By Abiola Olawale
The United Kingdom has announced an increase in the monthly proof-of-funds requirement for individuals applying for student visas.
The UK Home Office, who made the announcement, disclosed that the monthly proof-of-funds requirement has been raised to £1,483 (approximately N3 million) starting January 2, 2025.
In an official document, the Home Office outlined that the maintenance level will increase from the current £1,334 per month for students in London to £1,483.
The document also indicated that students applying to study outside London will now be required to provide £1,136 (around N2.4 million) as proof of funds. This is an increase from £1,023.
Under the newly updated regulations, international students seeking to study in the UK must now provide clear evidence that they possess adequate financial resources to cover their living expenses for the duration of their stay.
This requirement is said to be part of a broader initiative by the UK Home Office to create a more equitable financial framework for all students, ensuring that international students face the same financial obligations as their domestic counterparts.
The New Diplomat reports that a proof of funds document serves as tangible evidence that an individual possesses adequate financial resources to fulfil future financial commitments or engage in transactions without needing to rely on external borrowing.
For those applying for a student visa, this proof of funds is not just a recommendation but an essential requirement. It provides immigration authorities with the necessary assurance that applicants can support themselves financially throughout their academic journey abroad, covering not only tuition fees but also living expenses during their stay.
