Financial Requirements for UK Student Visas: A Complete Guide

UK Student Visa Financial Requirements 2023

There are various financial requirements that you must meet to be eligible for a UK student visa. The most important ones include having enough money to pay for your tuition fees, accommodation, living expenses, and other associated costs. This often means having a certain amount of money in your bank account, commonly referred to as ‘show money’ or a ‘bank balance’.

Minimum Bank Balance Requirements for UK Student Visas

In order to meet the UK student visa financial requirements, you’ll typically need to show evidence of having a certain amount of money in your bank account. This money must have been in your account for at least 28 days prior to your visa application. The specific amount required depends on your location, as the cost of living varies across the UK.

For instance, if you’re planning to study in London, you must show evidence of having a minimum bank balance of £12,006. This is based on the UK government’s minimum living cost requirement of £1,334 per month for a 9-month academic year in London. If you’ll be studying outside of London, you’ll need to show a minimum bank balance of £9,207, which is based on the minimum living cost requirement of £1,023 per month for a 9-month academic year outside of London.

Other Approved Financial Means for UK Student Visas

Apart from bank statements, you may also be able to demonstrate your financial capability through official financial sponsorship or a scholarship letter. If you’re being financially sponsored by a government or organization, you’ll need to provide a letter from your sponsor confirming the amount of financial support they’ll be providing. If you’ve been awarded a scholarship to cover your tuition fees and living expenses, you’ll need to provide a letter from the scholarship provider confirming this.

Conclusion

In summary, meeting the financial requirements for a UK student visa is a crucial step in the application process. You’ll need to ensure that you have enough money in your bank account or through other approved financial means to cover your tuition fees and living expenses. By demonstrating that you meet these financial requirements, you’ll increase your chances of obtaining a UK student visa and pursuing your academic dreams in the UK.

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How Much Money in Bank Account for UK Student Visa?

When applying for a UK student visa, the required bank balance varies based on factors such as tuition fees, course duration, and location of the educational institution. Residential independent school applicants need to have enough funds to pay course and boarding fees for one academic year, while others must pay outstanding course fees as per the CAS, and £1,334 per month (if in London) or £1,023 per month (if outside London) for up to 9 months. For instance, if tuition fee is £10,000 and you’ve paid £5,000 in London, the required balance would be £17,006, i.e. £5,000 for the remaining tuition fee and £12,006 for 9-month living costs. For an educational institution outside London, it would be £14,207.

ST 12.4. If the applicant has paid a deposit to the student sponsor for accommodation arranged by the sponsor, this deposit (up to a maximum of £1334) can be offset against the funds required in ST 12.3.
ST 12.5. If the applicant has paid all or part of their course fees to their student sponsor this must be confirmed on the Confirmation of Acceptance for Studies, or the applicant must provide a receipt issued by the student sponsor confirming the amount of fees paid.

Immigration Rules Appendix Student

How many months bank statement for UK student visa?

To meet the UK student visa financial requirements, the applicant must show that they’ve maintained the required funds for 28 consecutive days. However, if they receive financial assistance from sources like a student loan, government award, or educational sponsor, they may not need to follow this rule. Regardless, the 28-day period must end no later than 31 days before the visa application date.

FIN 1.1. Where money is held in one or more foreign currencies, this will be converted into pound sterling (£) using the spot exchange rate which appears on www.oanda.com for the date of the application.

Immigration Rules Appendix Finance

UK Student Visa Show Money – Exemptions

If the following applicants are applying for permission, they will automatically meet the UK student visa financial requirements and be awarded 10 points:

1. Those who have been in the UK for at least 12 months with valid permission on the date of application and are seeking to stay in the UK.
2. Student Union Sabbatical Officers.
3. Those who are studying on a recognized foundation program as a postgraduate doctor or dentist in training.

UK Student Visa Show Money: Understanding Differentiation Arrangements

If an applicant qualifies under the differentiation arrangements, they are generally exempted from providing evidence of meeting the UK student visa financial requirements. However, applicants should still have the required level of funds available in their bank account as the UKVI may request evidence from such students at any time.

How to Meet UK Student Visa Course Fee Financial Requirements?

Applicants who are applying for a new course from overseas or have been in the UK for less than a year must demonstrate that they have enough funds to cover the full academic year’s course fees or the entire duration of the course if it is less than a year.

International students who have been granted valid permission to stay in the UK for 12 months or more at the time of application, as well as differentiated nationals, are exempted from demonstrating they have enough funds to pay for UK student visa course fees. However, it is important to note that all international students are still required to pay any course fees to the sponsoring institution.

Understanding Course Fees in CAS for UK Student Visa

The CAS and Course Fees

The Confirmation of Acceptance for Studies (CAS) outlines the course fees that international students are required to pay. If there are no fees to be paid, this will also be indicated in the CAS. However, the immigration office may verify this information by checking for payment receipts or any other uncertainties.

Proof of Payment

If the applicant has already made payments towards their course fees, the CAS will reflect this information. Otherwise, the applicant must provide a receipt from their sponsor as proof of the amount of fees paid.

Meeting UK Student Visa Financial Requirements for Living Cost

To qualify for a UK student visa, applicants must demonstrate they have sufficient funds to cover their monthly living expenses while in the UK. The required amount of maintenance funds depends on several factors, such as whether the student is a boarding student, studying in London or outside London, or applying under the Doctorate Extension Scheme.

If the course duration includes part of a month, it is rounded up to the next full month. For instance, if the course duration is 6 months and 25 days, maintenance funds must be shown for 7 months.

Applicants who have paid a deposit for accommodation to their student sponsor can offset this amount (up to £1,334) against the required maintenance funds for the UK student visa. However, this amount is only applicable if the student sponsor provides the accommodation and is stated in the CAS. Payments made to third parties are not considered when calculating the required funds.

How much Maintenance Funds Required for UK Student Visa?

Students attending residential independent schools in the UK are required to show proof of funds that can cover boarding fees for one academic year. Whereas non-residential independent school students in London must demonstrate that they have £1,334 per month up to a maximum of 9 months (totaling £12,006). Students studying in non-residential independent schools outside London must show that they have £1,023 per month up to a maximum of 9 months (totaling £9,207).

UK Student Visa Financial Requirements for Boarding Students

An applicant who will be boarding at an independent school can earn 10 points for the financial requirement by demonstrating that they have sufficient funds to cover the school fees, including board or lodging fees, for one academic year, as indicated on the CAS. If the boarding school provides on-site accommodation and all living costs are included in the board/lodging fees, they do not need to provide evidence of additional funds for living expenses.

On the CAS, the sponsor will provide the following information:

• The amount of money required for the student’s course fees and boarding fees
• Whether or not the student has paid their course and boarding fees

Main Study Site in London

Applicants studying in London are required to show more funds available for living costs compared to those studying outside London. Child students who are living independently also need to demonstrate more funds if they are studying in London.

Monthly living cost requirements for students studying in London are £1,334 per calendar month for up to 9 months, totaling £12,006. For students studying outside London, the monthly living cost requirements are £1,023 per calendar month for up to 9 months, totaling £9,207.

City of London and Greater London Area

If an applicant will be studying more than half of their course within the City of London or in one of the 32 boroughs within the Greater London Area, they will be required to demonstrate the London financial requirement. Maintenance funds requirements for the UK student visa are based on where the applicant will study rather than where they will live.

Applicants can verify if the educational institution is located in one of the Greater London Areas by using the Royal Mail Postcode Finder.

UK Student Visa: Documents Required to Show Proof of Funds

To meet the financial requirements for a UK student visa, applicants must provide evidence such as a bank statement, confirmation of a student loan or official financial sponsorship, or proof of relationship when relying on parental funds.

When relying on funds from a third party, evidence of the relationship between the applicant and the third party must also be provided. If the relationship is unclear, the Immigration Office may request further information.

UK Student Visa Financial Requirements: Acceptable Forms of Proof

To demonstrate sufficient funds for a UK student visa application, applicants can provide various forms of evidence such as bank statements, student loans, official sponsorship, or proof of relationship if relying on parental funds.

Maintaining Required Funds for UK Student Visa: 28 Day Rule

To meet the financial requirements of a UK student visa, students must maintain the necessary level of funds in their bank account for a continuous 28-day period. The 28-day period should end no later than 31 days prior to the date of the student visa application.

UK Student Visa Financial Requirements and Acceptable Bank Accounts

To meet the UK student visa financial requirements, the funds can be held in any personal bank or building society account that allows immediate access to the funds. This includes current, deposit, savings, pension accounts, or investment accounts. However, accounts that don’t allow immediate access to funds, such as shares, bonds, credit cards, or pensions from which the funds cannot be withdrawn immediately, will not be accepted as evidence of funds.

Acceptable Bank Accounts for UK Student Visa

An applicant can rely on a bank account in their name, either alone or as a joint account holder, to meet the UK student visa financial requirements, unless one of the following applies:

• The account is in the name of the applicant’s partner who is applying for entry clearance or permission to stay at the same time or has been granted permission.
• The applicant is applying as a Child Student, Student, or dependent child, and the account is in the name of their parent or legal guardian.
• The applicant is applying as a Child Student and is being cared for by a close relative, or a private foster care arrangement has been made that complies with the requirements in Paragraph CS 9.3 to CS 9.5 of Appendix Child Student, and the account is in the name of the applicant’s close relative or private foster carer.
• The requirements for the route under which the applicant is applying state that an account in the name of a third party may be relied upon, and the account is in the name of that third party.

Using Official Financial Sponsor for UK Student Visa

To meet the UK student visa financial requirements, applicants can rely on funds provided by an official financial sponsor such as the British Council, Her Majesty’s Government, the applicant’s national government, international organizations, universities, or independent schools. However, if the applicant is relying on funds from an official financial sponsor, they must ensure that either the Confirmation of Acceptance for Studies (CAS) mentions the provided funds or that they support the claim with a letter of confirmation from the sponsor.

Meeting UK Student Visa Financial Requirements: Using Student Loans

To meet the financial requirements for a UK student visa, an applicant can rely on a government or government-sponsored student loan company. However, the student needs to provide a loan letter from the lender, dated no more than 6 months before the application date, which confirms the following:

• The loan is a student loan provided by a relevant government or a government-sponsored student loan company, or an academic or educational loans scheme.
• There are no conditions on release of the loan funds, except a successful application to study in the UK as a student or child student.
• The amount of the loan, and that it is provided to the applicant.
• The funds will be available to the applicant before they travel to the UK, or paid directly to the student sponsor before the applicant’s arrival. The living cost portion of the loan will be available to the student upon arrival in the UK, or before the start of the course if the loan is provided by the applicant’s national government.
• The funds are from an academic or educational loans scheme provided by a financial institution regulated for issuing student loans, such as FCA or PRA.

By providing this evidence, an applicant can demonstrate that they meet the financial requirements for a UK student visa.

Immigration Health Surcharge for UK Student Visa Applicants

To apply for a student visa to study in the UK for six months or more, applicants are required to pay an immigration health surcharge as part of their visa application fee. The current rate of the surcharge is £470 per year for the duration of the visa. If the visa covers part of a year that is six months or less, the surcharge payable for that year will be £235. However, if the visa covers part of a year that is more than six months, the full annual amount of £470 must be paid. It’s important to note that the surcharge is in addition to the visa application fee. Additionally, family members who are applying for a dependant visa will also be required to pay the surcharge.

Benefits and Limitations of Immigration Health Surcharge for UK Student Visa Holders

The immigration health surcharge provides students with access to the National Health Service (NHS) in the UK, allowing them to receive general medical care, specialist treatment, and emergency care at no additional cost, just like a permanent UK resident. However, students may have to pay for dental and optical treatment, as well as medicine prescribed by a doctor and collected from a pharmacy. There are also exceptions for particularly expensive discretionary treatments.

Medical Insurance Requirements for Short Term Study Courses in the UK

If you are applying for a visa from overseas and it is granted for less than six months or if you are planning to make occasional visits to the UK for short study periods, it is recommended that you obtain medical insurance as you may be responsible for paying for NHS treatment received in the UK, except in medical emergencies, which are limited. Some countries have reciprocal agreements with the UK that may provide for free healthcare on the NHS, but it is advisable to consult with the health authorities in your home country to determine which treatments will be covered. EEA nationals should obtain a European Health Insurance Card (EHIC).

Private Healthcare Insurance and UK Student Visa

Private healthcare insurance cannot replace the mandatory health immigration surcharge that is included in your UK student visa application fee. However, it is optional for students to obtain private healthcare insurance. If you already have medical insurance in your home country, you may want to check if it can be extended to cover your stay in the UK.

Refund Policy for UK Immigration Health Surcharge

If Your Visa Application is Unsuccessful

In the event that your visa application is unsuccessful, you will automatically receive a refund of the immigration health surcharge included in your visa application fee. However, please note that the surcharge will not be partially refunded if you leave the UK before your visa expires. Additionally, the surcharge is non-refundable if you do not utilize the National Health Service (NHS) during your stay in the UK.

Applicable to Entry Clearance and Further Permission to Stay

If you are applying for entry clearance from overseas, the surcharge will apply to visas granted for more than six months. Similarly, if you are applying for further permission to stay in the UK, you will be required to pay the surcharge regardless of the length of your new visa. Therefore, it is important to consider the immigration health surcharge when budgeting for your studies in the UK.

Refund Eligibility for EU or Swiss Nationals

Full-time students from the EU or Switzerland who are studying in the UK may be eligible for a full or partial refund of the immigration health surcharge paid with their visa application if they have a valid European Health Insurance Card (EHIC) issued in an EU country or Switzerland.