If you plan to study in the UK as an international student, you will need to provide evidence of sufficient financial resources to cover your living expenses for each month of your course, up to nine months, as set by the UK Home Office. The current financial requirements, which were linked to domestic maintenance loans, have not been updated since 2020. However, new rules will apply from 2 January 2025, the Home Office said.
Students going to London will need to prove they have £1,483 (Rs 1.63 lakh) per month, while students studying outside London will need £1,136 (Rs 1.25 lakh) per month. This is up from the current amounts of £1,334 (Rs 1.47 lakh) for London and £1,023 (Rs 1.23 lakh) for other areas.
The government has also stated that these figures are regularly updated in line with inflation and changes in domestic borrowing. This means that students staying in London for nine months or more will need to demonstrate a total of £13,348 in savings when applying for their visa.
Will the increase affect Indian students?
Not at all, says Ajay Sharma, immigration consultant and founder of Abhinav Immigration Services.
“A person coming from India spends on an average around Rs 25 lakh per year on a good course or institution. Therefore, these small changes never affect a student’s decision,” he says.
Sharma adds: “The key areas a student and his parents decide on are the course and institution, possible paths to employment after studies and the student visa acceptance rates in India. For example, the US emerged as the top destination this year as its visa acceptance rate was better than Australia and Canada.”
Why has the UK increased its financial demands?
The rising cost of living in the UK, particularly in London, is a major reason for the increase. Inflation has pushed up prices across the board and the UK government has adjusted financial maintenance requirements to ensure students have enough money to support themselves while they study.
“Studying in London comes with higher costs, particularly for accommodation and transport, and so the requirement has risen to £1,483 per month,” the Home Office said. For students outside London, while living costs are lower, the monthly requirement has still risen from £1,023 to £1,136, reflecting higher prices across the country.
University Living, a global marketplace for student housing, provides an overview of estimated expenses for international students:
Accommodation in London: Rs 80,000 to Rs 2.26 lakh per month
Accommodation in other regions: Rs 96,000 to Rs 1.39 lakh per month
Livelihood: Rs 64,000 to Rs 1.18 lakh per month
Total average monthly living expenses: Up to Rs 1.82 lakh
Health Insurance (IHS): Rs 52,140 per year
Student Visa for United Kingdom: 54,359 rupees
Tuition fee: GBP 10,000 to GBP 38,000 (approximately Rs 11 lakh to Rs 42 lakh) per year
“Student accommodation costs vary significantly, especially between London and other regions. In London, rents range from GBP 750 to GBP 2,100 (Rs 80,000 to Rs 2,26,000), while in other parts of the UK, prices range from GBP 900 to GBP 1,300 (Rs 96,000 to Rs 1,39,000),” says Saurabh Arora, CEO of University Living.
Health insurance, visa costs and tuition fees
If you’re going to the UK, you’ll also need to consider health insurance. The Immigration Health Surcharge (IHS) is mandatory for international students and costs £470 per year. In addition, a UK student visa costs £490 if you’re applying from outside the UK, with a health insurance surcharge depending on the length of your stay.
As for tuition fees, that can vary significantly based on your course. According to data from University Living, international students should expect to pay between £10,000 (Rs 11 lakh) and £38,000 (Rs 42 lakh) per year, with courses like medicine being at the higher end of the scale.
The overall cost of studying in the UK continues to rise and with new rules coming into effect from 2025, international students, particularly those from India, need to be even better financially prepared.
First publication: Sep 13, 2024 | 1:48 PM IST
