More school fee loans predicted
10 June 2008
An increasing number of people will apply for a loan to help them pay for school fees, Sainsbury's Bank predicts.
The financial services provider identifies increased costs of living and the mounting price of private education as reasons for this.
It also suggests that a rise in the number of children going to private school as a contributing factor.
Saving for your children?
Steven Baillie, head of loans at Sainsbury's Finance, comments: "Parents need to make sure they are shopping around for the best loan rate available and not simply turning to their current account provider."
The firm notes that total UK household expenditure on fees for education in 2006 stood at £8.89 billion, a rise of 32 per cent from the figure of £6.73 billion in the 2002-3 - 2004-5 academic year.
Research carried out by Norwich and Peterborough Building Society recently suggested that boys aged between five and 11 most want to be a footballer when they grow up, while girls in the same age group would like to be vet.
