Students in Peru want to pay their higher education tuition using digital payment methods such as digital wallets and debit cards, but are predominantly paying via wire transfer and cash, recent research from Flywire found.
Flywire commissioned research to explore the attitudes and experiences of 1800+ global students from nine countries around the world, including 200 students in Peru. Here is what they said.
Students in Peru currently use wire transfer and cash to pay for their higher education, but want other options to simplify the process.
Nearly half (48%) paid for their tuition using one of those two methods and, like Mexico, their use of cash (22%) is higher than most other countries.
However, when asked how they prefer to pay, they want to use PayPal (22%), debit cards (16%). Only 14% want to pay by wire transfers and 13% with cash.
93% of students in Peru say access to a simplified payment process would improve their higher ed experience by making the payment process faster (49%), less stressful (43%), more secure (34%) and more convenient (34%).
Students in Peru are feeling stressed when it comes to their higher education payments.
82% say that the process of making payments for their education has been a significant stressor for them—trailing only India (85%) and followed closely by Mexico (80%).
Most (55%) attribute that stress to financial difficulties—higher than any other country in our survey and 76% say they need help affording their education.
While only 19% of students in Peru have taken out loans to help pay for their education-a lower rate than any other country in our survey, including Mexico at 25%-they are the most likely to be very worried about paying their loans back (61% vs 33% overall).
75% say global economic events have caused them to rethink their higher education journey and many have taken action: 20% have taken time off from school, and 10% have switched to a less expensive school.
Peru looks set to become a very strong source of international students, use of education agents common.
While only 11% of students in Peru have experienced studying abroad, 73% plan to in the future—more than from any other country, including Mexico (57%).
Their top drivers for studying abroad are better educational value (57%), academic reputation (43%), job opportunities/internships (29%) and cultural experience (29%).
95% also believe that studying abroad is a great way to round out their education experience
9 in 10 students say they would be more likely to study abroad if it was easier to obtain a visa for the country where they want to study. And 97% believe countries should make it easier for international students to study abroad
Along with students in China and India, students in Peru are the most likely to work with an education agent as part of their application process – primarily on payment advice and processing-related issues.
For more on the payment preferences and solutions for higher education institutions and students:
Read the report “Unlocking the door to higher education” for more insights on the experiences and attitudes of students in nine countries across the globe
Learn why Flywire is the Trusted Choice for millions of students worldwide
Find out how Flywire’s education solutions can help make paying for higher education easier and more affordable