Financial requirements for international students to study in the UK

As an international student applying for a Student visa you are required to declare sufficient funds to cover your course fee and living expenses, otherwise known as maintenance requirements.  The money you will need depends entirely on the course you apply for and where you choose to live in the UK.

Financial requirement for Indian students to study in the UK

  • You must provide the necessary financial declaration and documents to avoid a visa refusal.
  • It is necessary to keep ready the funds before you submit your visa application online.

How much funds will you need?

Tuition fee

  • You should have sufficient funds to meet the tuition fee towards your course for an academic year
  • For courses running for durations less than a year, you are to declare funds for your entire course fee.
  • Your Confirmation of Acceptance of Studies (CAS) will have your confirmed fee amount
  • To be issued a CAS your will have to pay a fee of £4,000 towards your tuition charge.
  • The total amount you need to declare will be the remainder of the £4,000 and any extra applicable charge.
  • Any additional payment towards the course fee is stated on your CAS

E.g. If you plan on studying a 1-year Master’s course, and are applying for a visa to study a in the UK –

  • Course fees – £14,000
  • Funds paid as deposit – £4,000 plus additional £2,000 towards your fees
  • CAS states: Course Fees for the Year – £14,000, Course Fees Paid – £6,000
  • Pending course fee – £8,000
  • Hence, the amount you need to declare is will be £8,000
  • Check your CAS twice over before you make your visa application
  • The CAS should accurately mention the total fee amount and the fee paid.
  • Any discrepancies should be highlighted though email

Living costs

  • Studying in the UK can be expensive. You must have sufficient finances to support yourself while studying in the UK.
  • The amount to be declared has increased on 1 December 2020.
  • You will need to declare £1,334 for a month over the length of your course for a maximum of nine months, for courses in London.
  • Likewise, for courses outside London, the amount to declare for a month would be £1,023.
  • £12,006 is need at most to support your living in the London, while £9207 is the amount needed outside London
  • If the course you pursue is less than 9 months, then do check the length of your course on your CAS
  • The start date and end date mentioned on your CAS will help you calculate the length of your program in months
  • e.g.
    • In London– A fresh student applying for a visa for one-year MA programme – 9 x £1334 = £12006
    • Outside London- A fresh student applying for a visa for three-year BEng programme – 9 x £1032 = £9207
    • In London – Continuing Students – Students applying for visa extension for 6 months – 6 x £1334 = £8004
    • In London – Continuing Students – Students applying for visa extension for 3 months – 6 x £1023 = 3069
  • If you are not exempted from financial requirements and are applying for the Doctorate Extension Scheme (DES) – you will have to declare £2,668 for courses in London; for course outside London the amount to be declares is £2,046.

The 28-day rule 

  • Money that you intend on declaring for maintenance – tuition fee and cost of living, must reflect in your account or parents account for a continued period of 28 days
  • Funds in the account should not go below the mandated requirement even for a single day
  • In the event that you do not maintain the necessary amount prescribed by the Home Office, you application will be refused
  • On the date that you will make the visa application, the bank account statement submitted should not be older than 31 days
  • The 28 days are calculated from the date a last transaction was made in the last dated bank statement

Evidence of funds     

  • For students who have student loans

Students that have student loans need to provide a loan letter which:

  • Is issued no more than 6 months before the date of application
  • Confirms that the loan is a student loan – provided by either the government or government sponsored student loan company or an academic or educational loans scheme
  • Confirms that funds will not be released for purposes other than study
  • Mentions the amount of loan
  • Mentions the name of the applicant (student)
  • Printed on the providers letterhead
  • Confirms the release of funds to the applicant (student) or the sponsor before the course commences
  • For students that use their own resources

If you are a student that is not dependent on a sponsor or a student loan, you can declare your funds from a personal account in the form of–

  • Current account
  • Deposit account
  • Savings account
  • Pension savings
  • Investment account

Money in this form should be available for immediate use

  • As proof of funds in your account or your parents account, you will need to provide –
    • Bank statements
    • Building society passbooks
    • Certificates of deposit
    • Letter from your bank
  • You bank statement must show –
    • The date of issue
    • Applicant’s name or the account holders (parent’s or partner’s) name
    • Name of the bank
    • Account balance

The bank statement does not need to have the bank seal

The above information can be shared as an electronic bank statement, as well

For assistance and further understanding our international adept counselors is just a call away.

Spread the love