The UK government has introduced new financial requirements for international students, raising the amount needed for proof of funds.
As per the Home Office, students planning to study in London must now show £1,483 per month (about N3.1m) for living expenses, while those studying outside London must prove £1,136 (N2.4m) per month.
This is an increase from the previous rates of £1,334 for London and £1,023 for other UK cities. Students taking courses longer than nine months in London must now demonstrate savings of at least £13,348 to apply for a student visa.
The Home Office stated that the update aligns international students’ financial requirements with maintenance loans available to UK students, ensuring both groups can cover living costs. The increase addresses the rising cost of living in the UK, with the Home Office highlighting the importance of keeping up with inflation.
Students must meet these financial requirements for each month of their course, up to nine months. However, if accommodation costs have been prepaid, students can deduct that amount from the total funds required.
These changes will apply to students arriving on or after January 2, 2025. The Home Office also plans to adjust these requirements in the future to reflect inflation and changes to domestic maintenance loans.
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