Friday 11th August 2006
Increasing numbers of parents are looking to loans to help finance their childrens education, according to research from Sainsburys Bank.
The study found that personal loan applications to cover school fees had risen by 38 per cent in the past 12 months.
Government statistics reveal that households spent £7.9 billion last year on private education, 15 per cent more than the £6.9 billion figure recorded in 2001 and 2002.
Steven Baillie, the loans manager at Sainsburys Bank, commented: "We expect to see a growing number of parents taking out loans to help pay for their childrens education.
"Those parents doing this need to make sure that they shop around and find a competitive loan rate."
He added that around 620,000 children are privately educated and with ever increasing tuition fees, more families will be looking to take out a loan.
London households, at an average of £577.20 per year, spend the most on private education fees.
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