Press Release Summary = UK parents prefer personal loans to pay for their children's school fees. The preferences for taking personal loans are increasing among parents. There has been a rapid increase in the loan applications every year, according to Sainsbury's bank report.
Press Release Body = London (loans-bazaar) August 17, 2006: A research disclosed that most of the UK parents prefer personal loans for their children's school fees. There has been a rapid increase in the number of personal loan applications by the parents as reported by Sainsbury's bank.
School fees have increased rapidly in the recent years. The expenditure on education fees have increased by £7.876 billion in 2004/2005 as compared to £6.860 billion for the period of 2001/ 2002. Britons 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.
Sainsbury's bank advised the consumers to shop around before availing the personal loan (secured and unsecured personal loan). However, the research showed that the people who had taken personal loans in the last 5 years, only 38 per cent obtained loan quotes.
Sainsbury's bank loan manager, Mr. Steven Baillie said: \"Around 620,000 children are now privately educated in schools, which are consistently charging more in fees. The average fee increase in 2005-2006 was 5.7% and since 1999, they have risen by around 50 per cent."
He further added, "Given this, and the fact that more children are being privately educated, we expect to see a growing number of parents taking out loans to help pay for their children\'s education. Those parents doing this need to make sure that they shop around and find a competitive loan rate.\"
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