High-Profile Sallie Mae Enters Low-Profile Tuition Insurance Market

July 12, 2011

A big name in student finance is entering a market that has been populated mostly by under-the-radar players: the practice of providing insurance for students' payments for tuition and other college-related costs and risks. Sallie Mae, long the dominant player in a student loan player that was upended by the one-two punch of then-New York Gov. Andrew Cuomo's scrutiny and the Obama administration's policy changes, announced Monday that it would join with Next Generation Insurance Group to offer products such as the "Student Protection Plan," "a package of tuition insurance, ID theft protection, emergency medical evacuation, and other services to meet the needs of a typical college student." Several other companies have dabbled in providing insurance to refund tuition to students who drop out for documented medical or other reasons, but Sallie Mae is by far the biggest and most visible entity to do so.

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