The administration fee is a one-time charge associated with initiating or managing GradGuard policies. It is separate from the standard policy cost and is designed to cover administrative overhead related to actions such as policy initiation, cancellation, rewriting, or pausing. This charge will appear as a separate line item on your invoice and is non-refundable.
Here's a breakdown of its key aspects:
Cost: The standard fee is $3.50 for members, but it's $5 for residents in Nevada.
Initiation: The fee is charged at the time of policy initiation. The administration fee is non-refundable and is a one-time charge. It will not occur on subsequent renewals.
Statement Description: It will appear on the customer's statement as "GradGuard Policy Administration Fee."
Separate Charge: Having the administration fee as a separate charge ensures that the overall cost for members remains the same across all months.
Cancellation, Rewriting, and Pausing: While you can cancel, rewrite, or pause your policy, the FAQ indicates that the second charge associated with these actions will be waived.
Consistency Across Policies: The fee is tied to policies, not accounts. The fee remains consistent even if a member has multiple policies. (EX: if a parent purchases two separate policies for two students, they will be charged the GradGuard Policy Administration Fee twice.)
If you have any questions or concerns and would like to speak to an agent, give us a call at 866-985-7598.