International students planning to study in UK will face higher financial requirements from January 2025, following new rules announced by UK Home Office.
The changes, revealed on Sept 10, 2024, will raise the savings students must demonstrate when applying for a visa. Under the updated guidelines, students aiming to study in London will need to show saving proof of £1,483 per month. Those studying outside London must prove they have £1,136 per month. These new amounts are an increase from the current requirement of £1,334 per month for London-based students and £1,023 for students outside London.
These changes are tied to the maintenance loans available for domestic students, though the amounts have not been adjusted since 2020. The UK Home Office has confirmed that the financial requirements will now be regularly reviewed to keep pace with inflation and adjustments to domestic maintenance loans.
For students on 9-month course, this will mean proving a total of £13,348 in savings if studying in London. However, if students have paid a deposit on their accommodation, they can deduct this amount from the required proof of funds. Additionally, students who have lived in the UK for at least 12 months on another visa route will be exempt from providing evidence of savings.
This increase in financial requirements comes alongside other rising costs for international students, such as the NHS surcharge, which will increase to £776 per year from Feb 2024. Combined with tuition fees and visa costs, the financial burden on international students continues to grow, although the UK remains a popular study destination. These changes will apply to students submitting visa applications on or after Jan 2, 2025.
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