The German government has announced a hike in the financial requirements for international students seeking to study in the country for the 2024/2025 academic season.
The adjustment increases the proof of funds ceiling to 11,904 euros or $12,872 million (N20.6 million), a six-percent increase from the previous requirement of $12,135, set on January 1, 2023.
The proof-of-funds requirement is an integral part of the student visa application process in the country. It ensures prospective students have adequate funds to support themselves during their studies.
According to reports, the countryâs Ministry of Education and Research disclosed several ways students can fulfil this on its website.
They include the submission of certified documents detailing family income and assets, bank guarantee or using a blocked account
The blocked account is a unique financial document designed for international students.Â
Banks and service providers like Expatrio, Coracle, and Fintiba offer it. It restricts access to deposited funds until the students arrive in Germany.
Reports say that students can only withdraw funds up to a pre-determined monthly limit upon arrival to ensure they have enough resources throughout their stay.
The new financial ceiling keeps Germany among the top countries with competitive and strict financial requirements for international students.
According to the report, Australia requires $19,540 as proof of funds, and Canada requires $14,930. In Europe, Ireland asks students to have about $10,680 as proof of funds, and France sets its funds requirements at $7,980.
Australia and Canada have implemented recent increases in their proof-of-funds requirements, with Canada almost doubling its requirement in December 2023 and Australia announcing an over 20% hike in May this year.
TimesNow.com.ng earlier reported that the New Zealand government has announced a 90% hike in student visa fees for Nigerians and other students from non-pacific countries.
The new visa fee will become effective from October 1, 2024, as per details on the New Zealand immigration website.
The student visa fee currently stands at $38. However, it is expected to rise to about $452 per applicant from other countries such as Nigeria.
Source: TimesNow.com.ng
