The UK Home Office has increased, from January 2025, the monthly proof-of-funds criteria for student visas to N3 million in order to account for inflation and the rising cost of living in the UK.
The maintenance threshold is now set at £1334 per month for students studying in London and £1023 per month for those studying outside of London, according to a document made public by the UK home office. These are being adjusted to £1136 (N2.4 million) and £1483 (N3 million), respectively.
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The proposed rules, which would take effect on January 2, 2025, require overseas students to show that they have enough money to pay for their stay. According to the Home Office, this increase ensures that all UK students can independently cover their living expenses and is in line with the financial needs of domestic students.
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What is a Proof of Fund
A proof of fund is a document that confirms a person or organization has sufficient funds to finish a transaction or cover a future obligation without resorting to borrowing.
The majority of student visa applications require a proof of funds. A proof of funds reassures immigration officials that international students can support themselves while they are studying in the nation.
Because of this, an international student’s ambitions to study abroad may be seriously jeopardized if they are unable to produce legitimate evidence of funds, which could result in the rejection of their visa.
Scholarships, educational loans, family sponsorship, and personal savings are all acceptable funding options.
How Nigerian Students Will Be Affected by the UK’s Raised Proof of Fund Threshold
In the United Kingdom, a sizable portion of overseas students are Nigerian. 53,790 Nigerian students were enrolled in UK universities during the 2022-2023 academic year, making up 6.5% of all international students in the UK and placing the nation second only behind China and India.
However, because of the depreciation of the Naira against the pound, which would make it more difficult for Nigerians to pay tuition fees, the number of Nigerian students in the UK is anticipated to further fall as a result of the higher proof of money.
Nigerians may find it more difficult to pay for school in the UK as a result of the pound’s current exchange rate of 2,140 pounds to one naira.
It is anticipated that more Nigerians enrolled in UK schools will drop out when the new proof of fund barrier takes effect in January 2025 and that more Nigerians will become less inclined to travel to the UK for study.
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