Sainsbury's Bank personal loans to cover rising study costs

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Sainsbury's Bank personal loans to cover rising study costs

Sainsbury's Bank personal loans could help people pay for their university training, the provider claims, following research that highlights the escalating cost of tuition.

The bank found, in the face of an increase to £3,000 from £1,175 in tuition, the average student's cost of living could rise by between 17 per cent and 21 per cent.

And in order to fund that, Sainsbury's Bank estimates personal loans of around £53.8 million could be taken out this year.

For this reason, the bank is urging students and their parents to shop around for competitive deals on personal loans.

Commenting on the "significant" increase in living expenses that students face, Steven Baillie, loans manager at the bank, said: "As well as students taking on paid employment to help cover this cost, some of their parents are also taking out personal loans to help."

He added: "However, people need to ensure that if they are going to do this, they shop around for a competitive rate."

The bank claims that by choosing one of the Sainsbury's Bank personal loans on offer, students could save money.

With rates starting from 6.1 per cent annual percentage rate typical, the provider claims that Sainsbury's Bank personal loans work out cheaper than loans from Tesco, Marks & Spencer and NatWest.

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