Proof of funds

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. Nigerians who want to study in the UK now need to "prove" that they have N3 million available each month 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. 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. Also Read: How to Obtain an Australian Work Permit with Masters Degree How to obtain a UK Work VISA with a Master's degree How to obtain a Canada Work Permit with a Master's degree How to obtain a U.S. Work Permit with a Master's Degree 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. See If You Qualify For A Student Loan To Study Abroad Are you planning to study abroad and need funding to cover your tuition and living expenses? We can help you secure up to $100,000 in student loans to study in the US, Canada, and UK at low interest rates. You do not need a collateral or a cosigner. Repay your loan over a period of 10 years. Click here to see if you qualify for a student loan.

Nigerians who want to study in the UK now need to “prove” that they have N3 million available each month

How to Provide Convincing Proof Of Funds for Admission and Visa

subscribe to our newsletter

most recent

Planning on studying abroad? Here are the documents you’ll need!

Discover why a study abroad counselor is essential

Here’s all you need to know about studying abroad

A Step-by-step guide to selecting the right study abroad program.

Student Loan Comparison: MPower Finance or Quorum?

MPower Finance or Ascent Funding; Student Loan Comparison