Financial Requirements for UK Student Visa

Breaking! The Home Office UK has increased the maintenance cost of international students in the UK. Now the living expenses in the UK are £1,483 per month in London and £1,136 per month for students outside of London. In that case, the assumption of minimum financial requirements for UK student visa has also changed. Previously it was assumed to be 25-35 lakhs BDT or 20-30 lakhs Rs. But now it should be increased. 

The bank statement requirements are essential to get a UK student visa. The minimum proof of funds for a student visa in the UK is calculated by {(£1,136*9) + 1 year tuition fee in the UK}.Showing a financial statement is a mandatory requirement for UK student visa. In this blog, we will discuss the financial requirements for UK student visa and how to calculate the proof of funds and the living expenses in UK for international students.

What is the Acceptable Bank Statement for a UK Student Visa?

As an international student, you must meet specific financial requirements to avoid UK student visa refusal. You must keep the required funds for a particular period in your bank before submitting the online visa application.

How much money you will need to get a student visa depends on your living expenses and the course fees you are applying for.

How much is the Minimum Tuition Fee in the UK?

The average tuition fee in the UK for both undergraduate and postgraduate degrees range between £10,000- £15,000. Some courses like Engineering, Medicine, Nursing, MBA etc. may cost higher ranging from £19,000 to more. 

You must have enough money to pay for at least 50% of your course, or you need enough money to pay for your course for 1 academic year (up to 9 months). If your course is less than one year, you may need to pay the entire course fee. Your fee amount will be confirmed on your CAS.

The financial requirements are mandatory for all student visa applicants. If you have been in the UK with a valid visa for at least 12 months, you do not need financial requirements for the UK student visa application.

Course Fee-Paying Method for UK Student Visa

You have to pay a CAS deposit to apply for the student visa in the UK. While all the universities in the UK charge a certain amount for the CAS deposit, it can vary from £1000 to £5000. The amount then gets adjusted to your first-year tuition fees. You can deduct your CAS deposit from the total amount you need to show for your expenses.

The Home Office will use the CAS to confirm how much money you need for the course fees.

Living Cost in the UK

To study in the UK, you will need to show you have enough money to support your expenses in the UK unless you have been in the UK for at least 12 months on your application with a valid visa.

The living cost in the UK depends on where you will be studying. The cost of living in the UK is higher than the cost of living outside of the UK. London is always expensive to live in.

• If you are going to study in London, it will cost £1,483 per month ( for up to 9 months) for courses in London. If you are going to study a three-year undergraduate course in the UK, you will need to show £13,347 as your living cost to meet the financial requirements to study in the UK.
• If you want to study outside London, it will cost £1,136 per month( for up to 9 months) for courses outside London. You may need to show £10 224 as your living cost.

How much Money Do You Need to Prove Your Financial Requirements for UK Student Visa?

Alright, this can be explained by an example. Suppose your 1 year tuition fee in the UK is £15,000 and your university requires an initial payment to issue a CAS letter is £2,000 minimum. That means if you have already paid the CAS payment the rest of the tuition fee will be £13,000. Now suppose your university is in London and you live near your university. The Gov.UK states the average monthly expenses in London is £1,483. So, for one year you’ll need £13,347 (In the UK the academic year is calculated by 9 months) at least for your living expenses. So, as per the UK Home Office, your bank statement will be (£13,000+ £13,347)= £26,347.

The 28-day Bank Statement Rule to Study in the UK

A minimum amount must be in your or your parent’s account for at least 28 consecutive days, ending with 31 days before you pay your visa fee online. The money will include your tuition fees and living costs. During the 28 days, you cannot withdraw and reduce the amount of money for a single day. UKVI will accept the money, which will be frozen in the bank. Funds must be held in your name or your parent’s name. Cash funded by any third party will not be accepted.

Proof of Relationship for Fund    

If your parents sponsor your costs, you must prove your relationship to your parents by submitting documents. You have to submit the original documents of birth certificates and consent letters from the parents.

Is there any UKVI-Approved Specific Bank to Keep the Money?

In the past, there were 24 specific banks listed by the UKVI in which you could keep the money for 28 days or make a transaction. But now, things have become easier. You can keep the money at any bank that has an online banking system. In short, banks that have online banking facilities are allowed by the UKVI to keep the money.

Final Words

AIMS Education, an education consultancy firm, can help you with any information on a student visa. Besides, if you need to know any information regarding bank statements, the counsellors at AIMS Education are there to help you. So, visit us if you want to study in the UK, USA, or Canada.

FAQ: Frequently asked questions