UK hikes required Financial Savings of International Students

The UK Home Office has hiked the financial savings required of international students for the first time since 2020.

International students coming to the UK must provide evidence that they have sufficient savings to support themselves “for each month of their course (up to nine months)”.

Under the new rules, students coming to London will have to prove they have £1,483 per month and those planning to study outside London must show evidence of £1,136 per month.

Currently, international students in London must have monthly savings of £1,334, and £1,023 outside of London.

Syed Nooh, head of global insights and market development at UEA, said:

“On one hand, it is understandable that the UKVI has decided to increase the maintenance funds requirement for international students to align with rising inflation and the general increase in the cost of living across the UK.”

But Mr Nooh warned that with other more affordable countries actively enticing international students, “the UK risks positioning itself as a less accessible option, especially for students from lower-income countries”.

The rise is linked to increases in the maintenance loans available for domestic students but this has not been updated since 2020.

The new requirements will take effect for students arriving in the UK on or after January 2, 2025.

According to the government, it will regularly adjust these financial requirements to remain in line with inflation and changes in domestic maintenance loans.

Under the new rules, students planning to study in London for nine months or more will be required to provide evidence of £13,348 in total savings when applying for their visa.

According to Nick Skeavington, head of international student recruitment at the University of Exeter, the change is unlikely to have an impact on its own.

However, it is part of a string of recent policy changes contributing to a more challenging recruitment landscape.

He told The PIE: “It is important to consider [the increased maintenance requirements] in the wider context in terms of changes to the visa policy for dependents, currency and affordability challenges in key markets especially in West Africa and South Asia as well as the significant increase in the NHS surcharge this year.”

The government said the proof of funds can still be “offset”, allowing students to demonstrate less maintenance funds if they have paid a deposit for their accommodation in the UK.

If students have been in the UK on another route for at least 12 months on the date of their application, they do not need to show maintenance funds.