Study in Ireland – Guide to Financial requirements for Indian students

Ireland is a popular destination for many international students due to its creative and innovative educational system. Apart from finding a relevant course and university/college, documentation is the most crucial part of planning to study abroad. Fulfilling the financial requirement correctly during the visa filing process is essential to ensure increased chances of visa approval to study in Ireland. Here, we are sharing financial requirements for Indian students to study in Ireland:

What are the financial requirements for Indian students to study in Ireland?

The estimated cost for living in Ireland for international students for one academic year can range from 7,000 EUR to 12,000 EUR per year. This amount may include accommodation, electricity, books, and travel and food expenses. However, the study and living costs can be different for each individual depending upon the lifestyle they choose to live.

Thus, the Irish government needs to be ensured that students applying for a visa can support his/her stay in Ireland without using public funds or dependence on casual employment.

Though students are allowed to work for fixed hours during the study period yet, they need to provide evidence of having immediate access to a minimum of 7,000 EUR.

Note: Students must note that the mentioned amount is excluding the tuition fee and health insurance amount.

Below is the list of documentation required to prove the financial statement in Ireland:-

  • Student need to provide an updated bank statement representing the money in and outflow in the last six months.
  • The Student also needs to mention whether they are covering the cost of study of his own or not.
  • A bank statement provided from a saving or deposit account must include a confirmation letter from the bank stating that you are allowed to have complete access to money at any time.
  • Any large or irregular lodgments from your account are subject to a detailed explanation

Sponsor detail supporting financial requirements for study in Ireland

  • In the case of students who are sponsored by their family members or friends for study in Ireland, you must provide their bank statement.
  • Students are required to explain their clear relation with the sponsoring individual.
  • Evidence of link to the sponsoring person : like a Birth certificate in case of parents or marriage in case of partner
  • Detailed evidence of financial support offered by each sponsor, the availability of funds to support your finances ability to support them and other family members
  • You should provide all the details and bank statements of the last 6 months of your intended sponsor/sponsors.

Education bond: Alternative to traditional bank statement for financial proof in Ireland

There is a special alternative to bank statements as proof of finances named as “Educational Bond”. This alternative is only available to international students who are willing to pursue degree programs in Ireland. The education Bond is the considerable initiative of EduStep which is supported by the Department of Justice of Ireland and the Irish Naturalization and Immigration Service (INSI).

How Educational bonds work as an alternative to traditional bank statements as proof of finances

Educational bond is the hassle-free alternative for financial requirements to study in Ireland.  All you have to do is lodge 7,000 EUR to the approved International Student Payment Services (ISPS) like EduStep.

On submitting the amount required of Education bond with concerned authorities, the bond will be held throughout the visa filing process. That is from the initial visa application step to till the time students get registered in Ireland with the immigration department. This bond ensures that the needed funds are secure for the personal use of the Indian student in Ireland. The lodged amount is only cashable when the student successfully reaches Ireland.

The study programs that are allowed for “Education Bond” are:

  • Bachelor’s degree
  • Honors degree
  • Higher Diploma or Post graduation diploma
  • Masters degree
  • Doctoral degree

How you can be benefited from Educational Bond in Ireland

  • Fewer documents required for the Visa filing process
  • No need to provide personal bank statements
  • No need to provide sponsorship details
  • Less paperwork
  • Hassle-free services

How to lodge an educational bond financial requirement for study in Ireland

  • Apply for your Ireland student visa online through the INSI portal.
  • Submit the asked details with www.educationbondireland.com to get registered
  • Lodge the education bond with asked local bank account
  • You can get a confirmation receipt at provided email address.
  • Students can use this payment receipt as proof of education bond

Note: the education bond payment is only releasable when students arrive in Ireland and provide proof of visa approval.

Need more information on the Ireland student visa filling process and financial requirement for study in Ireland? Contact West Highlander – your trust study in Ireland consultant. We are government-authorized student visa consultants offering authentic and transparent Ireland education guidance for Indian students for the last 16 years. For free profile assessment, admission, or Ireland study visa query contact us now!