UK Increases Proof of Funds for Int’l Students

The United Kingdom has increased the amount of funds international students must have at their disposal to study in the country. The requirement becomes effective as of January 2025.

Under the new rules from the Home Office, international students who plan to pursue a degree in London must provide evidence of £1,483 per month in savings to cover their expenses while studying.

In other words, international students studying in London for nine months or longer will have to show proof of £13,348 to be eligible for a UK visa, Erudera.com reports.

The government has also increased the financial savings requirement for students studying outside London, who must show access to £1,136 per month. This is an increase from the current requirements of £1,334 for those seeking education in London and £1,023 for those outside of London.

Publishing the new changes on September 10, 2024, the Home Office explained that they aim to align the financial requirement for students with the updated maintenance loans for local students and ensure, at the same time, that both of these students can cover their living expenses while studying.

Students should demonstrate they have sufficient funds to support themselves each month of their course for nine months. Nonetheless, the Home Office further notes that if students have already paid for housing in the UK, they can deduct the deposit from the amount they are asked to provide.

“There is a maintenance requirement for student applicants to demonstrate they have funds to support themselves for each month of their course (up to nine months). This level of funds for international students to demonstrate was originally matched with the maintenance loans available for home students, but the maintenance requirement for international students has not been updated since 2020,” Home Office’s statement reads.

There were 679,970 international students at UK higher education institutions during the 2021/2022 academic year, according to data from the Higher Education Statistics Agency (HESA). Of these students, 120,140 were from EU countries, and 559,825 were outside the EU.

Germany has also increased proof of funds for international students. From September 1, 2024, students should have €11,208 annually or €934 per month in a blocked account to qualify for a student visa. A blocked account or Sperrkonto is an account where students can deposit a fixed amount of money, which they can then withdraw in monthly installments.

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