Study abroad: Changes in student visa proof of funds requirements across different study destinations

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19–APR–2024 | Recently, several prominent study abroad destinations have raised the required amount of guaranteed funds that international students must possess to qualify for a study visa.

These adjustments aim to prevent students from needing to overburden themselves with work while pursuing their studies merely to cover living expenses. Additionally, it seeks to attract applicants genuinely committed to pursuing valuable qualifications.

While a destination’s proof of funds requirement may not rank as one of the foremost factors influencing students’ choice of study location, it does offer valuable insight into whether students can afford to sustain themselves comfortably in that destination. Therefore, the funds requirement serves as an important variable in how students assess the appeal of different study destinations overall.

ICEF Monitor, a dedicated market intelligence resource for the international education industry, just published their review of proof of funds requirements in 2024 across 20 study abroad destinations. Here are the findings:

• Australia: $15,690

• Canada: $14,930

• China: $2,500 per year of study

• Czech Republic: $133 per month, so assuming a stay of one year, $1,600

• Finland: $630 per month, so assuming a stay of one year, $7,560

• France: $655 per month of study, so assuming a study duration of nine months, $5,895

• Germany: $11,952 for one year

• Ireland: $10,680 immediately available and the same amount for each subsequent year of study

• Italy: $375 per month of study, so assuming a study duration of nine months, $3,375

• Japan: $12,970 for one year

• Netherlands: $15,685 for one year

• New Zealand: $11,840 per year

• Portugal: $875 per month, so assuming a study duration of 12 months, $10,500

• Singapore: $6,175

• South Korea: $20,000

• Spain: $640 per month, so assuming a study duration of nine months, $5,400

• Switzerland: $23,070 per year and the same amount for each subsequent year

• UAE: Depends on the university – for Abu Dhabi University, the proof of funds is $15,000

• UK: Just over $1,660 per month of study, so assuming a study duration of nine months, $14,940

• US: New F-1 students must prove that they have funds for the first year of study (some US embassies will ask for proof of funds for the duration of a program). For those accepted to highly ranked institutions (e.g., University of California, Santa Barbara) – proof of funds can run over $70,000 for the first year of a program.

Please be aware: These amounts do not cover expenses like tuition, health insurance, airfare, additional family members, or other fees. They represent the funds that governments expect individual students to have during their studies. Also, note that these figures can change annually, and proof of funds requirements may vary depending on the student’s country and type of study. For the most up-to-date information, students and agents should consult individual institutions and government officials. ICEF Monitor’s research is accurate as of April 2024.

From what we’ve seen in the research, it’s obvious that students need more money to study in places like Australia, Canada, the Netherlands, South Korea, Switzerland, the UK, and the US (and some universities in the UAE). They need over $14,000 for these places. The next group includes Ireland, Japan, New Zealand, and Portugal, where students need between $10,000 and $14,000. On the other hand, countries like China, Czech Republic, Finland, France, Italy, Singapore, and Spain require less money, under $10,000.

The costs of living and studying, along with strict financial requirements, are making it really hard for many students to study in the top English-speaking countries. New research shows that new international education policies in Canada, Australia, and the UK are already significantly dampening interest in study in those countries.

But lots of students still want to study abroad, so they’re looking at other places where it’s cheaper to get a degree without putting too much pressure on their wallets or their families. Countries like Thailand, Poland, and the Philippines are gaining popularity because they offer affordable education. Additionally, countries such as Mexico, the Netherlands, Russia, and Japan have seen an increase in international student enrollment in recent years.

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