Market News

The United Kingdom (UK) government has announced new financial requirements for foreign students intending to study in the country, with an increase in the proof of funds amount.

According to the Home Office, international students planning to study in London will now need to show proof of £1,483 per month [approximately N3.1m] to cover living expenses, while those studying outside of London must provide evidence of £1,136 [N2.4m] per month.

This marks an increase from the previous rates of £1,334 for London and £1,023 for other cities across the UK.

Under the new guidelines, students enrolled in courses lasting nine months or longer in London will need to demonstrate savings of at least £13,348 to apply for a student visa.

The Home Office explained that this adjustment is aimed at aligning the financial requirements for international students with the updated maintenance loans available to domestic students, ensuring that both groups have sufficient funds to cover living costs.

The increase reflects the rising cost of living in the UK, with the Home Office noting that the updated requirements are essential for keeping pace with inflation.

Students must meet the financial requirement for each month of their course, up to a maximum of nine months.

However, if a student has already paid for UK accommodation, the deposit can be deducted from the total amount of funds they are required to show.

These changes will take effect for students arriving in the UK on or after January 2, 2025.

The Home Office also indicated that it will continue to adjust the financial requirements in the future to account for inflation and changes in domestic maintenance loans.