The Allure of Global Education Remains Strong

Despite the barriers of the past two academic years—travel restrictions, remote learning, and grounded planes, to name just a few—college and university students worldwide are ready and eager to study internationally again.

That was one of the key takeaways from the recent Passport to Higher Education: A Global Payments Study, an independent commissioned report by Flywire that surveyed more than a thousand college and university students in five countries around the world to get a better understanding of what a postpandemic global education market looks like. While responses from Australia, Canada, China, the United Kingdom, and the United States differed slightly on several questions, overall results from students signaled an eagerness to pack their bags and study somewhere new. A few takeaways:

Students are, and want to be, studying abroad.

Flywire’s report found that 63 percent of students surveyed were planning to integrate studying abroad into their higher education experience. That figure was divided into two camps: 30 percent of people who were currently studying abroad, and 33 percent of people who were planning to in the future.

China was by far the leader in demand for global education experiences. A whopping 76 percent of students surveyed said that studying abroad was or would be a part of their higher education experience, and almost half—47 percent—were already doing so, despite the ongoing pandemic.

The United Kingdom and the United States slightly trailed China with 65 percent and 64 percent of students integrating global education into their curriculum, respectively. Australian and Canadian students follow at 54 percent each. These high percentages from key regions of the world signal overall industry strength.

Students want an education experience like no other.

Two things stood out when students were asked why they wanted to study abroad: cultural experiences and academic reputations. Forty-seven percent of students responded that a new cultural experience was one of the main reasons driving them to another country, and 43 percent said that they thought it would have a positive impact on their academics or how their education was perceived. Other reasons cited by undergraduates included the on-campus experience (38 percent), value for the cost (38 percent), and location (29 percent).

Chinese students, who have by far the highest demand for global education, overwhelmingly cited cultural experiences and academic reputation as their reasoning for travel, at 66 percent each.

In-person learning is here to stay.

Despite a pandemic-induced pivot to remote and online learning, all indications point to in-person learning reclaiming its prominence in higher education. When asked about which style of learning gave them the most fulfillment, 51 percent of students said that being in person was the most fulfilling. Another 33 percent said that a hybrid model was the most fulfilling, and only 16 percent indicated they preferred online learning. Students shared about the same preference for in-person learning in each country, at 50 percent, with the exception of China, where students favored it at 63 percent.

Overall, the survey results indicate that students remain optimistic and eager about global education. It offers an experience like no other, and students are ready to resume international education opportunities and get back into classrooms in parts of the world they’ve never seen before.

How Can You Attract More International Students?

In today’s competitive higher education landscape, institutions must now—more than ever—create powerful, compelling campus experiences that help unlock new revenue streams. This is no easy task, and one that is even more complicated when addressing the requirements of international students.

To effectively meet students’ needs, provide a simple, seamless, and increasingly digital journey across all facets of student life. A big part of the student journey is paying tuition and education fees, and ensuring that payment systems are delivering an optimal experience is crucial. There are five key strategic considerations that institutions should address to optimize the tuition payment experience and attract more overseas students:

1. Create an authentic online payment experience.

In the mobile-first era, it comes as no surprise that students want to pay tuition and other education expenses on a number of different devices. Universities need to think about how they are delivering tuition payments to students. Are current payment providers embedded through their website? Is the process mobile-friendly? These are both important questions to ask. Students will be on the lookout for a payment experience that not only looks authentic, but also can be completed anywhere.

2. Payment communication is key.

International students worry when they have limited visibility into the payment process. Institutions must ensure that students receive all essential payment information. There needs to be transparency around what tuition funds the university is requesting and when these payments are expected. This is a simple task, but it can be easily forgotten when other items become a priority. Clear and regular communication can make a huge impact on the student’s payment experience.

3. Administration process must be seamless.

First impressions count, and for international students this is no different. Institutions must handle payment administration quickly. If not, slow processing will negatively impact a student’s perception of the college or university as a whole. Students might also question the stability of the institution’s infrastructure, which could lead to an overall lower quality experience. International offices need to think digitally, process seamlessly, and continually evaluate the student experience against fast evolving needs.

4. Transparency goes a long way.

Students hate hidden fees. If an institution is not upfront and transparent about extra charges, then students will become frustrated and lose trust. Institutions can build trust by providing students with a single price and demonstrating there are no additional charges. Students will always prefer to know in advance rather than suffer frustration and surprise further down the line.

5. Institutions can't afford to ignore regional preferences.

The most popular form of payment can vary by country, and students around the world want to be able to use their preferred method. Beyond the payment method, they also expect to be able to pay in their own local currency. Institutions cannot afford to ignore these regional preferences. To attract more students from across the globe, institutions need to understand that they can’t cater to students’ needs in broad-brush strokes. Instead, colleges and universities should use regional preferences in key markets to influence payment architecture and the overall student journey.

As the industry recovers from two very disrupted academic years, institutions should consider these strategies to optimize the tuition payment experience and attract more international students.  •

Flywire has been solving complex payment problems for students and education institutions since 2011. Today, we continue to remove boundaries by connecting millions of students with thousands of institutions and hundreds of education agents and partners to improve the payment experience worldwide. Backed by our powerful global payment network and industry expertise, Flywire’s Comprehensive Receivables Solution delivers on life’s most important moments by enabling institutions to seamlessly receive and reconcile payments from anyone, anywhere in the world—at any time. See why Flywire is the Trusted Choice for higher education.