Bank notes rise in loans for fees

11th August 2006 at 01:00
Growing numbers of parents are applying for bank loans to put their children through private school, according to new figures.

Household expenditure on school fees reached an estimated pound;7.9 billion last year, up from pound;6.9 billion in 20012.

Sainsbury's Bank said it had seen a 38 per cent rise in applications for loans to cover independent school fees over the past 12 months. A spokesman said he expected to see numbers grow further as fees have risen by about 50 per cent since 1999.

Families in London spend the most on education fees, with an average of Pounds 577.20 per year. Those in the East Midlands spent the least, averaging Pounds 140.40 per year.

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