Executive summary
Do students still perceive higher education as valuable?
Despite news of declining enrollment rates, 83% of people between the ages of 12-26 surveyed by Gallup think that college education is important—and that number is even higher for Black and Hispanic students. The question is less of value than overall affordability. In fact, 80% of U.S. students said they need help affording their education expenses, a Flywire-commissioned research study found, and more than 2/3 feel global economic events have caused them to reconsider their education plans.
"There are affordability challenges to solve in higher education, but I'm continually inspired by the smart, hard working people at colleges and universities who are asking the had questions and thinking through these issues to help students succeed and reach their goals, " said Sharon Butler, EVP of Global Education for Flywire. "That's a big part of what drives me and all of us at Flywire -- the real, tangible results that solutions to help address affordability can ultimately have on students success."
It's easy to become daunted and overwhelmed by the changes needed to better address the affordability issues plaguing higher education. In this playbook, we look at four practical places to start to help move the needle of higher education affordability, including strategic advice and case studies from student financial services professionals.
These include:
1. Understanding cost-to-degree
2. Digitizing the 529 disbursement process
3. Offering payment plans to all students
4. Collecting past-due tuition to increase retention
