Speaking with The PIE News and featured in this week’s 5 Mins… interview, founder & president of EdOdyssey, Peter McGovern, revealed that one of its partners had seen tuition revenues soar due to student interest in its study abroad program.
“A university that we’re working with spends about $200,000 in admin costs each fall as an investment in their freshman cohort that goes abroad,” he told The PIE.
“Over the last four to six years, they calculate they’ve generated $6 million in tuition revenues because they’re attracting more competitive admission pools, and they’re retaining students at the highest level ever.”
McGovern was responding to a question about how to get support from university leadership for study abroad at a time when funding may not be readily available.
“I think there is cash and it’s about prioritising how it’s being spent,” he said.
“We shouldn’t think about study abroad like a cost, but an investment in part of the structure of undergrad that can shift access. Thinking about it as an expensive program probably isn’t the best way to think about it versus thinking about it as a capital expense – it’s part of running a successful undergrad experience for students.”
He also said that there is “growing investment and focus” on first year and undergraduate entry points, particularly connected to study abroad.
“I’m so excited about what’s ahead for our field and I think we’re doing really good work together and are going to continue to impact the world in a positive way,” he said.
“Study abroad and more authentic travel and engagement is good for students and good for the world.”
Read the full interview here.