Education paid for with loans

Parents took out loans totalling £37m last year to pay for their children's education

Research published over the weekend suggests that just under 4,400 personal loans with an average value of 8,500 were taken out to pay for school or university fees, or general education costs, according to an analysis by Sainsbury's Finance.

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The supermarket bank studied thousands of its personal finance loans and its market share to determine what the money was being spent on.

The findings show parents are turning to loans to help them pay for private schooling.

Some 1,100 loans were taken out for this purpose at a total cost of 12.25m.