Flywire survey reveals significant affordability issues
BOSTON, June 22, 2021 (GLOBE NEWSWIRE) – The COVID-19 pandemic has exacerbated the education affordability crisis with students around the world. This is according to the new report, Passport to Higher Education: A Study on Global Payments, from Flywire Corporation (Nasdaq: FLYW) which found that currently 71% of undergraduates have difficulty paying for their education due to the financial impact of the COVID-19 pandemic. This financial burden also led three in five students (61%) surveyed to consider delaying their higher education.
Flywire, a global software and payment support company, surveyed more than 1,000 students in the United States, United Kingdom, Australia, Canada and China who are currently studying abroad or planning to do so. do in the future. The survey reveals major trends as the education sector grapples with the effects of the COVID-19 pandemic on international education.
“Affordability issues in higher education are not new, but the financial impact of the COVID-19 pandemic has added an additional layer of stress and uncertainty for international students when it comes to payments.” said Sharon Butler, executive vice president of education at Flywire. “As vaccinations increase worldwide and students prepare for the return to in-person learning in the fall, institutions can play an important role in providing a rewarding and affordable experience that all students deserve. “
Students optimistic about international education
The optimism around international education offers a promising perspective on the rebound in study abroad. More than half of students (63%) are still interested in studying abroad, because their main motivations are the opportunity for new cultural experiences (47%), the academic reputation of schools abroad (43%) , on-campus experience (37%) and value for cost (38%).
That said, more than half (56%) of all students believe the process for obtaining a student visa next year will change due to the changing global political climate. Undergraduates in the UK (65%) and the US (61%) are most likely to expect change – far more than their counterparts in Canada (49%) and China (48%).
Debt keeps students from having opportunities
The political climate can also have an impact on student debt relief. This is a problem widely faced by students in the United States where the majority (89%) of those who are expected to repay their student loans said their debt has prevented or delayed them from taking the following opportunities:
- Saving for a house / real estate (47%)
- Traveling (38%)
- Continue their studies (37%)
- Looking for an internship or a job opportunity (29%)
- Invest in relationships (23%).
As such, it’s no surprise that three in five American students (60%) support President Biden’s planned plans to reduce the student debt burden to some extent.
Payout options and an efficient checkout process can improve the experience
Institutions can begin to tackle affordability by implementing payment plans, as seven in ten students say the option of just paying their college bills in installments would provide much-needed relief.
The process of paying tuition fees shouldn’t be overlooked either, with 72% of students saying it has become a significant stressor due to the pandemic. Although stress is largely attributed to financial difficulties (41%), more than a quarter (28%) say it is due to unclear processes at their institution followed by lack of online payment options (20 %).
“With more than three in four students saying that having access to a streamlined payment process would improve their higher education experience, institutions can play an active role in reducing stress for students paying for college,” Butler explained. “By implementing flexible payment options and online payment methods, international and domestic students can spend more time focusing on optimizing their studies and preparing for life outside the classroom. class. “
Flywire asked Engine Insights to survey adults 18 or older in five countries to understand the role payments play in their pursuit of higher education. This survey is conducted among 1,010 students, including 202 from the United States, United Kingdom, Australia, Canada and China. This survey was conducted online between March 12 and 18, 2021.
Flywire Corporation (Nasdaq: FLYW) is a global software and payment activation company. Flywire combines its proprietary global payment network, next-generation payment platform, and vertically specific software to deliver the largest and most complex payments to its customers and their customers.
Flywire leverages its industry-specific payment software and technology to deeply integrate into the existing A / R workflows of its customers in the education, healthcare and travel verticals, as well than in key B2B sectors. Flywire also integrates with major ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports over 2,250 customers with various payment methods in over 130 currencies in 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
Safe Harbor Declaration
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future results of operations and financial condition, strategy and business plans, market growth and our goals for future operations. Flywire intends that such forward-looking statements be covered by the safe harbor for forward-looking statements provisions contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some instances, you may identify forward-looking statements by words such as, but not limited to, “believe”, “may”, “may”, “potentially”, “estimate”, “continue”, “anticipate”, “intend”, “Could”, “could”, “”, “project”, “target”, “plan”, “expect” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on current expectations which involve risks, changes in circumstances, assumptions and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding our revenues, costs and operating expenses, including changes in technology and development, sales and marketing, general and administrative expenses (including any of the foregoing), gross profit and Flywire’s ability to achieve and maintain future profitability; Flywire’s business plan and its ability to effectively manage its growth; Flywire’s market opportunity, including estimates of its total addressable payment volume; Flywire’s cross-border expansion plans and its ability to expand internationally; trends, growth rates and anticipated challenges in Flywire’s business and the markets in which it operates; the adequacy of Flywire’s cash and cash equivalents to meet its liquidity needs; political, economic, legal, social and health risks, including the recent COVID-19 pandemic and subsequent public health measures that may affect Flywire’s business or the global economy; beliefs and goals for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and increase the volume of payments it processes; Flywire’s ability to attract, retain and expand its customer base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations regarding relationships with third parties, including strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; future acquisitions or investments in complementary businesses, products, services or technologies; Flywire’s ability to enter new customer verticals, including its relatively new B2B segment; Flywire’s expectations regarding anticipated technological needs and developments and its ability to meet those needs and developments with its solutions; Flywire’s expectations regarding litigation and legal and regulatory matters; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth or trend analysis; Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect and improve its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the future market price of the common shares of Flywire; and other factors described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s prospectus, which is filed with the Securities and Exchange Commission (SEC) and available on the SEC website. at https://www.sec.gov/. Additional factors may be described in sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, which are expected to be filed with the SEC in the third quarter of 2021.
Sarah the King
Investor Relations Contact: