One in ten parents 'consider loans to fund their children's education'

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Around one in ten parents in the UK have revealed they would consider taking out a loan to fund their children's time at university, according to new research.

The survey by Halifax also found that two-thirds of parents may decide to use their wages to fund their child's passage through higher education, while a third would also consider working longer hours.

More than half of the participants in the study also claimed they would do anything they could to support their son or daughter's education.

Discussing the findings, Halifax's head of unsecured personal loans, Neil Chandler 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."

The release of the new findings, which have uncovered further details on how people may choose to use loans, comes a fortnight after the Council of Mortgage Lenders' latest figures revealed that the number of loans being taken out by the public fell in July.

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