No More £1,334: UK Announces New Proof-of-Fund Requirement for Nigerians, Others to Study
- The proof of finances requirements for international students to study have increased, according to the UK government
- This means students who intend to study in London must now demonstrate that they have £1,483 per month
- International students must now demonstrate that they have the funds to cover their stay under the new regulations
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The proof-of-fund requirements for international students to study have increased, according to the UK government.
Source: Getty Images
This means students who intend to study in London must now demonstrate that they have £1,483 per month.
International students must now demonstrate that they have the funds to cover their stay under the new regulations.
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Beginning in 2025, the UK Home Office will increase the proof-of-funds criteria for student visas in order to account for inflation and the rising cost of living in the country.
The new rules require international students to show they have the money to pay for their stay.
The Home Office claims that this increase ensures that all UK students can independently cover their living expenses and is in line with the financial needs of domestic students.
Implication of UK's move
Due to the new requirements, students must now demonstrate that they have much more money available to cover living expenses.
This means the monthly minimum for a typical nine-month program in London is now £13,348 (£1,483 if studying in London and £1,136 outside of London).
The development also marks an increase from the previous amounts of £1,334 for London and £1,023 for other cities in the UK.
The UK's education system is expected to become more resilient as a result of this policy move, but students from lower-income nations will find it more difficult to access.
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Consequences of UK's action
The modifications have consequences that go beyond specific students. International tuition is a major source of funding for UK universities, with students paying over £42 billion a year in fees, accommodation, and everyday expenditures.
Universities that depend on overseas tuition fees to sustain their programs and facilities may experience enrollment decreases as a result of the higher financial threshold, which could turn off potential students.
Relevant stakeholders said the UK must strike a delicate balance between controlling migration and preserving its standing as a leader in global education as it executes these new financial requirements.
In addition to potentially reducing the number of migrants, they argued that this approach may deter the talent and diversity that the UK educational system cherishes.
Nigerians travelling to UK, Canada, others to pay more
Legit.ng earlier reported that on June 14, 2023, the Central Bank of Nigeria (CBN) announced exchange rate unification, allowing banks to fix their rates as Nigeria embarked on economic reforms.
The announcement by the CBN in June worsened the problem of the naira, causing it to spike upward immediately.
After the announcement, banks started selling a dollar at N650, which was more than 50% in addition.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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