Under the new guidelines, which come into effect from January 2, 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 £1,136 per month. Currently, this amount is £1,334 for London and £1,023 for other regions. These increases have been made to take into account the rising cost of living in the UK, and the government plans to regularly adjust these figures to reflect inflation and changes in household student maintenance loans.
For students studying in London for nine months or more, this new regulation means they will need to provide evidence of savings of at least £13,348 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.
According to an ET report, Nick Skevington, head of international student recruitment at the University of Exeter, said that while this specific change may not directly impact student recruitment, it is part of a broader set of policies that could contribute to a more challenging environment for international student enrolment.
Minimum Financial Requirements Explained
International students planning to study in the UK must meet certain financial criteria, known as ‘financial need’, which ensures they have enough money to pay for both their course and living expenses. The exact amount needed depends on the student’s location and personal circumstances.
course fee
Students must have sufficient 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 to Study (CAS). If the student has been in the UK with a valid visa for at least 12 months, they are exempt from providing financial proof for their course fees when applying for a new visa.
Minimum Amount of Assistance
Students are required to prove that they have sufficient savings to cover their living expenses while in the UK. This proof must be provided as long as they have held a valid UK visa for at least 12 months prior to their new visa application. The amount of money a student needs depends on where they will be studying:
- Courses in London will require students to shell out £1,334 per month for nine months.
- For courses outside London, students will need £1,023 per month for nine months.
In cases where students are living at a residential independent school, the required amount will be included in their CAS. Additionally, students bringing dependents with them will need to demonstrate additional funds to cover the living expenses 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 occur within 31 days from the date of the student’s visa application. For example, if the student applies for his or her visa on January 1, 2021, he or she must show that funds were available for 28 days as of December 1, 2020.
Students who have loans or are receiving financial sponsorship must submit official proof from the loan provider or sponsor of meeting financial need.
What is the financial need exemption?
Some students are exempt from having to prove they meet financial need. These include:
- Students who have held a UK visa for at least 12 months before applying for a new student visa.
- Students’ Union Holidays Officer.
- Postgraduate doctors or dentists enrolled in recognised foundation programmes.
Additionally, students from countries listed under the ‘Differential Evidence Requirement’ do not need to prove that they meet financial need. 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 be asked to provide evidence of their financial situation before their visa application can be approved.
How will this impact Indian students planning to study in the UK?
For Indian students, Financial Requirements This is unlikely to significantly impact their decision to study in the UK. On average, Indian students spend over Rs 20 lakh annually on education abroad, including tuition, accommodation and living expenses. The relatively minor change in monthly savings requirements is not expected to discourage students, as key factors such as the course, reputation of the institution, post-study work opportunities and visa acceptance rates remain more important for decision making.
That being said, the new rules may add an extra layer of financial scrutiny, which could pose a challenge for some families. However, for most students planning to study in the UK, the increased financial requirement will be seen as a necessary adjustment to suit rising living costs, rather than a barrier to pursuing an education abroad.
