New UK Student Visa Rules: Minimum Financial Requirement Raised to ₹1.63 Lakh

What the UK's New Financial Requirements Mean for Indian Students Pursuing Education in the UK

Indian Students who are planning to study in the UK, for the visa are supposed to present that they have enough savings to cover living expenses during their studies. But recently this is going to be an issue since recently the United Kingdom has raised its financial requirements for international students for the first time since 2020. This change occurred to ensure that students have sufficient financial support to sustain themselves while studying in the UK for at least up to 9 months.

Starting January 2, 2025, international students in the UK will face higher financial requirements as they need to show proof of £1,483 per month in savings, up from £1,334. Those studying outside London will need £1,136 per month, compared to the current £1,023. This increase reflects the rising cost of living and will be adjusted regularly for inflation and changes in domestic student support. For a nine-month course in London, students need to provide evidence of at least £13,348 in savings as part of their visa application process as announced in September 2024. Head of the University of Exeter's international student recruitment, Nick Skeavington, noted that this new financial requirement will not hamper student recruitment immediately but it is a part of a larger set of rules that make enrolling international students more challenging.

International students need sufficient funds to cover their tuition fees for one academic year, a minimum of 9 months. The details of the amount will be specified in the student’s confirmation of Acceptance for Studies (CAS) but students who have been living in the UK with a valid visa for at least 12 months, will not need to provide any financial proof. The financial requirement’s amount varies according to the student's circumstances and the location of their studies.

For students boarding at a residential independent school, the required funds will be detailed in their CAS. Students bringing dependents must show additional funds to cover each family member’s living costs. The funds must be in the student's account for at least 28 consecutive days, and this 28-day period must end within 31 days before applying for the visa. Students who rely on loans or financial sponsorship need to provide official documentation from their loan provider or sponsor to meet the financial requirements. Certain students are exempted from having to prove they meet the financial requirement. These exemptions include students who have held a UK visa for at least 12 months before applying for a new Student visa, student union sabbatical officers, and postgraduate doctors or dentists who are enrolled in recognized foundation programs.

Additionally, students from countries listed under the 'differential evidence requirement' are exempted. This includes countries like Australia, Canada, the United States, and many in Europe and Asia. However, students from these countries might still be asked to provide evidence of their financial situation before their visa application is finalized.

The recent increase in financial requirements for studying in the UK is unlikely to greatly affect Indian students’ decisions. Indian students already spend over Rs 20 lakh a year on education abroad, including tuition and living costs, so the modest rise in monthly savings requirements probably won’t be a major deterrent. Factors like course quality, university reputation, post-study work opportunities, and visa acceptance rates are more important in their choices. While the new rules may add some financial inspection, most students are likely to see it as a small adjustment due to rising living costs, rather than a significant barrier.

Editor's Note:

The UK government has announced an increase in the minimum financial requirements for international students and asked for evidence of savings during their visa applications. For students in London, the new requirement is ₹1.63 lakh per month, while those studying elsewhere in the UK will need to show ₹1.22 lakh per month. This change, effective from January 2, 2025, aims to address rising living costs.  While this increase may add a layer of financial scrutiny, it is not expected to drastically impact Indian students' decisions to study in the UK, given the considerable investment they already make in their education abroad. 

Skoobuzz believes that while the UK’s increased financial requirements may add some extra financial liabilities to parents, they are unlikely to discourage  Indian students from pursuing their educational goals in the UK.