According to government policy, international students coming to the UK must provide proof that they have sufficient savings to support themselves “for each month of their course (up to nine months),” as stated by the Home Office.
The UK Home Office has increased the financial savings required of international students for the first time since 2020.
The required level of funds is linked to increases in the maintenance loans available for domestic students; however, these figures haven’t been updated since 2020.
Under the new rules, students planning to study in London will need to show evidence of having £1,483 per month, while those studying outside of London will need to demonstrate £1,136 per month.
As a result, students studying in London for nine months or more will be required to provide proof of savings totaling £13,348 when applying for their visa.
Currently, international students studying in London need to show monthly savings of £1,447, and £1,109 for those studying outside of London.
The changes, announced on September 10, 2024, will apply to students coming to the UK on or after January 2, 2025. The government has also stated that the financial requirements will be regularly updated in line with inflation and increases in domestic maintenance loans.
Students can still “offset” the proof of funds requirement, meaning they can show a lower amount of maintenance funds if they have already paid a deposit for their accommodation in the UK. Moreover, if you have been in the UK on another visa route for at least 12 months at the time of your application, there is no need to provide evidence of maintenance funds.
Additionally, the NHS surcharge for students applying to study in the UK was increased by 66%, bringing it to £776 per year as of February 6, 2024.
Besides tuition fees, which can be up to three times higher than those for domestic students, international students must also pay taxes while working in the UK, along with visa and biometric fees.
