IRCC to Increase Proof of Funds Requirement for International Students Starting 2024
BREAKING: From Jan 1, 2024, IRCC will increase Proof of Funds requirement for international students from $10K to $20,635 (in addition to their first year of tuition & travel costs.)
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This change will apply to new study permit applications received on/after January 1, 2024.
— ‘Tunde Omotoye (@TundeTASH) December 7, 2023
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IRCC Increases Proof of Funds Requirement for International Students
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In a move that will affect thousands of international students planning to study in Canada, the Immigration, Refugees and Citizenship Canada (IRCC) has announced an increase in the Proof of Funds requirement. Starting from January 1, 2024, international students will be required to show a minimum of $20,635 in addition to their first year of tuition and travel costs.
The announcement was made by ‘Tunde Omotoye’, a Twitter user, who shared the news on the social media platform. The tweet quickly gained attention and caused a stir among the international student community.
The Proof of Funds requirement is a financial threshold that international students must meet to demonstrate their ability to support themselves during their studies in Canada. It is intended to ensure that students have enough funds to cover their living expenses and not become a burden on the country’s social welfare system.
Previously, the Proof of Funds requirement for international students was set at $10,000. However, the IRCC has decided to almost double this amount, raising it to $20,635. This significant increase has raised concerns among students who are already struggling to meet the financial requirements of studying abroad.
The new requirement will apply to all new study permit applications received on or after January 1, 2024. Students who have already submitted their applications or are planning to do so before this date will not be affected by the change.
The IRCC has not provided any specific reasons for the increase in the Proof of Funds requirement. However, it is believed that the decision is driven by the rising cost of living and the need to ensure that students have sufficient funds to support themselves in Canada.
The increase in the Proof of Funds requirement is expected to have a significant impact on international students, especially those from developing countries or with limited financial resources. Many students already face financial challenges in covering their tuition fees and living expenses, and this additional financial burden may deter them from pursuing their studies in Canada.
International education is a major contributor to the Canadian economy, and the country has been actively working to attract more international students. However, this increase in the Proof of Funds requirement may hinder the government’s efforts to promote Canada as a preferred destination for higher education.
As the deadline approaches, international students and educational institutions are urging the IRCC to reconsider the decision or provide additional support to students who may struggle to meet the new financial requirement. The impact of this change on the international student community and the Canadian education sector remains to be seen..
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@TundeTASH said BREAKING: From Jan 1, 2024, IRCC will increase Proof of Funds requirement for international students from $10K to $20,635 (in addition to their first year of tuition & travel costs.) This change will apply to new study permit applications received on/after January 1, 2024.
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