The UK Home Office has announced an increase in the monthly proof-of-funds requirement for student visa applicants, raising the amount to £1,483 (approximately N3 million), starting from January 2, 2025. This change aims to tackle inflation and the rising cost of living in the UK.
In an official statement, the Home Office noted that the maintenance requirement for students in London will rise from £1,334 to £1,483 per month. For students studying outside London, the amount will increase from £1,023 to £1,136 (around N2.4 million).
Under the revised rules, international students must prove they have enough funds to cover their living expenses during their time in the UK.
This change aligns the financial requirements for international students with those for domestic students, ensuring that all students can support themselves while studying.
Proof of funds is a document showing an individual has sufficient financial resources to meet future needs without borrowing.
For student visa applicants, it’s a necessary requirement to demonstrate they can financially sustain themselves during their studies. Failure to provide valid proof of funds could lead to visa rejection.
Acceptable proof sources include personal savings, family support, scholarships, and educational loans.
The change is likely to affect Nigerian students, who make up a significant portion of the UK’s international student population. In the 2022/2023 academic year, 53,790 Nigerian students were enrolled in UK universities, making up 6.5% of international students. However, the higher proof-of-funds requirement may make it harder for many Nigerian families to afford tuition and living costs, especially with the Naira’s ongoing depreciation against the pound.
This shift highlights the need for financial readiness among international students and calls for additional support systems to help students access educational opportunities abroad despite financial challenges.
