26 September 2006
New research from Sainsbury's Bank has found that around £53.8 million worth of personal loans could be taken out this year to help cover the cost of university.
And the figures show the majority of personal loans will be taken out by parents who are keen to help cover their children's university costs.
Sainsbury's Bank has also warned that if you are taking out a personal loan to help cover the cost of university, it is important to shop around for the best deal.
But despite this fact, just four out of ten people taking out a personal loan only receive one quote.
Steven Baillie, Sainsbury's Bank loans manager, said: "As students go back to university, many will face a significant increase in their living expenses.
"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.
"However, people need to ensure that if they are going to do this, they shop around for a competitive rate."
Make a personal loan comparison with uSwitch.com and find the personal loan best suited to your needs.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.