The UK Home Office has raised the monthly proof-of-funds requirements for student visas to N3 million monthly to address inflation and reflect the higher costs of living across the UK, starting in January 2025.
According to a document revealed by the UK home office “Currently the maintenance level is set at £1334/month for those studying in London and £1023 for people studying outside of London. This is being changed to £1483 (N3 million) and £1136 (N2.4 million) respectively.
Under the new regulations which would come into effect on January 2, 2025., international students must demonstrate the availability of sufficient funds to cover their stay. The Home Office states this increase aligns with the financial requirements of domestic students, ensuring that all students in the UK can meet their living expenses independently.
What is a Proof of Fund
A proof of fund is a document that verifies an individual or organization has enough money to complete a transaction or meet a future liability without leaning towards borrowing.
A proof of fund is a mandatory requirement for most student visa applications. For international students, a proof of fund gives immigration authorities assurance that such students can financially sustain themselves during your stay in the country as students.
As such, failing to provide a valid proof of fund can lead to visa rejection and effectively jeopardize an international student’s plans to study abroad.
Acceptable sources of funds include personal savings, family sponsorship, scholarships, and educational loans.
What UK’s Increased Proof of Fund Threshold Means For Nigerian Students
Nigerian students account for a significant percentage of international students in the UK. In the 2022/2023 academic year, there were 53,790 Nigerian students enrolled in UK universities, representing 6.5% of international students in the UK, putting the country behind only China and India on the list.
However, with the increased proof of funds the number of Nigerian students in the UK is expected to further decline due to the Naira’s depreciation against the pound, which would make it more difficult for Nigerians to pay tuition fees.
As of Today, the pound is trading against the naira for 2,140 pounds – 1 naira which could further hinder the ability of Nigerians to afford education in the UK.
With the new proof of fund threshold coming into effect in January 2025, many Nigerians schooling in the UK are expected to give up while more Nigerians are expected to become more unwilling to go to the UK via the study route.
