CIES | 07-September-2019
While waiting for a LOA, students can’t make a final school decision, apply for an education loan, or apply for a study permit. In developing source countries, it’s a key time-bound process. It’s one of the vital & stressful components of the application process for international students.
Do Faster LOAs Impact Tuition Deposits?
As per the data analyzed for the two years, schools issuing LOAs within 7 days of receiving the application had an 18% higher probability for the students to confirm their seats or pay their tuition fees as compared to those who receive their LOAs 30 days or longer after an application submission. This correlation between faster LOA and chance of paying tuition deposit has a direct impact on enrollment. It also concludes that students are keener for the schools that have a speedy LOAs process.
Correlation between LOA and Enrollment
With a speedy LOAs process, schools can improve their ability to convert on students that is focused primarily on diversity goals.
On an average, 19% people are keener to enroll with a school that issues an LOA in less than seven days vs. +30 days. Based on the level of study, this ratio can increase even up to +31%. Earlier an LOA is received; the more likely students are to enroll.
Although faster LOA turnarounds benefit schools, they have the most positive impact at the student level, logistically and psychologically.
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