The United Kingdom has announced a significant increase in the proof-of-funds requirement for international students, including those from Nigeria. The new regulations, which will take effect in January 2025, mandate that students must demonstrate financial support of at least £1,500 per month for living expenses in London, and £1,300 per month for students studying outside of the capital. This marks a sharp rise from the previous requirement of £1,334 per month.
The change is part of the UK’s broader effort to address rising living costs and ensure that international students have sufficient financial resources to cover their stay while pursuing higher education in the country. Students will also be required to show proof of the total amount needed for the duration of their course, ensuring that they have the necessary funds for tuition and living expenses before applying for a student visa.
The UK government has justified the increase by citing ongoing inflationary pressures, particularly in housing, transportation, and daily expenses. According to a spokesperson from the UK Home Office, "This adjustment will help ensure that international students are better prepared to manage the costs of living in the UK and can focus on their studies without financial hardship."
The move has sparked mixed reactions among Nigerian students and prospective applicants, many of whom rely on international sponsorships, family support, and personal savings to meet these financial requirements. The increase could further complicate the financial planning for students from countries like Nigeria, where exchange rates and inflation already present substantial hurdles.
The change is expected to affect students planning to enroll in the upcoming academic terms, with many now reassessing their budgets and seeking additional financial support. Nigerian students, in particular, have expressed concerns over the increased proof-of-funds requirement, which they argue could make UK education less accessible to those with limited financial resources.
In response, student advocacy groups have called on both the UK government and Nigerian institutions to collaborate in providing financial aid and scholarships to support students in meeting the higher requirements.