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Understanding the Requirements of Funds for Studying in the UK

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Table of contents

Funds Required for UK Student VISA   
How to Prove You Have the Required Funds 
Additional Costs to Consider
Scholarships and Financial Aid Options for Indian Students  
Part-Time Work Options for Indian Students in the UK  
Conclusion  
Students aspiring to study abroad in the UK for their favored course are required to meet certain criteria in doing so, and one such criterion is maintaining financial savings requirements to meet their expenses during their stay. To identify the estimated funds required for UK student visa, you can get assistance from the Insititute’s CAS or Confirmation of Acceptance for Studies letter. Let us find out more about the costs covered and the amount required to be in the student’s account before applying for a VISA to study in the UK. 

Funds Required for UK Students VISA

Following costs are to be covered by financial saving requirements
  • Tuition Fees 
In the latest guidelines released in September 2024 by the UK government, that will be effective from January 2025, for students from other countries studying in the UK, the fund requirement for UK student VISA to cover education and the other expenses are currently- 
  • £1,483 per month for up to 9 months, for courses in London (City and the 32 boroughs)
  • £1,136 per month for up to 9 months, for courses outside London
  • The funds also depend on where you are studying with conditions such as if you are at a boarding school or living independently. As a student, you need to prove to have some extra funds.
  • You must have the immediate funds for at least 28 days prior to applying for your VISA.
  • Living Expenses  

Ensure you set aside enough for your living expenses apart from tuition fees. If your course is more than 9 months, you should showcase your bank balance for at least 9 months and if less, check your CAS and calculate accordingly for the said duration, while showing the funds required for UK student visa. 

In case you have a family member accompanying you during your stay, you will need to furnish additional living expenses for them at the rate of £680 to £750 per month for at least 9 months.   

Though the actual spending may be lower, it is crucial for your financial provider to furnish evidence that you will be able to meet these expenses. 

Funds Required for UK Student VISA

How to Prove You Have the Required Funds

To successfully complete your course, you can either have the entire amount covered by one medium or you can combine the following mediums to prove your financial evidence that will total the required amount.  
  • Confirmation Acceptance of Studies (CAS document) 
  • The CAS is an important document that consists of the details of total tuition fees to be paid, advance paid, scholarship offered or stipend from the respective university, if any while arranging for funds required for UK student visa.
  • The CAS will not include the details of the additional expenses like food, accommodation, for which you will have to furnish another set of documental proof showing the funds for the UK student visa in your account.
  • For instance, if you pay an advance of £1000, you can show your bank statement and deduct the £1000 from the total amount required to be furnished during VISA processing.
  • Letter showing sponsorship 
  • If you have an official sponsor, ensure to showcase the relevant documents like the official sponsorship letter from a UK government-recognized sponsor.  
  • This letter should be issued at least 6 months prior to applying for the VISA application with details like duration of funding mentioned and how the remaining funds will be arranged in case the course duration is longer than the duration mentioned in the letter.
  • Bank account statement 
A bank account statement of your parent or guardian who is supporting you for funds required for UK student visa and overall course expenses, is needed along with a proof of document like your birth certificate confirming your relationship status, along with the following information furnished- 
  • A bank statement on the bank’s letter head or with the logo and name of the bank or financial institution 
  • Complete information displaying bank account information, name, address and contact details of the parent or guardian 
  • The amount should not be in any form of bond, investments, crypto currencies or credit cards, but in the form of ready cash in the bank account. 
  • It should be an active account, with the last transacted date being 31 days prior to VISA application. 
  • It must be your personal account and not business or current account, as this will lead to rejection of VISA 
How to Prove You Have the Required Funds

Additional Costs to consider

Other living costs like food, accommodation and basic healthcare are additional funds for UK student visa, to be considered while preparing to study abroad. 
  • Healthcare surcharge  
  • In the UK, it is necessary for international students to have comprehensive health insurance before applying for a VISA, which comes with an additional surcharge. 
  • Travel and Visa Application Fees  
  • Travel expenses cover flight travel costs from home country to the destination in the UK, and to your financial institution.
  • The VISA application fees are charged by the UK government to process, and this amount also can be covered by your financial options.
  • Accommodation and Living Arrangements  
  • If you opt for boarding accommodation with your institute, you pay for your meals and residence hall charges. If you share or rent a house or apartment, the amount should be enough to cover the rent, utilities and furnishing costs. Other miscellaneous expenses like funding your books, groceries, personal care, transport are some of the crucial aspects that you can cover in your expense tracker.  

Scholarships and Financial Aid Options for Indian Students

  • Student education loan
     If you are opting for a loan from a government or a private financial institution recognized by your country’s regulatory body, you must provide the supporting documents showing the processing of funds required for a UK student VISA.   
  • Various types of scholarships like the government aided through the Ministry of Education Scholarships and state-run programs, private, merit-based, international scholarships like the Fulbright-Nehru Fellowships, Erasmus Mundus Scholarships and many other scholarship platforms can be furnished as evidence.  
This amount will be deducted from the total funds required for a UK student visa. 

Part-time work options for Indian Students

Looking for an alternate source of income like a part-time job or an internship will help ease the burden of arranging for a large sum of money to aid your course study in the UK. The amount received through these options can cover minor daily costs and provide you with a sense of independence and responsibility that will help you in future. 

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Conclusion: 

As much as choosing the right course, education institute, financial institution, and other factors are crucial while looking to study abroad, understanding the fund requirement for UK student visa is equally important to meticulously plan your overall stay. For more information on this, visit Qck Loans website to get an in-depth understanding from our best counsellors who are well-versed in the current UK regulations pertaining to funds for applying for VISA and other processes.  

For additional information on understanding the requirements of funds for studying abroad and any other topics related to it, visit CareerGyan, our partner in guiding aspiring students to pursue their higher studies abroad.  

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