5 October 2007
Nearly six out of ten parents have admitted that their children will need to take out a student loan in order to cover the cost of going to university, research from Halifax has revealed.
A study by the bank found that around 71% of full-time parents said their offspring had either taken out or would need to apply for a student loan to cover their undergraduate studies.
Regionally, more parents in Northern Ireland (93%), Yorkshire and Humberside (78%) and the Anglia areas (73%) said their kids would rely on the financial support of a student loan.
However, only 26% of mums and dads in the north of England believed that their child would require the funding, with many parents saying they would use their salary to cover the cost of university education.
"For most parents, taking your child to university for the first time is a proud but emotional moment," said Neil Chandler, Head of Halifax Unsecured Personal Loans.
"It is important to consider how best to support your child with the minimal amount of strain on your pocket as this commitment is likely to last for several years."
More than one in ten parents admitted they would consider taking out an unsecured personal loan to pay for the cost of their child's education.
Sometimes a personal loan is a good choice, perhaps you want to consolidate your credit cards or buy a new car. Whatever your needs, let uSwitch.com help you find one to suit. We're impartial and comprehensive and won't charge you for using our service. Compare personal loans and apply online.
Start switching
< Back to market news
© 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.