Canadian authorities have disclosed that the “cost-of-living financial requirement for study permit applicants” for international students will see an increase from $10,000 to $20,000, effective January 1, 2024.
The announcement regarding the increase in the “cost-of-living financial requirement for study permit applicants” was made by Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship, in a statement on Thursday.
“Starting January 1, 2024, the cost-of-living financial requirement for study permit applicants will be raised so that international students are financially prepared for life in Canada,” announced Marc Miller, the Canadian Minister of Immigration, Refugees, and Citizenship.
“For 2024, a single applicant will need to show they have $20,635, representing 75% of LICO, in addition to their first year of tuition and travel costs. This change will apply to new study permit applications received on or after January 1, 2024,” the statement reads in part.
For close to two decades, study permit applicants for international students have remained at $10,000.
This review, which takes effect from January 1, “will help prevent student vulnerability and exploitation,” the statement added.
This comes days after the United Kingdom introduced a new set of rules that would make it more difficult for Nigerians and others to obtain a visa.
Home Secretary James Cleverly announced the changes in the House of Commons on Monday.
The government said it would now set a minimum annual salary for foreign workers to be eligible for a skilled worker visa at £38,700 from £26,200. The figure itself is more than the existing median average salary of a full-time worker in Britain.
