New Financial Requirements for International Students in the UK
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Starting on 2 January 2025, the United Kingdom will enforce new financial requirements for international students, significantly raising the bar for those seeking a student visa. This policy shift, the first since 2020, requires prospective students to demonstrate increased financial savings due to rising living costs.
Under the revised regulations, students planning to study in London must now show savings of £1,483 (approximately ₹1.63 lakhs) per month, an increase from the current requirement of £1,334 (around ₹1.46 lakhs). For those studying outside London, the monthly requirement will rise to £1,136, up from £1,023. For example, a student enrolling in a nine-month course in London will need to prove total savings of £13,348.
The UK government cites inflationary pressures as the reason for this adjustment, aiming to better prepare international students for financial demands. Critics warn that these heightened requirements may deter students from lower-income countries, potentially reducing the diversity of the international student body and making the UK less attractive compared to competitors such as the USA, Canada, and Australia. To mitigate the impact, the UK government has introduced some flexibility, allowing students with secured accommodation to offset deposit amounts against the required savings.
Source: BUSINESS TODAY
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