A Conceptual Model for Understanding the Factors Influencing Student Retention in Higher Education Institutions Offering Foreign Degrees during Sri Lanka's Economic Crisis

In early 2020, Sri Lanka faced the COVID-19pandemic, which led to nationwide lockdowns. These lockdowns exacerbated an economic crisis, resulting in wide spread job losses across various sectors, including higher education. The higher education sector in Sri Lanka is divided primarily into state universities and private institutions offering foreign degrees. The government funds state universities, and education is typically free for students, while private institutions that offer foreign degrees charge tuition fees. During the economic crisis, authorities observed a significant increase in student dropouts from these private institutions. Additionally, many students considered discontinuing their studies after completing their current courses. Although administrators implemented several immediate measures to address this issue, many of these efforts were unsuccessful, as the underlying reasons for the dropouts were not thoroughly investigated. While some research has been conducted to understand student dropouts, few studies have focused on the factors influencing educational continuation in the context of an economic crisis.