The United Kingdom Home Office has revealed an increase in the monthly proof-of-funds requirement for student visa applicants, raising the amount to £1,483 (around N3 million), effective from January 2, 2025.
This adjustment aims to address inflation and reflect the rising cost of living in the UK.
In an official document, the Home Office outlined that the maintenance level will increase from the current £1,334 per month for students in London to £1,483.
For those studying outside London, the requirement will rise from £1,023 to £1,136 (around N2.4 million).
New Financial Requirements for Student Visas
Under the updated regulations, international students must demonstrate they have adequate funds to cover their living expenses throughout their stay in the UK.
According to the Home Office, this change aligns the financial requirements for international students with those for domestic students, ensuring all students can sustain themselves independently during their studies.
Proof of funds is a document that confirms an individual has sufficient financial resources to meet future obligations or complete a transaction without relying on external borrowing.
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For student visa applicants, proof of funds is a mandatory requirement, providing immigration authorities with assurance that students can financially sustain themselves while studying abroad.
Failure to present valid proof of funds can lead to visa rejection, jeopardizing study plans.
Acceptable sources of proof of funds include:
Personal savings
Family sponsorship
Scholarships
Educational loans
