Government raises financial requirements for international students
The UK Home Office has announced significant changes to the financial requirements for international students seeking to study in the country.
These alterations, set to take effect from January 2, 2025, mark the first increase in required savings since 2020.
According to the Home Office, international students must now provide evidence of sufficient funds to support themselves “for each month of their course (up to nine months)”.
Students could see up to a £1340 increase
The new rules stipulate that students planning to study in London will need to demonstrate savings of £1,483 per month, while those studying outside the capital will require £1,136 per month.
This adjustment means that students enrolling in London-based courses lasting nine months or longer will need to show evidence of a substantial £13,348 in total savings when applying for their visa.
This represents a significant increase from the current requirements, which stand at £1,334 per month for London-based students and £1,023 for those studying elsewhere in the UK.
The government has stated that these changes, published on September 10, 2024, are tied to increases in maintenance loans available for domestic students.
They have also committed to regularly updating the financial requirement in line with inflation and domestic maintenance loan increases.
It’s worth noting that some flexibility remains in the system.
The proof of funds can still be “offset”, allowing students to demonstrate less maintenance funds if they have paid a deposit for their accommodation in the UK.
Additionally, applicants who have been in the UK on another route for at least 12 months at the time of application are exempt from showing maintenance funds.
However, these increased financial requirements come on top of other substantial costs for international students.
Students have already seen a 66% increase in NHS surcharge
The NHS surcharge for student visa applicants saw a dramatic 66% increase to £776 per year on February 6, 2024.
This is in addition to international tuition fees, which can be up to three times higher than those for domestic students, as well as visa fees, biometric charges, and taxes on any work undertaken while studying.
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