Transact Partners With GradGuard To Provide Financial Insurance To Millions Of Students

PHOENIX–(BUSINESS WIRE)–Transacta leader in innovative payment and mobile information solutions for the connected school, today announced a partnership promoted by GradGuard, a leading provider of college loan and education insurance. This agreement will give families and students peace of mind that their money will be protected if they experience unforeseen events that affect their college plans. GradGuard insurance will be fully integrated into Transact’s financial system, simplifying the financial process if a student needs to leave college before the end of the academic term due to an accident, injury, or other unforeseen illness.

The deal will include tuition reimbursement insurance within Transact’s comprehensive, campus-based technology. The goal is to create a unified user experience that provides direct payment and key information about student insurance and college loan insurance, all in one format. Students and their families can have important information at their fingertips, including their school’s tuition refund policies, should they need to consider an emergency withdrawal from an event.

“At Transact, we understand that college is a big investment, and when the unexpected happens, a student may have to make the difficult decision to leave the center. GradGuard can give students and their families the assurance that their college finances are protected,” said Laura Newell-McLaughlin, vice president of Transactions, Payments.

The number of people who drop out of college unexpectedly has increased, while tuition reimbursement for those families has decreased. In 2019, a study by HigherEdStudy found that only six percent of schools surveyed reimbursed 100% of tuition and fees for students who graduated from medical school, compared to 23 percent in 2015. GradGuard recognized the importance of effective insurance. but also closed the gap.

“Transact is committed to making the campus experience more accessible to millions of users with its mobile payment solutions. The combination of GradGuard’s Tuition Protection Plan and Transact’s payment system provides protection for students and families,” said John Fees, co-founder and CEO of GradGuard. . “It assures them that they can avoid losing money if their student leaves college because of medication.”

GradGuard’s partnership with Transact creates transparency in dropout policies and the coverage available to prevent the financial consequences of unexpected medical events. Timely disclosure of information to families gives them the tools they need to navigate college challenges with the confidence that, should their student need to make important decisions, their investment will be protected.

“From the beginning, the partnership between Transact and GradGuard has provided students and their families with easy access to tuition reimbursement insurance provided by GradGuard,” said Stina Olafsdottir, vice president of Business and Administration Services, Kent State University. “The new integration not only enhances that experience but also ensures that students and families have the right information about college and university policies to help them make an informed decision about the benefits of the voluntary purchase of tuition reimbursement insurance.”

About GradGuard

GradGuard is the nation’s leading provider of college rent and education insurance. GradGuard is trusted by more than 450 colleges and universities 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 college student or approved by their college or university.

About Transact

Transact is the leader in innovative payment and mobile information solutions for connected schools. Its state-of-the-art and state-of-the-art technology supports students in all aspects of student life. Transact’s offerings include integrated tuition and other student payment solutions, IDs for many school products, and school merchandise. With a long history in the education sector, Transact proudly serves more than 12 million students at 1,750 client institutions. Its fintech solutions support $45 billion in annual payments and have enabled more than 110 million mobile wallet purchases and $200 million in mobile orders in less than three years. For more information, visit www.transactcampus.com.