Personal loans reminder for postgraduates

Tue, 29 May 2007

Students who are planning a return to higher education this September have been reminded about the existence of tailored professional studies personal loans.

In recent years, several high street banking institutions such as Barclays and NatWest have unveiled specialist personal loans for students of law and medicine.

And as prospective postgraduates spend the summer trying to boost their savings and improve their financing situations, a member of the banking industry has explained why many would-be lawyers and doctors turn to career-specific personal loans.

"It's because these are long courses, they take up time, they can be expensive," remarked Karen Garner, spokesperson at financial services provider HSBC.

"[The loan] is designed to aid them through those additional studies when they are a postgraduate."

Earlier this month, it was revealed that more people are borrowing money via personal loans.

According to banking figures analysed by the British Bankers' Association, consumer borrowing through personal loans and overdrafts experienced a £0.1 billion month-on-month increase in April 2007.

At the same time, borrowing on credit cards fell by £0.1 billion.

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