Meeting the financial requirement is one of the most critical and rule-heavy parts of your UK Student Visa application. A simple mistake in your bank statements or calculations can lead to a refusal. Our expert immigration advisors specialise in financial evidence, ensuring your documents are prepared perfectly to meet the strict Home Office standards.
This guide explains the two parts of the financial requirement: paying for your course and covering your living costs.
The Two Core Financial Requirements You Must Meet
To be granted a Student Visa, you must prove you have enough money to cover:
- Your Course Fees for one academic year.
- Your Living Costs (Maintenance) for up to nine months.
1. Proving Your Course Fees
The amount you need for your first year of course fees is stated on your Confirmation of Acceptance for Studies (CAS). You must have funds to cover any amount that has not already been paid to your university.
2. Proving Your Living Costs (Maintenance Funds)
You must also prove you have a specific amount of money set aside for your living costs. The required amount depends on where your university is located:
- For courses in London: You need £1,483 per month.
- For courses outside London: You need £1,136 per month.
You must show you have enough money for a period of up to nine months. This means a total of £13,347 for London or £10,224 for outside London.
The Crucial 28-Day Rule: Don’t Get Caught Out
This is the single most common reason for a financial refusal. You must prove that you have held the total required amount (course fees + living costs) in your bank account for at least 28 consecutive days.
- Consistency is Key: The balance in your account must not drop below the required amount for even a single day during this 28-day period.
- Timing is Everything: The end date of this 28-day period must be within 31 days of the date you submit your visa application.
Don’t risk a refusal on a technicality. Our experts will meticulously review your bank statements to ensure they meet the 28-day rule perfectly.
Who is Exempt from Proving Funds?
Certain applicants do not need to provide financial documents with their initial application, which simplifies the process significantly.
1. The 12-Month UK Residency Rule
You are exempt from proving funds if you have been living in the UK with a valid visa for at least 12 months on the date you apply to switch to or extend a Student Visa.
2. The ‘Differential Evidence Requirement’ (Low-Risk Nationalities)
If you are a national of a country on the UK’s ‘differential evidence’ list, you do not need to submit financial documents with your visa application. This includes countries like:
- Australia
- Botswana
- Canada
- China
- European Union (EU) countries
- Hong Kong
- Japan
- Malaysia
- Singapore
- South Korea
- United Arab Emirates
- United States of America
- And many more.
IMPORTANT: Even if you are from one of these countries, UK Visas and Immigration (UKVI) reserves the right to request your financial evidence at any point during the process. You must still have the funds available and meet the 28-day rule, even if you don’t submit the documents initially.
Frequently Asked Questions (FAQ) – Student Visa Funds
Q: Can I use my parents’ bank account?
A: Yes, you can use your parents’ or legal guardians’ bank statements. You must also provide your original birth certificate and a letter from your parent(s) confirming their relationship to you and that the funds are for your UK study.
Q: Can I use a student loan?
A: Yes. An official student loan from a government or a recognised student loan company is acceptable. You must provide an official letter from the loan provider as evidence.
Q: What happens if my funds are not in British Pounds (£)?
A: That’s fine, but the closing balance will be converted to GBP using the official exchange rate on the date of your application. It’s wise to hold slightly more than the required amount to account for any currency fluctuations.
Let Us Secure Your Financial Approval
The financial requirement for a UK Student Visa is strict and unforgiving. Our experienced advisors offer a comprehensive financial document checking service to give you complete peace of mind.
Contact us today for a consultation and let our experts ensure your financial evidence is flawless.
About the Author:
Farzad Ghods is an international lawyer specialising in UK immigration law. He is regulated by the Solicitors Regulation Authority (SRA) and the Immigration Advisors Authority (IAA) in the United Kingdom, and is also a member of the Iran Bar Association. He brings over fourteen years of professional legal experience to his practice.