Am I exempt from the 'finance requirement', or will I have to show a certain amount of money?
You will be exempt from the finance requirement and not have to show you have a certain amount of money, if on the date of your visa application, you will have lived in the UK with a valid visa for 12 months or more. If you meet this requirement, you will not need to meet the financial requirement. Please skip the rest of this section and go to section 7.
Please note that this exemption only applies to Student applications made in the UK; it does not apply to applications made outside of the UK, even if you have lived in the UK for 12 months or more.
How to meet the 'finance requirement' if you are not exempt
If you will receive official financial sponsorship from your government, or an international sponsorship agency
If your sponsorship covers all of your tuition fees and living costs (i.e. at least £1,023 per month of your course) please skip the rest of this section and go to section 7. If your official financial sponsorship does not cover all of your tuition fees, or all of your living costs (i.e. less than £1,023 per month), then you will need to cover the shortfall with your own funds as below.
If you, or your parents, will pay for your studies i.e. you are 'self-funding'
You will need to prove to the Home Office that you have an amount of money that is equal to or more than the sum of your outstanding tuition fees plus £1,023 per month of your course for your living costs up to a maximum of £9,207. For example, if your tuition fees are £15,000 and your course is for three years you will need to have at least £24,207 (£15,000 for fees plus £9,207 for living costs). The funds will need to be in your name, a parent’s name or your partners name if they are applying at the same time as you or they already have immigration permission.
If your money is held in a currency other than pounds sterling (GBP)
You need to use the OANDA website to convert them into pounds sterling (GBP). The Home Office uses the exchange rate on the date of your visa application to determine the amount of funds. You need to consider this if your currency is fluctuating against sterling at the time of your application. If this is the case it is safer to hold more money than is required to guard against a possible depreciation of your currency against the pound at the time of your application.
If you have already paid money to the university for your tuition fees or halls of residence
You can deduct any tuition fees, including your tuition fee deposit, you have already paid to the university before you make the visa application from the amount of money you require. For example, in the example above if your tuition fees are £15,000 per year and you have already paid the tuition fee deposit of £3,000 then you will need to have at least £21,207 (£12,000 for fees plus £9,207 for living costs).
Payments for university halls of residence but not privately rented accommodation can also be reduced from the total amount you need to show for your maintenance but only up to a maximum of £1,334. For example, even if you have paid £4,000 towards your halls of residence you can only reduce the living costs you require by £1,334 from £9,207 to £7,873.
Any payments for tuition fees or halls of residence made before the date of the visa application must be shown on your CAS as otherwise they will not be considered by the Home Office unless you provide an official original receipt of the payment issued by the university.
Please note that although the university does accept payment of tuition fees by instalments, the Home Office requires the balance of the fees that you owe to be shown in your account, regardless of any arrangements you make with the university to pay fees in instalments.