As global living costs continue to rise, many popular study-abroad destinations have increased their financial requirements for student visas.
International students are now required to demonstrate access to larger sums of money to ensure they can cover living expenses while studying abroad.
Read also: Germany increases proof-of-funds by 6% for 2024/25 international students enrolment
Here are the top 5 study abroad destinations with the highest visa proof-of-funds in 2024
1. United States – over US$70,000
The United States remains one of the most expensive countries for international students. To obtain a study visa, students must prove they have access to at least one year’s worth of living expenses, which can vary depending on the institution. For students attending highly ranked universities like the University of California, Santa Barbara, the proof-of-funds requirement exceeds US$70,000. This is one of the highest thresholds globally, reflecting the significant costs associated with tuition and living expenses in the US, particularly at prestigious institutions.
2. Australia – AUD$29,710 (US$19,537)
Australia’s proof-of-funds requirement stands at AUD$29,710, which is roughly US$19,537. This figure ensures that international students can cover living expenses, including rent, food, and transportation. Australia’s relatively high cost of living in major cities like Sydney and Melbourne justifies this requirement. International students are required to demonstrate this level of financial stability before being granted a visa, ensuring they can manage the costs associated with their studies.
Read also: 8 easiest countries for Nigerian students and others, to get PR after studies
3. South Korea – US$20,000
South Korea has established a proof-of-funds requirement of US$20,000 for international students, placing it among the highest in Asia. This financial threshold is designed to cover living costs in cities like Seoul, which has seen rapid growth in its international student population. The requirement aims to ensure students have the financial means to focus on their studies without the need for excessive part-time work, thus maintaining academic performance and stability.
4. Canada — CDN$20,635 (US$14,930)
Canada continues to be a popular choice for international students, with a proof-of-funds requirement set at CDN$20,635, or approximately US$14,930. This amount is intended to cover the minimum cost of living for students. Compared to other destinations like the US and Australia, Canada offers a relatively affordable standard of living, making this a more accessible option for students who meet the financial requirements. However, students must still demonstrate they have sufficient funds to sustain themselves during their time in the country.
Read also: Top 5 cheapest countries to study in Europe 2024
5. United Kingdom — £13,348 – £10,224
The United Kingdom recently announced changes to its proof-of-funds requirements, effective January 2, 2025. The new rules require students to show £1,483 per month for living in London and £1,136 per month for other regions. For a nine-month course, this equates to £13,348 for students in London and £10,224 for students elsewhere. The increase, which reflects the rising cost of living in the UK, particularly in London, is aimed at ensuring that students have adequate financial resources to support themselves during their studies.
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