How To Boost International Student Enrollment

The presence of international students on United States college campuses is rapidly growing again after enrollment fell by 46% in 2020. However, this population still faces unique financial challenges that can make the dream of studying in the U.S. feel impossible.

When reflecting on their experience, one international student told VOA News, “I’ve applied to almost three universities in the past two years, and the board members were thrilled with my purpose statement and approved my application unambiguously. However, I was unable to register due to the funding bottleneck, and the deadline for these offers has just lapsed.”

Common financial issues for international students include high tuition and living costs, fluctuating exchange rates, difficulty making upfront lump sum payments, and limited access to financial aid.

According to U.S. News, “Unlike domestic students, international students don’t qualify for federal or state aid and typically use personal and other financial resources, mainly from outside the U.S., to cover tuition and expenses.”

While grants and scholarships are available, they are often in limited supply, meaning many international students must pay tuition and living expenses out of pocket. This hurdle is often insurmountable, especially for students who don’t have a U.S. bank account.

One issue that exacerbates this challenge is the rising value of the U.S. dollar. For example, just a few years ago one U.S. dollar was equivalent to 90 Bangladeshi Taka. More recently, the exchange rate has fluctuated between 110 and 118 Taka to one U.S. dollar. “This increase stands as an obstacle for many international students to receive money in the United States from their homes, be that for paying rent, buying groceries or paying the tuition fees,” said a writer with the nonprofit Wave Learning Festival.

Despite these challenges, higher education institutions want to make their campuses accessible across the globe by providing more opportunities to international students. What’s the solution? Offering international payment plans gives students flexible options, allowing them to pay tuition and fees in smaller installments.

Make your institution accessible to all who wish to attend with Nelnet International Payment Plans. Give students the option to make secure payments in their home currency, spread their payments across the term, and attend the campus of their dreams.

Key Features

1. Allows international students to set up automated, convenient payment plans
2. Offers easy access for students and administrators to track the status of payment plans
3. Accepts payments in 140+ currencies from over 200 countries
4. Provides low, transparent fees for your institution and students
5. Integrates with your Enterprise Resource Planning (ERP) system for powerful, real-time reporting

International Payment Plans benefit students by giving them needed flexibility, making it possible for more international students to pursue higher education in the United States with more confidence about affording tuition and living expenses.

• Increase Affordability: With limited access to scholarship and grant funds, giving students the option to pay tuition in smaller installments throughout the semester makes education more affordable. Plus, by allowing students to pay in their home currency, stress about fluctuating exchange rates is reduced.
• Enhance Convenience: The option to set up automated payments helps students worry less about missing a payment, allowing them to focus more on their education.
• Get full-service support: Live phone and chat support available within the student portal allows students to find answers to questions quickly and makes the process easier to manage.

International Payment Plans create administrative efficiencies and help institutions expand their international programs, boosting enrollment and retention.

• Boost Enrollment and Retention: Paying in smaller installments over time relieves the stress on families to come up with large sums of money quickly. This helps ensure students can relocate to the U.S. before the start of the term and stay through graduation, positively impacting your institution’s enrollment and retention rates.
• Simplify Administration: By integrating with your institution’s existing ERP, International Payment Plans automate processes, save time for your administrators, and reduce cash handling.
• Access Robust Reporting: Reduce the stress of complying with financial regulations thanks to real-time reporting on every international payment plan.

Want to learn more about how Nelnet International Payment Plans can support your institution and students? Connect with our team.