International Students to Face Increased Financial Proof Requirements in the UK from September
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According to the Home Office, the government policy requires international students coming to the UK to show proof of sufficient funds to support themselves “for each month of their course.”
The level of required funds is tied to inflation rates in maintenance loans for domestic students, but it has remained stagnant since 2020.
Under the new rules for demonstrating financial sufficiency, a non-EU student planning to study in London needs £1,483 per month, while an overseas student planning to study outside London needs £1,136 per month.
Currently, students coming to study in London must show evidence of monthly expenditure of £1,334, and £1,023 elsewhere.
“On one hand, it is understandable why UKVI might raise or even increase the minimum amount of maintenance funds for international students, given the inflation rates and the general rise in the cost of living across the United Kingdom,” said Syed Nooh, Head of Global Insights and Market Development at UEA.
However, Nooh cautioned that other less expensive study markets are aggressively targeting international students, and “the UK may find itself at a disadvantage, being seen as a costly option.”
The new requirements will take effect on September 10, 2024, and will only apply to students travelling to the UK after January 2, 2025. The government has assured that the financial requirement will be reviewed periodically to account for inflation and increases in domestic maintenance loans.
Students intending to study in London for nine months or more will need to provide financial documents proving they have total savings of £13,348 when applying for the visa.
Nick Skeavington, Head of International Student Recruitment at the University of Exeter, stated that while the change alone may seem minor, it is part of a series of recent policy changes contributing to a more competitive environment.
Source: THE PIE NEWS
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