DALLAS (CBSDFW.COM) – The uncertainty about COVID-19’s impact on the upcoming school year is especially prevalent among college students.

That’s because tuition averages between $25,000 to $50,000 per year and often is nonrefundable.

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It has some students and parents considering tuition insurance.

“The most important thing I would tell everyone even before going after coronavirus is to know what the refund policy is at the college or university,” said John Fees who started a GradGuard, a tuition insurance company.

Fees says only 6% of higher education schools offer full refunds.

The tuition insurance is for college students who drop out for medical reasons that now include COVID-19.

“So we pay for claims for students who test positive and choose to withdraw from school and they’re not well enough to continue,” said Fees.

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Fees said his company is only offering the COVID-19-related coverage for a short time.

The cost of premiums is one percent of tuition.

So if tuition is $10,000 a year, the premium amounts to about $106 per year.

“My view is if you can buy a travel insurance for a $300 investment, you should be able to do the same thing just as easy for a $30,000 investment, right, and that is really what GradGuard is doing.

The COVID-19 provision in the insurance policy only covers students who test positive and not those who miss time because of a quarantine or a sick family member.

“There are 8 million undergraduate students in the country, and we estimate that 80,000 or so a year, have some unexpected events that will disrupt your education,” he said.

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SMU and Baylor are two of the Texas schools that currently offer GradGuard tuition insurance which must be purchased before classes start.