According to new guidelines, which will take effect from January 2, 2025, students planning to study in London will need to show proof of having £1,483 per month in savings, while those studying outside of London will need £1,136 per month. Currently, the amounts stand at £1,334 for London and £1,023 for other regions. These increases are designed to account for the rising cost of living in the UK, and the government plans to adjust these figures regularly to reflect inflation and changes in domestic student maintenance loans.
For students studying in London for nine months or more, this new regulation means they will need to provide evidence of at least £13,348 in savings as part of their visa application process. This change, announced in September 2024, highlights the government’s commitment to maintaining financial oversight for international students, ensuring they can manage their living expenses while studying in the UK.
The University of Exeter’s international student recruitment head, Nick Skeavington, stated that while this specific change may not directly affect student recruitment, it is part of a broader set of policies that could contribute to a more challenging environment for international student enrollment, according to an ET report.
Minimum Financial Requirements Explained
International students planning to study in the UK must meet certain financial criteria, known as the ‘financial requirement,’ which ensures they have sufficient funds for both their course and living expenses. The exact amount needed depends on the student’s location and personal circumstances.
Course Fees
Students must have enough funds to pay for their course for one academic year, which can last up to nine months. The specific amount required for tuition will be outlined in the student’s Confirmation of Acceptance for Studies (CAS). If the student has lived in the UK with a valid visa for at least 12 months, they are exempt from providing financial proof for their course fee when applying for a new visa.
Minimum amount to support
Students are required to prove they have enough savings to support their living expenses during their stay in the UK. This proof must be provided unless they have held a valid UK visa for at least 12 months prior to their new visa application. The amount a student needs depends on where they will be studying:
- For courses in London, students will need £1,334 per month, for up to nine months.
- For courses outside London, students will need £1,023 per month, for up to nine months.
In cases where students are boarding at a residential independent school, the required amount will be included in their CAS. Additionally, students bringing dependents with them must demonstrate additional funds to cover the living costs of each family member.
These funds must remain in the student’s account for at least 28 consecutive days, and the end of this 28-day period must be within 31 days of the student’s visa application date. For example, if the student applies for their visa on January 1, 2021, they must show that the funds were available for the 28 days leading up to December 1, 2020.
Students who have a loan or are receiving financial sponsorship must provide official evidence from the loan provider or sponsor to satisfy the financial requirement.
What are the exemptions to the financial requirement?
Certain students are exempt from proving they meet the financial requirement. This includes:
- Students who have held a UK visa for at least 12 months before applying for a new Student visa.
- Student union sabbatical officers.
- Postgraduate doctors or dentists enrolled in recognized foundation programs.
Additionally, students from countries listed under the ‘differential evidence requirement’ do not need to prove they meet the financial requirement. These countries include, but are not limited to, Australia, Canada, the United States, and many European and Asian countries. However, students from these countries may still be asked to provide evidence of their financial situation before their visa application is approved.
How will it impact Indian students planning to study in the UK?
For Indian students, the increase in financial requirements is unlikely to significantly influence their decision to study in the UK. On average, Indian students spend upwards of Rs 20 lakh annually on education abroad, including tuition, accommodation and living expenses. The relatively modest changes in monthly savings requirements are not expected to deter students, as key factors such as the course, institution reputation, post-study work opportunities, and visa acceptance rates remain more critical to decision-making.
That said, the new rules could add an additional layer of financial scrutiny, which may pose a challenge for some families. However, for most students planning to study in the UK, the increased financial requirement will likely be seen as a necessary adjustment in line with rising living costs, rather than a barrier to pursuing education abroad.