UK Raises Proof of Funds Requirement for Foreign Students

The UK government has increased the financial threshold for international students, citing inflation and rising living costs.

The United Kingdom (UK) has announced a significant increase in the financial requirements for international students seeking to study in the country. According to new guidelines issued by the Home Office, foreign students will now need to provide proof of £1,483 per month (approximately N3.1 million) for living expenses if studying in London, and £1,136 (N2.4 million) for those studying outside the capital.
This adjustment represents an increase from the previous rates of £1,334 for students in London and £1,023 for those studying in other parts of the UK. For students enrolled in courses lasting nine months or more in London, this means they must demonstrate savings of at least £13,348 to apply for a student visa.

The Home Office explained that this change is designed to bring the financial requirements for international students in line with the updated maintenance loans available to domestic students. The goal is to ensure that both international and local students have adequate funds to cover their living expenses during their studies.

The updated proof of funds requirement is also a reflection of the rising cost of living in the UK, with inflation being a key factor in the decision. Students must meet this financial threshold for each month of their course, up to a maximum of nine months.

However, students who have already paid for accommodation in the UK can deduct their deposit from the total amount they need to show as part of their proof of funds.

Conclusion:
The new requirements will take effect for students arriving in the UK on or after January 2, 2025. The Home Office has also indicated that these financial requirements will be reviewed regularly to account for inflation and any changes in domestic maintenance loans. International students are encouraged to ensure they meet the new guidelines when preparing their visa applications.