United in more than just name - the United States and the United Kingdom are top favorites for international students who are aiming to pursue degrees abroad. With their world-class higher education and unmatched career opportunities, it is no wonder why they are on everyone's bucket list! But before you can start your campus life in London or New York, these countries ask for financial proof to ensure that you have enough funds to meet your expenses during your study period without financial worries or hassles.
This article provides essential details to ensure that you have enough funds to study in your choice of city in the UK be it London, Birmingham, or Manchester.
Financial evidence is required to demonstrate that students, their parents, guardians, or financial sponsors, can cover the cost of their studies, including tuition, accommodation, and general living expenses such as food, utilities, travel, and leisure while studying in the UK. Students from different countries might have different requirements, which will be listed in their Confirmation of Acceptance for Studies (CAS) – an electronic document that is issued by the UK universities after they get accepted and pay the deposit to secure their place in a course. This is a supporting document and without it, they cannot apply for their UK student visas.
Under Proof of Funds, students will need to show that they have enough money to support themselves unless they have been in the UK with a valid visa for a minimum of 12 months on their application date.
Students must have these funds for at least 28 consecutive days. The end date of the 28 days must be within 31 days of the date they apply for their visa. This ensures that they have the necessary funds available right up to the time they submit their application.
To meet the financial requirements for a UK student visa, students can use various types of funds. Here are the options available:
Personal or Parent/Legal Guardian Funds
Students can use money that belongs to them or their parent/legal guardian. These funds should be in a personal account and not a business account. Students should ensure that the account has been active for at least 28 consecutive days before their visa application.
Official Financial Sponsorship
If the applicant has a financial sponsor, such as a government, international organization, or scholarship provider, their support can be used to meet the financial requirements. Applicants should make sure to have official documentation proving the sponsorship.
Student Loans
Education Loan to study in UK from recognized banks or financial institutions which are approved by the UK government are accepted. For this, you will need to provide a Loan Sanction Letter from the lender confirming the loan details as per the UKVI’s visa format only.
Overseas Bank Statements
Bank statements from an overseas account can be used, provided they meet UKVI’s requirements. The statements should show the required funds have been held for a minimum of 28 consecutive days.
Fixed Deposits
Some types of fixed deposits may be accepted, provided they are liquidated and available to cover the required expenses. Applicants will need a letter from the bank confirming the details.
Using a combination of these funds is possible to meet the required amount. Students, parents or guardians applying for the student visa need to ensure that all documents are in order and comply with the UKVI guidelines to avoid any issues with your application.
As specified above, when applying for a UK student visa, it is essential to show that the applicant has enough money to support himself/herself unless he/she has been in the Kingdom with a visa for at least a year i.e., 12 Months.
The amount required depends on the place of study:
Courses in London: £1,334 per month (for up to 9 months)
Courses outside London: £1,023 per month (for up to 9 months)
Those boarding at a residential independent school will need to pay boarding fees as specified on their Confirmation of Acceptance for Studies (CAS). Even if they have lower accommodation costs or will be staying rent-free with a relative or friend, they still need to show £12,006 (in London).
The financial evidence must cover:
Tuition Fees: For the first year of your course, or for the full duration if it is one year or shorter.
Living Expenses: £1,023 per month (outside London) for up to nine months. If the visa is for a course shorter than nine months, only living expenses for that duration need to be shown. For longer courses, living expenses are to be shown for the first nine months (£9,207).
Immigration Health Surcharge (IHS): Those studying in the UK for more than six months need to pay the IHS. The fee is £776 per year or £388 for 1-6 months. The exact amount depends on granted leave, calculated via the UKVI fee calculator.
Those who have a spouse, partner, or family member applying as dependents need additional living expenses for them at £680 per person per month (outside London) and £845 per person per month (in London) for the first nine months of the course.
Applicants need to ensure that the finances are arranged before applying. They cannot rely on future income, such as part-time job earnings in the UK. They also need to plan their funding for the entire course duration to avoid running out of money even though they only need to provide financial evidence for the first year's tuition fees and the first nine months of living expenses.
In conclusion, In the UK, a common reason for student visa applications being denied is insufficient financial evidence. According to UK Visas and Immigration (UKVI) policy, many applicants face rejection due to not meeting the financial criteria. Ensuring that the financial documents meet the UKVI requirements is crucial to avoid complications with UK student visa applications. Thorough planning and meticulous documentation are key to securing the visa smoothly. However, preparing proof of funds for nine months in advance can be daunting for many prospective students.
But fear not! Here is where the ÉLAN Overseas Education Loan for students to study abroad comes to the rescue. Our dedicated Loan Advisors specialize in assisting students with showcasing proof of funds to universities and easing the financial documentation process. Beyond financial aid, ÉLAN’s comprehensive services include facilitating foreign exchange, providing global cards, arranging SIM cards, and offering overseas travel insurance.
With ÉLAN Loans, you can focus on your academic journey while we take care of everything, ensuring a seamless transition to studying abroad.
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