With rising unemployment rates, the financial hardships students are undertaking have become a major decision maker on whether re-enrollment is realistic.
International students have become vulnerable to this predicament. $41 billion dollars of revenue is generated into the United States higher education thanks to the many international students that travel overseas for education.
After COVID hit, administrations started seeing a drop in enrollment from returning foreign students. This was related to expensive costs of travel, housing, and out of state tuition that these students undertake.
Flywire, a Boston based tech firm, presented a solution to the financial insecurity that international and domestic students were experiencing. They created an API that grants students the flexibility to use any payment method while creating schedules for tuition deposits. This is significant for foreign students who already bare the bourdon of currency exchange to pay for tuition in the United States.
Before, colleges only allowed one payment method per student, be it credit card or direct deposit. Now students have the ability to pay on a flexible monthly basis where they can finance tuition bills with a direct deposit one month and credit card the next.
Flywire’s revamped payment plan seeks to stabilize the financial pressures that students are undertaking during an unpredictable time. The company spoke on this new plan and emphasized the importance of providing students with cash management guidance to eliminate a major concern they all face right now.