Loans could be the answer for adult learners

Up to 70 per cent of the UK’s 25 to 50 year olds would like to pursue higher learning but 56 per cent of them are held back by cost, according to research by Mint Loans.

Researchers estimate that the financial returns on further education investment make it worth taking the plunge.

A £15,000 Masters in Business Administration (MBA) course can yield a 400 per cent return on investment in terms of average UK salary earnings, while a £3,000 IT qualification can give you a salary one-fifth higher than the UK average.

Richard Cole, head of product and customer marketing at Mint, commented: “It is disappointing to see over half of the UK’s would-be learners do not act on their aspirations for further learning because of the extra expense in the short term.

“However, with careful financial planning and sensible funding people can spread the initial outlay needed for a qualification over a fixed period of time by taking out a loan, making the cost far more manageable.”

Mint is offering loan applicants who apply during October, November and December 2005 the chance to be entered into a prize draw to win back the loan amount they initially applied for.

© Adfero Ltd

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