The UK government has announced a new financial requirement for international students, significantly increasing the amount of proof of funds needed to study in the country. This new policy, aimed at ensuring that students have sufficient financial resources, marks a notable change for foreign students planning to study in the UK.
According to the latest update from the Home Office, international students who plan to study in London will now be required to demonstrate that they have £1,483 available per month for living expenses. Students who will be studying outside of London will need to show £1,136 per month. These updated amounts represent an increase from the previous financial requirements of £1,334 and £1,023 per month, respectively.
For students who will be studying in London for nine months or more, this means they will now need to show proof of having at least £13,348 in savings to be eligible to apply for a visa. This adjustment, as explained by the Home Office, aligns with the updated maintenance loan amounts for domestic students, and it is intended to ensure that international students have sufficient financial resources to cover living expenses during their studies.
The new financial requirements will apply to students for each month of their course, up to a maximum of nine months. These changes are set to come into effect for students arriving in the UK on or after January 2, 2025. However, students who have already paid a deposit for UK accommodation will be allowed to deduct that amount from the total funds they are required to show as part of their visa application.
The Home Office also noted that the financial requirements for international students will continue to be adjusted over time to keep pace with inflation and any further increases in domestic maintenance loans, ensuring that these amounts remain appropriate for future applicants.
