Executive Summary
Can institutions do more to bring peace of mind to global students stressed about affording higher education? Students we surveyed across nine countries say yes.
The stress of affording higher education isn't solely due to cost, our survey of 1,800+ global students from Australia, Canada, China, India, Mexico, Peru, Spain, the United Kingdom and the United States revealed. There are clear steps institutions can take to make it easier for students to understand and access ways to pay that align with their needs.
Global student sentiment reveals institutions should take steps to:
Offer flexibility in tuition payments
80% of students say the option to pay for their education in installments would help them better afford their education expenses, but only 60% say their institution offers the option to pay that way.
Limit payment confusion
Undergraduate students feel they are presented with too many payment vendors/payment methods to select from when paying their tuition bills. 2/3 students say that’s too many. They note this causes confusion and uncertainty about the most secure way to pay. As a result, students may delay payments or, worse, default to using wire or bank transfers, which creates inefficiencies for the institution.
Provide more guidance on how to pay
75% believe having fewer payment provider options for education expenses would make the payment process easier. And 4/5 students say having their institution or education agent recommend a payment provider would simplify the process.
Factor agents into the equation
59% of students surveyed have or plan to study abroad. Some 20% said they have used an education agent – a third-party advisor and recruiter – during their application process, and that agents have provided payment support in some capacity.
Just how important it is for higher education institutions to take steps to ease payment processes and increase affordability is further reflected in two takeaways:
Confusing payment processes are increasingly affecting how students view their entire higher education experience 90% said access to a simplified payment process would improve their higher education experience – an increase from 77% over last year.
Students are still eager to study abroad, but their motivations are shifting On average, students across the globe now prioritize educational value and internship and job opportunities over new cultural experiences and even academic reputation. Affordability feeds the perception of value, further underlining the importance of aligning payment options with student needs.