A Fool and His Money

Middle class parents are being forced to take out personal loans so that they can fund school fees as dive into this credit crisis.

Almost 18,000 parents took out loans to cover their children’s education last year as the cost of living is increasing.

Day schools can cost an average of almost £10,000 and boarding schools can cost double that amount.

People would previously borrow against the value of their property but with the decline in property value and lenders now allowing one to borrow more than 75% of the value of their property, everyone is being forced to take out a personal loan.

Schools have raised their fees in anticipation of harder times in the market of professionals. Times are hard so check if the schools raised fees in the past and find the best loan rate available.

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