There are numerous elements in education: location, a program of study, experiential learning, and so forth. However, it is becoming clear that one trend remains constant, regardless of circumstances: academic prices continue to increase sharply, and students today are insisting on solutions that can make education more cost-effective and accessible to all. A vast majority of students believe that having access to a simplified payment process would improve their college experience. Passport to Higher Education: A Global Payments Study, an independent report commissioned by Flywire to assess the state of global education in the post-pandemic world, came to this conclusion.
In order to fully understand students’ perceptions as the industry moves forward in the wake of Covid-19, the survey polled over 1,000 college and university students from Australia, Canada, China, the United Kingdom, and the United States. The results of the survey are as follows.
The costs of education are increasing sharply
According to our findings, up to 86 percent of those surveyed require financial assistance to pay for their education. The trend holds for students all over the world, with the exception of Australia, where 91 percent of students said they needed help. This feeling has been exacerbated by Covid-19. According to the findings, nearly two-thirds of students (72%) believe that making tuition payments has been a significant obstacle for them or their families. Financial difficulties caused 41% of the students’ stress, while unclear processes from their institution caused 28% of the students’ stress, and a lack of online payment options caused 20% of the students’ stress.
The payment gateway needs to be simplified and universal
Getting a higher education can be a financial nightmare. From tuition and fees to public loans, private loans, and government funding, most students and families will tell you that bringing the “balance due” number down to zero can be a years-long process with numerous twists and turns. Which, as per the findings of the report, needs to change. More than three-quarters of students (77 percent) believe that having access to a streamlined payment transaction would enhance their higher education experience. The remaining 15% and 8%, respectively, were made up of students who were unsure and students who felt otherwise.
Flexibility in tuition payment is essential
Flexibility is crucial in terms of payment of tuition fees is what students feel. Payment installments, which divide the total cost of education into more doable sums spread out over time, are seen by a large majority of people as a way to make education more affordable overall. More than 70% of students in Canada (71%), China (73%), and the United Kingdom (73%) thought so, with Australia having the highest outlier at 81 percent and the United States having the lowest at 62 percent. When cost and process concerns are factored in, the overall attitude toward payment installations positions adaptable payment plans as a viable option.