Are you planning to study in UK? Apart from getting through one of the leading universities in the UK, you need to meet the financial requirements applicable for getting a student visa from the UK embassy. Being an international student, when you arrive in countries under the European Union for your higher education, you need to check the visa requirements and meet the same.
Financial Requirements for the UK Student Visa
When you apply for a UK student visa, the embassy requires you to show enough balance in your account to pay for the course fees or support your stay abroad. You can either have the money in your account or take assistance from financial institutions. The required amount varies with courses and other circumstances.
- Your account must reflect enough balance to afford a minimum of 1 academic year’s or 9-months course fee as per your Confirmation of Acceptance for Studies or CAS.
- Students’ bank account statements should have enough amount to support themselves in the UK. The value of financial requirements will vary with where you study. Students pursuing courses in London City will need to show an amount equivalent to 1,334 per month (for up to 9 months). Students pursuing courses in cities other than London or the 32 London boroughs need money equivalent to £1,023 per month (for up to 9 months).
- Students residing independently from their college dorms need to show enough finances to sustain boarding fees as per the CAS norms.
- The financial requirement further stretches if a family member accompanies you on your trip as your dependent (spouse or children).
The embassy further requires the students to maintain this account balance for a minimum of 28 consecutive days before they apply for the student visa. Students who wish to study in the UK with financial aids like sponsorship, scholarship, or education loan need to submit their loan or sponsorship certificate as evidence along with other documentation.
Students with Exemption from Providing Financial Proves
Students belonging to the below category are exempted from providing support financial proof to the embassy for their student visa-
• Students holding valid UK visa for 12-month before applying as a student
• If the student is currently residing in the UK
• When the student applies as an officer under Student Union Sabbatical
• If the student applies for a foundation recognized postgraduate dentistry or medical program
How to Receive Financial Support to Study in UK?
Any international student with valid acceptance from any university in the UK can apply for an education loan or sponsorship from financial institutions. However, it is essential to remember that these institutions consider several factors to approve your international education sponsorship, loan, or scholarship application. They process their grant based on the student’s potential.
How Much Does it Cost to Study in the UK?
When you plan to study abroad in the UK, several expenses are involved with the plan. These expenses are-
- Course Fees: The course fees a student needs to pay varies with the university and the course you choose. Science programs usually charge about £10,000 per year. Medical courses with limited seats can charge £35,000 more per year.
- Sustaining Cost: While you study abroad, you need to consider the cost of living in London, like accommodation, daily 3-times meal, commuting expenses, etc. One can expect an annual expense of about £24,000-26,000 every year on living when studying in the UK.
- Visa and Immigration Expenses: Probably these expenses are the lowest of all. The UK Visa costs about £348, and the surcharge for healthcare is £470 per year. These expenses will help you avail of the Tier 4 Student visa.
We have discussed the cost one might incur to study in UK and the financial requirement as per the embassy. It is time to consider your options for courses and universities and arrange for funds to initiate your journey to the UK for higher education.