/24-7PressRelease/ - LONDON, UK, August 18, 2006 - Parents in UK are taking out personal loans for their children's school fees. The number of people for obtaining loans is increasing every year with the increase in the expenditure on school fees.
A new research revealed that a large number of parents in UK prefer personal loans for their children's school fees. A study done by Sainsbury's bank disclosed that there has been a rapid increase in the number of personal loan applications that are being applied by parents to cover school fees.
The expenditure on school fees have been increasing very rapidly. A data shows that the expenditure on education fees increased by 7.876 billion in 2004/2005 as compared to 6.860 billion for the period of 2001/ 2002. Other data shows that the Londoners are spending more on their child's education with the average spend on school fess per household between 2002/2003 and 2004/2005 amounting to 577.20. Compared to East Midlands, they spent on an average 140.40 for their child's education.
Sainsbury's bank had recommended that the consumers shop around before availing the personal loan. However, the research showed that the people who had taken personal loans in the last 5 years, 38 per cent obtained only one quote.
Sainsbury's bank loan manager, Mr. Steven Baillie said that around 620,000 children were now privately educated in schools, which were consistently charging more in fees.
He further stated that given this, and the fact that more children were being privately educated, we expected to see a growing number of parents taking out loans to help pay for their children's education. Those parents who did this need to make sure that they shop around and find a competitive loan rate.
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