The financial requirements are essential to get a UK student visa. If you are willing to study in the UK and apply for a UK student visa, you must have enough money to pay for the tuition fees and living costs, known as the financial requirements. As an international student, you must cover the financial requirements to get a student visa.
The finance you need to get the student visa
As an international student, you must meet specific financial requirements to avoid visa refusal. You must keep the required fund 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 the circumstances and the courses you are applying for.
Course fee to get the student visa
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 visa application.
The amount of money you need to show depends on:
- The course fees will be set out on your CAS. The education provider will send you a CAS once they have offered you a place.
- Your course length.
- The course of study you are applying for.
- The place you are studying.
If you want to bring your dependents with you, you have to show that you have enough money to cover their living costs. The amount of money you need to show will be written on the CAS.
Course fee-paying method for UK student visa
To get a student visa in the UK, you have to pay a CAS deposit to apply for the student visa. While all the universities in the UK charge a certain amount for the CAS deposit, it can vary from 0 to £5000. There are a few universities that deposit low CAS. 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.
Financial requirements for the 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 more than the cost of living outside of the UK. London city is always expensive to live in.
- If you are going to study in London, it will cost £1334 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 £12006 as your living cost.
- If you want to study outside London, it will cost £1’023 per month( for up to 9 months) for courses outside London. You may need to show £9207 as your living cost.
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 day period before you pay your visa fee online. The money will include your tuition fees and living cost. 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 by 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 in any bank which has an online banking system. In short, banks that have online banking facilities are allowed by the UKVI to keep the money.
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 counselors of 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
Q: How to show I can afford my expenses in the UK?
Ans: To show that you can afford your expenses in the UK, you must keep the required money in a bank for 28 consecutive days.
Q: How to keep a bank statement for a UK student visa?
Ans: You can keep the money in a bank for 28 consecutive days to show that you are capable enough to bear your tuition and living cost.
Q: When should I make my student visa application?
Ans: You must apply for your student visa 3 months before your course starts in the UK. After applying for the visa, you will get a decision within 8 weeks.
Q: If I pay total tuition fees before the CAS is issued, will it ensure a successful visa?
Ans: Pre-payment of any tuition fees won’t sure you a successful visa application. The success of your visa application will depend on the evidence you provide.