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from: Parents 'Getting Personal Loan To Fund University Costs'
A Rouse
Parents looking to meet the costs of sending their children to
university should consider the impact that doing so may have on
their finances, new figures show.
In research carried out by Halifax, some 57 per cent of mums and
dads report that their children have already taken out, or will
need to apply for a loan to help fund the cost of entering
higher education. Consequently it appears that many parents are
looking to meet university expenses themselves, as 31 per cent
state that any funding they provide would negate the need for
their child to get a student loan.
The figures showed that only 26 per cent of respondents living
in the north of England claim that their offspring will have to
opt for a student loan. On the other hand, those from Northern
Ireland and the Yorkshire and Humberside region have their eyes
set on opting for a student loan the most, as 93 and 78 per cent
of those parents respectively claim their child intends to do so
Commenting on the figures, Neil Chandler, head of Halifax
Unsecured Personal Loans, said: "For most parents, taking your
child to university for the first time is a proud but emotional
moment. 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. Often there are
many up-front costs such as paying for accommodation and buying
books."
Research from the financial services firm also showed that the
majority of parents (63 per cent) are set to use money from
their salary to help meet education expenses, as 59 per cent
take out cash from savings accounts. Meanwhile, over one in ten
(11 per cent) parents are aiming to take out an unsecured
personal loan as a means of meeting such costs. In addition the
study revealed that ten per cent are considering remortgaging
their property, with the same proportion thinking about selling
the car. Consumers living in Northern Ireland are especially
looking to take out a personal loan to fund tuition costs as 24
per cent of parents in the principality are considering doing
so, compared to five per cent of people from Scotland.
Many parents are also looking to put off future spending plans
as they are willing to make a number of financial sacrifices to
help their children, with some 53 per cent claiming they are
prepared to give up "anything and everything" in a bid to fund
university costs. An estimated two-thirds (67 per cent) of
consumers are ready to go without a new kitchen or bathroom,
while 66 per cent are set to postpone getting a new
conservatory, with a competitively-priced home improvement loan
a potentially wise option for people wishing to make such
renovations in the future.
As a result, applying for a low-rate personal loan could well be
an advisable way for consumers to help fund the expense of
sending their child off to university. Earlier this year,
Frances Walker, spokesperson for the Consumer Credit Counselling
Service, reported that the majority of Britons use loans and
other forms of credit wisely. However, she stated that more
borrowers need to use credit "sensibly" and ensure that they do
not encounter difficulties in making repayments.
About the author:
Abbi Rouse writes for All About Loans where visitors can
loanonline and also focuses on
loans , and
consolidation loans for UK Homeowners.
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