The UK government has introduced new financial requirements for international students, increasing the proof of funds needed to study in the country.
According to the Home Office, students planning to study in London must now demonstrate they have £1,483 per month (approximately N3.1m) for living expenses, up from the previous amount of £1,334. For those studying outside London, the required amount has risen to £1,136 per month (N2.4m), from £1,023.
Students enrolled in courses of nine months or more in London will need to show savings of at least £13,348 to apply for a student visa.
This adjustment aligns the financial requirements with the maintenance loans available to domestic students and addresses the rising cost of living in the UK.
The new rules, which apply to students arriving in the UK on or after January 2, 2025, reflect the need to keep up with inflation.
Students will need to meet the financial requirements for each month of their course, up to a maximum of nine months.
However, if accommodation has already been paid for, the deposit can be deducted from the total required amount.
The Home Office stated that future adjustments to these financial requirements will continue to consider inflation and changes in domestic maintenance loans.
Recall that a report has revealed a sharp 65% decline in payments by Nigerian students for the upcoming academic session in UK universities, which begins in September.
This drop is attributed to the current economic challenges in Nigeria.
Similarly, the report highlighted a 44% reduction in payments by Indian students compared to the previous year.
