College is expensive. Here are a few ways to protect your investment

PHILADELPHIA (WPVI) -- President Biden announced student loan relief for millions of borrowers on Wednesday but that doesn't change the exorbitant cost of college. It is important families are aware that there are ways to protect your money in case of an emergency.

All in, the average is more than $27,000 a year for a state school and more than $55,0000 for a private university.

Amy Miller has two daughters heading to college this fall.

"It's just very expensive and it's an investment. So you're making an investment in your kid," Miller said.

An investment totaling tens, sometimes hundreds of thousands of dollars. So what if something goes wrong? Consumer Reports says there are two ways to protect some of that investment: tuition insurance and dorm insurance.

"If your child experiences a major health issue and has to drop out midway through the semester. In that case, the tuition insurance would refund you for the portion your child did not receive," said Penny Wang, Consumer Reports money editor.

And that's on top of what your kid's school may refund you. So, after checking the college's refund policy, CR says, "Check the coverage terms to see what precise conditions are covered and what is needed. But generally medical records, a doctor's letter, you'll need to send that into the insurance company."

And then there's dorm insurance. In general, coverage is affordable and something to consider.

"Dorm insurance covers all the stuff that your kid may be taking with him or her to college. If something happens, it's one way that you can get coverage, reimbursement for loss, damage," said Wang.

Although you may have some coverage for your kid with a homeowner's policy, CR says dorm insurance or even renters insurance might be a cheaper option, a few hundred dollars a year, since deductibles are often higher with homeowners insurance.

As Miller knows with kids, best to be prepared for anything.

"We just kind of want to hope that everything's gonna go smooth until it doesn't."

CR also advises scaling back your car insurance if your student doesn't have a vehicle there. Also, make sure to take advantage of tax breaks offered to parents of dependent students.