Sainsbury's: Loans for school fees set to increase

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Sainsbury's: Loans for school fees set to increase

An estimated 18,000 loans were taken out in 2007 to pay for school fees, worth a total of £165 million, according to new research from Sainsbury's Finance.

The average loan amount taken out by its customers for private school fees was £9,065, the bank reported.

It noted that government data reveals people are spending more on their children's education, with total UK household expenditure on education fees standing at £8.89 billion in 2006 compared to £6.73 billion in 2003-2005.

Sainbury's predicted that this will rise further. Steven Baillie, head of loans at the group, said: "A combination of a rise in the cost of living, more children going to private school and the cost of private education rising could lead to more parents taking out loans to help fund their children's education."

Fees at private day schools have more than doubled over the last two decades, rising at a rate of six per cent every year since 2000, according to the Economist.
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