More and more parents are taking out loans to pay for private school fees for their children, according to a lender.
This trend reflects the soaring cost of private education, as well as the cost of living crisis putting pressure on household finances.
The average cost per child at a UK private school is now around £20,480 a year for day pupils and £34,790 a year for boarders, according to School Fees Checker, with fees rising around 4 per cent a year.
Costs vary dramatically across the UK, with London having the highest fees at £23,249 a year for day school, and £37,729 for boarding and tuition.
Northern Ireland has the lowest fees, where parents pay £7,485 a year for day students on average, and £20,329 for boarders.
Lender Premium Credit says it saw an 84 per cent rise in parents taking out loans to help with these fees in 2022 compared to 2021.
The amount of cash lent out rose 13 per cent in 2022, the lender added.
