In a statement published on 10 September, the UK Home Office announced an increase in the student maintenance requirements of foreigners.
Under the new rules, students coming to study in London must show evidence of having £1,483 per month. Meanwhile, those planning to study outside of London must show financial savings of at least £1,136 per month. Previously, the requirements were at £1,334 and £1,023, respectively.
The updated thresholds will apply to students coming to the UK on or after 2 January 2025. Furthermore, the government intends to continue updating the student maintenance requirements regularly to match inflation and domestic maintenance loan increases.
Responding to inflating costs
The rise in the financial requirements is tied to increases in the maintenance loans available for domestic students. However, this has remained unchanged since 2020. Moreover, the increase aligns with rising inflation and the general rise in the cost of living in the UK.
Earlier this year, the NHS surcharge for students applying to study in the UK went up by 66% to £776 per year. International students are also required to pay taxes while working in the country, on top of visa and biometric fees. Notably, tuition fees for foreigners can also go up to three times higher than domestic tuition.
The proof of funds requirement can still be “offset.” Students who have paid a deposit for their accommodation in the UK can demonstrate less financial evidence. Additionally, students who have been in the country on another route for at least a year on the date of their application may not need to show maintenance funds.
The impact on incoming students
Stakeholders understand the need to increase financial requirements to match the rising expense of studying in the region. The rise is critical to align with the higher maintenance loans for domestic students. It’s also important to ensure that foreigners have sufficient financial support to complete their studies.
However, the international education sector warns of its impact on incoming students. With alternative study destinations on the rise, “the UK risks positioning itself as a less accessible option, especially for students from lower-income countries,” warned the Head of Global Insights and Market Development at the University of East Anglia Syed Nooh.
While the change is unlikely to leave a large impact on its own, it’s part of many other policy changes that have already significantly affected the UK’s international education landscape. Stakeholders urge the government and the sector to find a balance to maintain the country’s position as a leading study-abroad destination.
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