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Education debt

09/06/2010

Estimates by Sainsbury`s Finance, the supermarket bank, suggest that £37m of debt was taken on in personal loans in 2009 to help cover the cost of school fees, university fees and general education costs, headlinemoney.co.uk reports.

In total, according to the bank, almost 4,400 personal loans - `with an average value of around £8,500` - were taken out for these specific reasons.

It is estimated that 1,100 loans (£12.25m of debt) were taken out to cover the cost of school fees, while 1,900 loans (£13.56m of debt) were taken out to help with university and college fees, and a further 1,400 loans (£11.26m of debt) were taken out to pay for `other education`.

Steven Baillie, Head of Loans at Sainsbury`s Finance, commented: "Parents and anyone paying for education, such as professional qualifications, need to make sure they are shopping around for the best loan rate available and not simply turning to their current account provider."

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according