Under the new guidance, which will come into effect on 2 January 2025, students planning to study in London will need to show proof of savings of £1,483 per month, while those studying outside London will need to show proof of savings of £1,136 per month. The amount currently stands at £1,334 in London and £1,023 elsewhere. These increases are designed to take account of the rising cost of living in the UK, and the government plans to adjust the figures regularly to reflect inflation and changes in domestic student maintenance loans.
For students studying in London for nine months or more, the new rules mean they will need to provide proof of savings of at least £13,348 during the visa application process. The changes, announced in September 2024, underline the government’s commitment to maintaining financial oversight of international students to ensure they can manage their living costs while studying in the UK.
Nick Skeavington, head of international student admissions at the University of Exeter, said that while this specific change may not directly affect student admissions, it is part of a wider policy that may create a more challenging environment for international student admissions. .
Minimum financial requirements explained
International students planning to study in the UK must meet certain financial criteria, known as ‘financial requirements’, to ensure they have sufficient funds to cover course and living costs. The exact amount required depends on the student’s location and personal circumstances.
Course fees
Students must have sufficient funds to cover course fees for an academic year, which can last up to nine months. The specific amount required for tuition fees will be listed on the student’s Confirmation of Enrollment (CAS). If students have lived in the UK on a valid visa for at least 12 months, they are exempt from providing financial evidence of course fees when applying for a new visa.
Minimum support amount
Students need to demonstrate that they have sufficient savings to support their living costs during their stay in the UK. This must be provided unless they have held a valid UK visa for at least 12 months before applying for a new visa. The amount a student needs depends on where they will study:
- For courses in London, students will pay £1,334 per month for up to nine months.
- For courses outside London, students will pay £1,023 per month for up to nine months.
If students board at a residential independent school, the required amount will be included in their CAS. In addition, students bringing dependents must demonstrate additional funds to cover living expenses for each family member.
These funds must remain in the student’s account for at least 28 consecutive days, and this 28-day period must end within 31 days of the student visa application date. For example, if a student applies for a visa on January 1, 2021, they must demonstrate that funds were available within the 28 days prior to December 1, 2020.
Students with loans or receiving financial sponsorship must provide official verification from the loan provider or sponsor that they meet financial requirements.
What exemptions are there from the financial requirements?
Some students do not need to demonstrate that they meet financial requirements. This includes:
- Students who have held a UK visa for at least 12 months before applying for a new student visa.
- Students’ Union Vacation Officer.
- A postgraduate doctor or dentist studying on a recognized foundation course.
Additionally, students from countries listed in the Evidence of Discrepancy Requirement do not need to demonstrate that they meet financial requirements. 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 circumstances before their visa application is approved.
How will this affect Indian students planning to study in the UK?
For Indian students, financial requirements It is unlikely to have a significant impact on their decision to study in the UK. On average, Indian students spend more than Rs 20 lakh per year on overseas education, including tuition fees, accommodation and living expenses. Relatively modest changes in monthly savings requirements are not expected to deter students, as key factors such as courses, institutional reputation, post-study job opportunities and visa acceptance rates remain more critical to decisions.
Still, the new rules may add an extra layer of financial scrutiny that could create challenges for some families. However, for most students planning to study in the UK, the increased financial requirements may be seen as a necessary adjustment to the rising cost of living rather than a barrier to studying abroad.
