Everything You Need To Know About The Increase of Proof-of-Funds Requirements By The UK.

In the early hours of today, the UK Home office announced that there’d be a significant increase in the monthly proof-of-funds requirements for international students seeking a visa application. This will take effect from next year, 2nd of January.

What is Proof Of Fund? Proof of Fund is a document that shows that an individual has adequate finances to meet future financial obligations so that he/she doesn’t resolve to borrowing or other vices to pay them. For student visa applicants, it’s a compulsory requirement providing immigration services with assurance that students can fend for themselves throughout their stay in the country.

Statistically, Nigerian students represent a huge part of the United Kingdom’s international student population, coming behind China and India. However, with this current rise in proof-of-funds requirements, it is predicted to drastically reduce. The new rates will require students to show £1,483 per month for students opting to school in London and £1,136 for students schooling outside London. Nigerian families may find it extremely difficult to pay these fees owing to the persistent depreciation in the value of Naira.

The UK is not to be blamed either as this adjustment is aimed to address inflation and the increased standard of living. And according to the Home Office, this current change is in tandem with the plight of domestic students too, to ensure that all students can sustain themselves independently and patriotically while they study. Prospective students are urged to carefully plan their finances in order to avoid being caught unaware.