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Japa: Canadian Government Raises Cost-of-Living Financial Requirement for International Students From $10,000 To $20,635
Japa: Canadian Government Raises Cost-of-Living Financial Requirement for International Students From $10,000 To $20,635....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie Omo-Ikirodah
In a significant policy shift, the Canadian government has announced a substantial increase in the “cost-of-living financial requirement for study permit applicants” for international students, effective January 1, 2024. Marc Miller, the Canadian Minister of Immigration, Refugees and Citizenship, conveyed this decision in a statement on Thursday. CONTINUE READING
The statement outlined the new financial requirements for study permit applicants starting in 2024. According to Miller, a single applicant will now need to demonstrate financial preparedness with $20,635, representing 75% of the Low-Income Cut-Off (LICO), in addition to covering their first year of tuition and travel costs. This adjustment, marking a significant increase from the long-standing $10,000 requirement, is applicable to new study permit applications received on or after January 1, 2024.
The decision to revise the financial requirement, which has remained unchanged for almost two decades, aims to ensure that international students are adequately prepared for the cost of living in Canada. The statement highlighted that this measure would contribute to preventing student vulnerability and exploitation.
This announcement comes in the wake of the United Kingdom’s introduction of stringent visa rules, including a higher minimum annual salary for foreign workers applying for skilled worker visas. The UK’s Home Secretary James Cleverly disclosed these changes in the House of Commons earlier in the week, setting the minimum annual salary at £38,700, a notable increase from the previous £26,200. CONTINUE READING
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As Canada and the UK implement these changes, the global landscape for international students is evolving, prompting discussions on the broader implications for education and migration.
Source: Bushradiogist
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