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Students taking a test. Photo: Frederick Florin/AFP via Getty Images

College students are being left with immense payments in tuition for classes they never finished after quitting mid-semester because of mental health breakdowns from stress and anxiety.

The big picture: As college tuition rises and pressure increases on students to do well, tuition insurance has become a popular fallback option among students when dealing with tuition payments in the middle of the school year, Douglas Belkin of the Wall Street Journal reports.

Situational awareness: College costs have continued to rise in the United States. The average cost of tuition was $34,740 in 2017 — a nearly $20,000 dollar increase from its mark in 1988, according to data from the College Board.

As costs have increased, the pressure on students to perform well has also increased with 61% of students saying they’ve sought counseling in a 2016 survey by the American Psychological Association reporting anxiety issues.

Between the lines: That anxiety causes some students to leave school and, once they leave, they're stuck with tuition payments. That's where tuition insurance comes in.

  • Most policies charge about 1% of the cost of school, so a semester that costs $30,000 would only cost about $300 in insurance.
  • As it becomes more popular, Belkin writes, more schools are working with insurers. "At least 200 schools now work with insurers, offering the coverage to families when the pay the tuition bill."

Yes, but: Most schools have a deadline for reimbursement about halfway through the semester, Belkin writes, but most students are unaware of it.

  • Once the deadline passes, families are unable to get a refund on costs for the semester.

Go deeper: College tuition costs have risen behind austerity.

Go deeper

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 4 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
4 hours ago - Health

Omicron gives a shot to boosters

Expand chart
Data: CDC; Chart: Will Chase/Axios

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.