Finance requirements

UK Visas and Immigration (UKVI) requires most students to show they have enough money to cover their course fees and living costs. This is an important part of your visa application process. If you do not provide adequate evidence that you meet the finance requirements your visa application may be refused.

Students who are currently resident in the UK

Applicants who have a previous valid UK visa and are applying inside the UK will automatically meet the financial requirements for a Student visa if they have been resident in the UK for at least 12 months with valid permission on the date of application. However, it is very important to note that this change is not applicable if you are applying outside the UK, even if you have previously been living in the UK.

We have been advised by UKVI that short periods of absence from the UK (e.g. for holidays) will not affect your residence period. However, if you are absent from the UK for an extended period during the 12 months, the visa caseworker still has the right to contact you to ask for details of your funding to help them assess whether you are a credible applicant.

If you are eligible for this exemption, it is still very important to ensure you plan how you will fund your tuition fees and living expenses during your studies.

Calculating the funds you need

All other Student visa applicants must prove to UKVI that, for at least 28 consecutive days before they apply, they have had enough money available to cover:

• Tuition fees for the first year of the course.

And

• Maintenance funds of £1,334 per month for the first nine months of the course (£12,006).

Even if you are from a country that is eligible for the differentiation arrangements and do not need to provide financial documents with your application, you must be able to provide these on request if the UKVI caseworker carries out a spot check.

As well as ensuring you meet these requirements you should also ensure you have enough funds to cover:

• The visa application fee £490
• The Immigration Health Surcharge (IHS), which is currently £776 for each 12 month period of leave granted. This must be paid in full for the duration of your course at the point of application. You can use the UKVI calculator to work out how much IHS you need to pay.

Acceptable types of funding

The following are acceptable types of funding:

• Funds held in any form of personal bank or building society account (including current, deposit, savings, pension from which the funds can be withdrawn or investment account) provided the account allows cash to be accessed immediately. Bank accounts must be in the name of the student, or their parent(s), or legal guardian(s), or spouse/partner if they are applying at the same time or already in the UK.
• Funds provided by an official financial sponsor (defined by UKVI as the RCM, the UK Government, your national government, the British Council or any international organisation, international company, university or independent school)
• Loan from an official educational loan scheme, such as US Stafford Loans.
• Money already paid to the RCM for tuition fees.

The money must be for your use, specifically for living and studying in the UK and must continue to be available to you after you have applied for your visa.

The following are not acceptable types of funding:

• Money in the name of a friend, a private donor or a family member who is not a parent or legal guardian.
• Money in a family business account.
• Funds held in other accounts or financial instruments such as shares, bonds, credit cards, overdraft, pensions from which the funds cannot be withdrawn immediately, regardless of notice period.

Proving your funding

You must be able to prove the funds you have available (even if you are a low risk national as UKVI reserves the right to request evidence of this).

The majority of students use a bank statement or bank letter to prove their funds. The visa caseworker will normally expect a bank or building society record to:

• Show the account holder(s) names
• Show the account number
• Show the date of the statement or letter (this must be no more than 31 days before the date of application).
• Be on official stationary, or an electronic record. However, it is no longer a requirement for electronic bank statements to be stamped on each page or accompanied by a supporting letter.
• Be printed or electronic (not hand-written)
• Show information about the bank, such as contact details or a branch code
• For bank statements, show transactions and the amount held over time
• Show the required amount of money has been available for a consecutive period of at least 28 days and is still available (the balance must not have dropped below the required amount by even 1p for 1 hour).

Mini bank statements printed from ATMs are not acceptable.

If you are using a parent’s bank statement you must also enclose:

• A document to prove your relationship, such as a birth certificate.

And

• A signed letter from your parents confirming their relationship with you and that they give you consent to use the money.

If you have been awarded a scholarship or study award towards your tuition fees by the RCM, this will be shown on your CAS. 

If you are using funds from an official sponsor or loan you do not have to have held the funds for 28 days before applying, but there are particular requirements about the acceptable format of the letter. Please ensure you check the UKVI Student Visa guidance for further details.

UKVI Student visa guidance

If you are unsure whether your proof of finance is acceptable you should contact our International team. Please do not take a risk by guessing.

Money already paid to the RCM

Most students will not yet have paid any tuition fees to the RCM at the time they apply for their visa. If you wish to do so, please contact our Finance team.

The staff who process CAS numbers do not have access to RCM payment records, so you must tell us on your CAS request form if you have already made any tuition fee payments. This information will be shown on your CAS. If you make a payment after your CAS has been issued, you must contact our International team so we can update your CAS record.

Enquiries

Financial matters can be very sensitive, but are a vital part of the visa application process. Please do not leave anything to chance or guesswork. If you are uncertain about your financial status, how to prove that you meet the appropriate finance requirements, or if you have any general queries, you should contact our International team as soon as possible.

If you would like to pay your tuition fees before you apply for your visa, please contact our Finance team. Remember, once these payments have been made you will need to notify our International team so your CAS can be updated.