The UK Home Office has announced an increase in the proof-of-funds requirement for student visa applicants. Starting January 2, 2025, international students will need to demonstrate a monthly financial capacity of £1,483 (approximately ₦3 million) for their stay in London.
This policy adjustment addresses inflation and the rising cost of living, according to the Home Office. Students studying outside London will see their maintenance requirement rise from £1,023 to £1,136 (approximately ₦2.4 million) per month.
New Rules for Financial Eligibility
International students must provide evidence of sufficient funds to cover living expenses throughout their study period. The UK government noted that these updates aim to align the financial requirements for international and domestic students, ensuring self-sufficiency during their studies.
Acceptable sources of proof of funds include:
- Personal savings
- Family sponsorship
- Scholarships
- Educational loans
Implications for Nigerian Students
The increase in proof-of-funds requirements is expected to impact Nigerian students significantly. With the Naira’s ongoing depreciation against the Pound, many families may find it difficult to meet the financial demands. In the 2022/2023 academic year, Nigerian students comprised 6.5% of the UK’s international student population, totaling 53,790 students.
Experts suggest that this policy change could reduce the number of Nigerians pursuing education in the UK. It highlights the need for robust financial planning and support systems to maintain access to global education opportunities amid economic challenges.
The adjustments emphasize the importance of financial preparedness for prospective international students.
