The United Kingdom (UK) has long been a major education destination for international students. The world-renowned reputation of its universities, diverse academic programs, and post-study career opportunities have attracted students. However, recently the UK government has increased the required amount of financial savings for international students, which is a significant change. In this article we will discuss in detail this new policy, its impact, and its consequences for international students.
What are the new financial requirements?
In September 2023, the UK Home Office increased the required amount of financial savings for international students for the first time since 2020. The new requirements are as follows:
Students studying in London will now have to show savings of £1,483 per month.
Students studying outside London will have to show savings of £1,136 per month.
This means that if a student is coming to London for a 9-month course, he or she will have to show savings of at least £13,347 (1,483 × 9). While a student studying outside London will have to show savings of £10,224 (1,136 × 9). This new amount represents a significant increase compared to the financial requirements that have been in place for the past three years.
Purpose of the new requirements
This increase is part of the UK government’s policy to ensure that international students coming to the UK have sufficient financial resources to support themselves. The government believes that students should have financial stability so that they do not face any financial difficulties during their studies and life.
The cost of living in the UK, especially in cities like London, is very high. It is important to ensure that students have enough money to pay for accommodation, food, travel, and other essential expenses. Therefore, new financial requirements have been implemented to ensure better financial stability of students.
Impact of the new policy on students
- Need for more financial preparation
The new financial requirements will now require students to do more financial preparation before starting their studies. It is important that students have enough money so that they can complete their studies without any financial pressure. This will especially affect those students whose families are not financially strong, and who have to take loans for higher education.
- Tighter financial means check
The UK government has ensured that students will have to prove that they have enough savings for the duration of their course. Due to this new rule, the visa application process may get stricter, as the financial means check will become even more stringent. Students will have to submit their bank statements and other financial documents correctly and clearly so that they do not face any problem in visa approval.
- Possible delay in application process
With the new rules, the visa process may get more stringent and longer. Students have to prepare their bank statements and financial documents ahead of time so that they can complete the application process on time. Also, due to strict scrutiny of documents by visa officers, there may be some delay in the application process.
- Pressure to get scholarships
Due to increased financial requirements, students have to focus more towards getting scholarships. Many students already apply for various scholarships, but now the demand for scholarships may increase even more. This can be a financial relief for students who do not have enough financial resources to cover their studies and living expenses.
Rising cost of living in the UK
- High cost of living in London
London is one of the most expensive cities in the world. The expenses of accommodation, food, and transportation are very high here. Therefore, students studying in London need enough money not only for tuition fees but also for their daily living.
The monthly rent of a one-bedroom flat in the centre of London can cost around £1,500-£2,000, while in the outer areas of London, this can cost a little less. Also, the prices of food, transport, and other essentials are also higher in London.
- Cost of living outside London
Outside London, the cost of living is a little lower, but it can still be challenging for many students. For example, the cost of living in other UK cities such as Manchester, Birmingham, and Edinburgh may be lower than London, but it can still be quite high for most students.
Students should be prepared to pay for accommodation, food, and transport, as well as other expenses. Outside London, students will have to show savings of £1,136 per month, which is still a significant amount.
Potential challenges for international students
- Hurdle for financially weak students
Due to the new financial requirements, many students may have difficulty in accessing higher education, especially those who are financially weak. Higher education in the UK already requires a large amount of money, and the new financial requirements have made it even more difficult.
- Rethinking options
Some students may consider pursuing higher education in other countries instead of the UK. The cost of studying in countries such as Australia, Canada, Germany, and the Netherlands may be lower, and some students may find the universities and visa processes there more favorable.
- Pressure of student loans
Most Indian and other international students have to take student loans to fund their higher education. The new financial requirements may cause students to take on more loans, which may increase financial pressure on them. This can be a long-term economic challenge, as students may have difficulty repaying the loans after graduation.
Benefits of the UK Higher Education System
Although the new financial requirements have brought some challenges, the UK higher education system also has many benefits, which keep it a popular education destination.
- World-renowned universities
The UK has many world-renowned universities, such as Oxford, Cambridge, Imperial College London, and the London School of Economics. These universities provide students with high-quality education, cutting-edge research opportunities, and global reputation. Studying here prepares students for international careers, and gives them better job opportunities in the global market.
- Overseas opportunities
The UK government also provides international students with opportunities to work after graduation. Under the Post-Study Work Visa (Graduate Route), students can work in the UK for two years after completing their studies. This gives them a chance to gain experience in their field and advance their careers. Apart from this, students also have the option to apply for permanent residency later.
- Cultural Diversity
Studying in the UK provides students with a diverse and rich cultural experience. Students from different countries, cultures, and languages mix together, helping students develop a global perspective. The UK society is welcoming to immigrants, and universities provide an inclusive environment for international students.
