According to the findings of Sainsbury's Bank, an increase in university tuition fees has resulted in many students or their parents being forced into taking out personal loans to cover the cost of living.
The average student could experience an increase of between 17 per cent and 21 per cent to their cost of living as a result of tuition fees increasing from £1,175 to £3,000.
It appears that parents will mostly foot the bill and will take out a personal loan themselves to cover their sons or daughters. A total UK-wide bill of £53.8 million in personal loans to cover the cost of education could be the result.
"As students go back to university, many will face a significant increase in their living expenses," said Sainsbury's Bank loan manager Steven Bailie.
"As well as students taking on paid employment to help cover this cost, some of their parents are also taking out personal loans to help. However, people need to ensure that if they are going to do this, they shop around for a competitive rate."To read more on personal loans, click here.
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