance reimburses up to 100% of medically deductible tuition, housing, and school fees. Below we also discuss GradGuard renter insurance.
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How dangerous is college?
Everything in life carries some degree of risk. Going to college is no exception, given that the return of money and time is not guaranteed. Whether or not you consider college “risky” depends on your own risk tolerance. Still, it’s important to understand the various risks of attending college so you can make an informed decision for yourself.
5 biggest risks in college
It’s more expensive than ever to attend college in the US, which is why the negative experience can be even greater given the amount of money invested. With that in mind, let’s take a closer look at some of the biggest risks of going to college.
1. Don’t graduate
One of the potential risks of college is not graduating. You may spend years of your life and end up spending tens of thousands of dollars (or more) on a degree you never get.
2. I can’t find a job in my field
Perhaps even worse than the risk of not graduating is the risk of finding employment difficult or impossible in your chosen field after you actually graduate with a degree. One way he mitigates this risk is by carefully choosing his degree choices.
Some degrees are more valuable than others in terms of your chances of finding a job. Nonetheless, there is some degree of risk, albeit to a degree that is as marketable as possible.
3. Student loans
There are many ways to pay for college, and student loans are definitely part of many students’ payment plans. Even if you graduate and get a job, you still have to pay back your student loans.
Depending on how much you owe, student loan balances can cause financial problems and put your financial future at some risk.
4. MENTAL HEALTH OR OTHER HEALTH RISKS
Going to college can be stressful, especially if it’s your first time away from home or if you already have a mental health condition. Stress can exacerbate existing mental health problems or create new ones.
5. Dorm Room Risks
If you live in an on-campus dormitory, you may be at greater risk. I’m talking about the possibility of theft, water damage, and even fire.
Adequate renter’s insurance, which includes liability and personal property protection, can help mitigate some of these risks, but many students do not have appropriate insurance.
Insurance against these risks
Many people are unaware that there are ways to insure against some of these risks and that it is very cost effective. GradGuard is a specialized insurance product that offers both tuition insurance and college renter insurance.
Tuition insurance can protect your investment if you have to drop out of school due to a serious insured medical condition. GradGuard offers up to 100% reimbursement of tuition, lodging, food, and school fees in the event that a student is forced to drop out of school due to serious medical conditions, chronic illness, or psychological reasons.Given that there 1 in 4 students who start college do not return in their second yearthis is very helpful.
If you live in a dorm room or live off-campus, you may still need college rent insurance. Think about everything you bring to college: your laptop, your bike, all your clothes and shoes. In the event of an unforeseen event such as fire, flood, or theft, renter insurance like GradGuard can cover the cost of replacing stolen or damaged student property.
Check out GradGuard here and get a quote >>
Should I still go to college?
Now that you’ve learned about some of the biggest risks in college, does that mean you should give up on your dream of getting a college degree? Probably not. As I said earlier, everything in life carries some degree of risk, and you miss out on a lot if you try to read a truly risk-free life.
Are college dorms more fire hazards than housing? Probably, but it’s still unlikely.
If you still want to attend college but are concerned about some risks, you may consider purchasing insurance to mitigate the risks. Some companies offer renter insurance as well as tuition insurance, and this type of insurance is an excellent protection against unlikely, but potentially devastating, events. may be an option.
final thoughts
Everything in life carries some risk, and going to college is no exception. Being on campus can increase your risk of theft, property damage, and mental health problems, especially if you are living on campus or away from home for the first time.
You’re also at risk of not graduating or finding a job in your chosen field, which can cost you tens of thousands of dollars or more (not to mention wasted time).
Still, there are a lot of good things to come from going to college, and you’ll have to decide for yourself how the risks/benefits are balanced, and whether college is worth the investment for you. Much depends on your own risk tolerance, financial, personal and family circumstances.
Certain types of insurance (such as renter insurance and tuition insurance) can help reduce the risk of going to college. Check with your insurance agent or broker to see if the insurance makes sense for you.
Check out GradGuard now and get a quote >>