UK Raises Proof-of-Funds Requirement for Student Visas to £1,483 Monthly

The United Kingdom Home Office has announced an increase in the monthly proof-of-funds requirement for student visa applicants, effective January 2, 2025.

The new regulation raises the required amount to £1,483 (approximately N3 million) per month for students in London, reflecting inflation and the rising cost of living in the UK.

For students studying outside London, the monthly requirement will increase from £1,023 to £1,136 (approximately N2.4 million).

This adjustment aims to align the financial requirements for international students with those for domestic students, ensuring all students can sustain themselves independently during their studies.

The Home Office stated that international students must demonstrate adequate financial resources to cover living expenses throughout their stay in the UK.

What is Proof of Funds?
Proof of funds is a mandatory document for student visa applicants, confirming the availability of sufficient financial resources to meet living expenses without external borrowing.

Acceptable sources include personal savings, family sponsorship, scholarships, and educational loans.

Failure to provide valid proof of funds can result in visa rejection, jeopardizing study plans.

Impact on Nigerian Students

Nigerian students, who comprise a significant portion of the UK’s international student population, are expected to feel the impact of the increased financial requirements.

During the 2022/2023 academic year, 53,790 Nigerian students were enrolled in UK universities, accounting for 6.5% of all international students.

Nigeria ranked third after China and India in terms of student numbers.

However, with the persistent depreciation of the Naira against the pound, many Nigerian families may struggle to meet the higher financial requirements.

This could result in a decline in the number of Nigerian students pursuing education in the UK.

The adjustment highlights the need for financial preparedness and targeted support systems to enable access to global education opportunities despite economic challenges.