More than half of students globally are eager to study abroad, and
91% believe it’s a great way to round out their education
experience, according to a new report, Unlocking the door to higher
education: Global students’ perspectives on paying tuition and
more, commissioned by Flywire (Nasdaq: FLYW), a global
payments enablement and software company. Flywire’s research
reveals that by improving the overall payment experience,
institutions can capitalize on this high demand for global
education and create more positive student outcomes.
In its latest student survey, Flywire explored the attitudes and
experiences of over 1,800 higher education students from Australia,
Canada, China, India, Mexico, Peru, Spain, the United Kingdom and
the United States, regarding pursuing and paying for higher
education.
“Our research shows us that the payment process can positively
impact how students view their entire higher education experience,
especially when institutions provide recommendations and guidance
about the payment journey,” said Sharon Butler, Executive
Vice President of Global Education, Flywire. “This should
be a strong call to action for global institutions who are looking
to boost enrollment, engagement, and retention among their study
body.”
Butler continued: “The good news is, among the
demands that we heard from students in our research - from
affordable payment options, to closer connection to international
education agents - Flywire’s solution empowers institutions to
remove the financial burden from students, and puts paying for
those experiences within reach.”
To improve student outcomes, institutions should provide
payment recommendations and guidance early, and seek partnerships
with agents
While choice and flexibility in payment options can be a benefit
to students, Flywire’s research reveals that students want
recommendations and guidance on their payment journey. 75% of those
surveyed said a recommended provider would give them peace of mind
that their payment is safe. 78% said a recommended provider would
help them trust that option more.
Early engagement was another theme that came through from
Flywire’s survey. Students want earlier and clearer payment
guidance from their institution, as 85% of students said they wish
they'd received details about how and when to pay as soon as they
accepted their offer letter.
Importantly, education agents have a significant role to play in
education and payment-related decisions for international students.
Overall, students look favorably to agents, and 74% of students
surveyed said agents make it easier to decide where to study. The
students surveyed use agents for services ranging from application
support (41%) to payment process advice (36%) to visa guidance
(21%). And 83% of students surveyed said having their institution
and/or education agent recommend a payment option would simplify
the process.
As a takeaway, institutions can empower education agents with
the information and tools to provide students with accurate,
early guidance on how to pay, and that integrate with central
systems to provide a smooth student experience.
With affordability a major concern for students,
institutions should provide them with flexible payment
options
Demand to pay tuition in installments is high, and adoption of
installment plans is strong when students are provided this option.
80% of students say the option to pay for their education in
installments would help them better afford their education
expenses. 81% of students surveyed who were offered a payment plan
option have used it, are currently using it, or plan to in the
future. And it impacts choice – 79% said they wished they’d known
installments were an option before they received their offer
letter.
The risks of not solving affordability through solutions like
interest-free installment plans are urgent for institutions.
According to the survey, 81% of students surveyed across all nine
countries surveyed need help affording education. And almost 63% of
those surveyed are thinking of making different life choices to
ease the financial burden of education, including taking time off
from school, stopping their education for more than a year, or
changing to a less expensive school.
As a takeaway, institutions have an opportunity to ease these
stressors by providing students and families with a clear payment
process, and offering interest-free installment plans for all
students, regardless of location.
To meet the demands of modern global
students, institutions should scale
their payment
capabilities beyond tuition
While tuition is a major expense for students, they have other
financial burdens to consider once they get to campus. The survey
revealed that students want simple, one-stop payments for
accommodation and other related expenses through their payment
provider. According to the survey, 47% want one-stop payments for
additional student fees and/or expenses, 35% want one-stop payments
for off-campus activities, 35% for off-campus accommodations, 34%
for on-campus accommodations and 32% for health insurance.
As a takeaway, institutions should consider how to scale their
payment capabilities to support the entire student financial
journey, from using software to power e-commerce transactions
across campus, to solving education-related expenses for
students from India and providing student insurance options to
students in Australia & New Zealand.
To experience the full report, please visit
here.
Resources
- Sharon Butler will be discussing these trends on an upcoming
webinar with the U.S. News & World Report, Webinar: Solving the
Higher Education Affordability Gap Through Technology and
Innovation, September 27th from 1-2 pm ET. Register here
- Flywire will be exhibiting at the 33rd annual European
Association for International Education (EAIE) conference 26–29
September in Rotterdam, the Netherlands. Visit Flywire at Booth
G03
- To learn more about Flywire’s solution for global education
payments visit: Flywire.com/education
About Flywire
Flywire is a global payments enablement and software company. We
combine our proprietary global payments network, next-gen payments
platform and vertical-specific software to deliver the most
important and complex payments for our clients and their
customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, such as NetSuite, so organizations can
optimize the payment experience for their customers while
eliminating operational challenges.
Flywire supports more than 3,500 clients with diverse payment
methods in more than 140 currencies across 240 countries and
territories around the world. Flywire is headquartered in Boston,
MA, USA with global offices. For more information,
visit www.flywire.com. Follow Flywire on
X (formerly known as
Twitter), LinkedIn
and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding the effects of
payment processes on students, institutions and the education
experience. Flywire intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995.
In some cases, you can identify forward-looking statements by terms
such as, but not limited to, “believe,” “may,” “will,”
“potentially,” “estimate,” “continue,” “anticipate,” “intend,”
“could,” “would,” “project,” “target,” “plan,” “expect,” or the
negative of these terms, and similar expressions intended to
identify forward-looking statements. Such forward-looking
statements are based upon current expectations that involve risks,
changes in circumstances, assumptions, and uncertainties. Important
factors that could cause actual results to differ materially from
those reflected in Flywire's forward-looking statements include,
among others, the factors that are described in the "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections of Flywire's Annual Report on
Form 10-K for the year ended December 31, 2022, and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2023, which are
on file with the Securities and Exchange Commission (SEC) and
available on the SEC's website at https://www.sec.gov/. The
information in this release is provided only as of the date of this
release, and Flywire undertakes no obligation to update any
forward-looking statements contained in this release on account of
new information, future events, or otherwise, except as required by
law.
Media Contacts
Sarah KingSarah.King@flywire.com
Prosek Partnerspro-flywire@prosek.com
Investor Relations Contact
Akil HollisIR@flywire.com
Flywire (NASDAQ:FLYW)
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