The UK government has announced new financial requirements for international students, increasing the minimum savings they must show when applying for a student visa. Under the new rules, effective from January 2, 2025, students coming to London must demonstrate savings of £1,483 per month, while those studying outside London will need £1,136 per month. Currently, the requirements are £1,334 for London and £1,023 for other locations.
The updated requirements, published on September 10, 2024, align with rising inflation and increases in the maintenance loans for domestic students. For students studying in London for nine months or longer, this translates to a total savings evidence of £13,348 when applying for their visa.
Syed Nooh, Head of Global Insights and Market Development at the University of East Anglia, noted that while the increase aligns with inflation and living costs, it may position the UK as a less accessible study destination, especially for students from lower-income countries.
Nick Skeavington, Head of International Student Recruitment at the University of Exeter, added that while the changes may not have a standalone impact, they contribute to a broader challenging landscape, including recent policy adjustments on visa dependents, currency fluctuations, affordability challenges in West Africa and South Asia, and a 66% increase in the NHS surcharge to £776 per year for students applying to study in the UK.
Stakeholders generally agreed on the necessity of aligning international student maintenance requirements with those of domestic students to prevent financial hardship during studies. However, there are concerns that students from developing countries might struggle to meet the higher financial thresholds, potentially affecting the diversity of UK campuses.
Despite the increased requirements, students can offset the proof of funds if they have paid a deposit for their accommodation in the UK. Additionally, students who have been in the UK on another route for at least 12 months by the date of their application will not need to show maintenance funds.
The government has stated that the financial requirements will continue to be updated regularly in line with inflation and changes in domestic maintenance loans, aiming to balance financial security for students with accessibility to UK education.
