More Personal Loans Taken for Education Purposes

A research performed by Sainsbury showed that the number of British citizens taking out personal loan for education purposes has grown significantly in the past months.

According to the Government’s statistics, in the years of 2006-2008, UK households spent an overall of £8.8 billion on education.

With the cost of education in UK private schools and universities increasing in the previous 12 months, the amount of personal loans taken to finance education has grown by 5%. As of February 2010, it amounted to more than £37 million. This money was used to pay for university, school and associated fees.

Commenting on the findings, Mr. Baillie, head of loans as Sainsbury Finance, said that it is not surprising that most people turn to personal loans in an environment of decreased household income and increased education costs.

The research of the bank also showed that London is the most expensive region in terms of household and education spending. It is followed by UK south-west and south-east