Only 11 Percent of Students Received Additional Payment Plan Options from Schools Despite New Learning Environments Prompted by Pandemic
October 06, 2020 at 08:00 AM EDT
Just 11 percent of students or parents paying for a child’s tuition and/or room and board indicated their schools are now offering more payment plan options since new learning environments were introduced due to the pandemic, according to new research from ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions. The study, which included responses from more than 500 parents and students, also showed that 74 percent expect a full or partial refund from educational institutions for unused fees, including on-site services such as room and board, recreation, health services and meal plans.
“Without question, the pandemic has made this year’s back-to-school season harder on parents and students,” said Sanjay Gupta, executive vice president, ACI Worldwide. “This study sheds light on the opportunity that higher education institutions have to offer flexible and convenient billing and payment options to meet the needs of students and families. While balancing the ‘new normal’ will be tough enough for students, what can remain constant is the ability for institutions to offer simplified and centralized digital billing and payment capabilities so that students can pay when, where and how they want.”
Other key findings and trends include:
Campus safety procedures due to pandemic
“With ACI Speedpay’s cloud-based Student Payment Portal, colleges and universities are reducing costs such as development and licensing fees as well as staff time spent on payments. Moreover, students and parents are securely managing bill payments online while avoiding in-person payments during the pandemic,” Gupta continued.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 509 adults screened to be students enrolled in college or parents of such students who are paying tuition and/or room and board. Fieldwork was undertaken between 17-21 September 2020. The survey was carried out online.
About ACI Worldwide
ACI Worldwide powers digital payments for more than 6,000 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises, through the public cloud or through ACI’s private cloud, we provide real-time payment capabilities and enable the industry’s most complete omni-channel payments experience.
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