Payments company Flywire has enhanced its platform in order to offer more flexible funding options so students can manage their education expenses during a period of “unique financial constraint”.
The new international payment plan aims to make tuition costs more manageable for students and families facing financial hardship due to Covid-19.
“Flywire’s international payment plans… are critical to allowing students to pay on a schedule”
The plan will be available to institutions worldwide with large populations of international students.
“When Covid-19 hit, we heard from many of our higher education clients about the new financial burdens their international students faced, and how this might jeopardise their re-enrolment,” said Sharon Butler, EVP of Education at Flywire.
“Flywire’s international payment plans, which will now be available to universities around the world, are critical to allowing students to pay on a schedule and in the method that works best for them, so they can resume their studies on time and without further distraction.”
According to the company, growth of the middle class in regions like Asia and Latin America means universities are attracting students from broad socio-economic profiles who may face similar financial pressure that their domestic counterparts may encounter.
Many international students will not afford to pay their tuition and fees in full upfront prior to starting or returning to school, it warned.
Flywire users will have the option to switch between payment methods each month as needed based on exchange rates or financial considerations. Methods Flywire accepts include bank transfers, credit and debit card payments and other online payments.
Institutions will also have the ability to decide payment methods to offer based on student demand.
Institutions’ payment plans can also be customised to help students and families quickly adapt to unplanned scenarios such as Covid-19, the company added.
Examples could include offering temporary lower instalments or pausing plans to better support unique financial situations.
Earlier this year Flywire initiated a campaign to help international students obtain and extend visas so they can safely return to the US to study, in accordance with public health guidelines.
Flywire has additionally developed a framework to help institutions drive enrolment for the 2020-2021 academic year.
