Author name : Roshin Abraham

On Sept 2024, the UK government has announced an increase in the financial savings requirement for international students seeking a student visa. This shows the rising cost of living in the UK and make sure that students have sufficient funds or financials during their study period. As per the UK government, these changes are necessary to keep pace with inflation and rising living costs.

New Requirements
London Region : 13347 GBP (1483 GBP month )
Rest Of UK : 10224 GBP ( 1136 GBP per month )
Previous Requirements
London Region : 12006 GBP (1334 GBP month )
Rest Of UK : 9207 GBP ( 1023 GBP per month )

Reason for Increase : To keep pace with inflation and rising living costs
Effective From : January 2 ,2025

The new amount will be applicable for students who submit their UK Visa on or after 2^nd January 2025.

As per the new update international students will be required to show that they have adequate funds to cover their living expenses for each month of their course, up to nine months. The requirements vary depending on where a student is planning to study: If you are choosing a university inside the London region you must show you have 13,347 GBP for 9 month (1,483 GBP per month) in their account. If a student is staying outside London, the amount one needs to prove they have is 10,224 GBP for 9 months (1,136 GBP per month).

Earlier, the amount was GBP 1,334 per month for London and GBP 1,023 for other parts of the UK respectively.

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• Personalized one-on-one counselling to understand your academic and career goals.
• Guidance in selecting the university and program that best aligns with your educational background.
• Comprehensive support throughout the application process, including university interviews and personal statement crafting.
• Expert advice on financial management, including loan assistance.
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FAQ’s

1. I am Planning to apply for Jan 2025 intake. Will I need to show the updated living expense as my financial requirements?

If you have submitted your visa application before Jan 2^nd ,2025 You don’t have to show the updated amount as your living expense requirements.

2. Can I use my own funds or do I need to show the funds through a specific channel?

Yes, you can use your own funds to meet the financial requirements for studying in the UK. The fund can be shown as FD or Savings or an Educational Loan. The bank statements should be recent, usually covering the last 28 days, and must clearly display your name and account.

3. Will my financial requirements change if I study in a different city in the UK?

Yes, financial requirements may vary based on the cost of living in different cities. London, for example, has higher living expenses compared to other cities. Make sure to account for the specific living costs of the city where you will be studying when planning your budget.

4. Can I withdraw funds from my account after submitting my UK student visa application but before receiving a decision?

If you withdraw funds after submitting your visa application but before a decision is made, you may be required to provide updated financial information if requested by the visa authorities. Ensure your balance remains sufficient throughout the processing period.

5. Will I be eligible for a fully funded scholarship?

Scholarships may be offered based on academic merit, financial need, or other criteria set by the awarding institution or organization.