Watford, Hertfordshire United Kingdom (PressExposure) October 09, 2007 -- Nearly sixty per cent of parents would invade their savings to fund the university cost of their children, says a research from Halifax. Many parents are willing to put their purchases and expenses on hold to help out children with university costs.
The survey reveals that 53 per cent parents would give up anything and everything in order to support their child's education. However, some 16 per cent were not willing to put any purchases on hold.
Neil Chandler, head of Halifax Unsecured Personal Loans said: "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."
Many parents pay for their children's education by selling a car, re-mortgaging their homes, taking out personal loans and working for longer hours. When borrowing, it is important that parents do this only after proper market research and loan comparison.