UK Increases Proof of Funds for International Students to £1,483

The United Kingdom (UK) Government has introduced new financial requirements for international students planning to study in the country. The updated proof of funds requirement, announced by the Home Office, raises the minimum amount that foreign students must demonstrate to secure a student visa.

For students studying in London, the required monthly proof of funds has increased to £1,483, which equates to approximately ₦3.1 million. Those studying outside London will now need to provide proof of £1,136 per month, or roughly ₦2.4 million. This represents a significant rise from the previous amounts of £1,334 for London and £1,023 for other parts of the UK.

According to the new guidelines, students enrolled in courses lasting nine months or longer will need to show a minimum of £13,348 in savings for their visa applications if they plan to study in London. This adjustment aims to ensure that international students have sufficient funds to meet the rising cost of living in the UK, aligning their financial requirements with the maintenance loans provided to domestic students.

The Home Office emphasized that the increase is necessary to address inflation and ensure that all students can comfortably cover their living expenses while studying in the UK. Additionally, students can deduct any accommodation payments they’ve already made from the total funds required.

These new rules will take effect from January 2, 2025, for students entering the UK on or after this date. The Home Office noted that it will continue to update financial requirements to reflect future inflation and adjustments to domestic student loans.

This change highlights the ongoing challenges international students face as living costs rise across the UK, particularly in London.