Hundreds of families up and down the country are trying to combat personal debt in a bid to keep their children in private schools.

Even though they are pushing themselves to the limits by holding down two or three jobs and taking out consolidated loans, they feel that it is a worthwhile investment.

The Independent School Council (ISC) commented that 24% of children at private schools come from postcode areas where families are receiving an income below the national average.

Education, but at what cost?

Funding a private school education is a costly business with fees over £3000 per term and boarding costs running into nearly £7000 per term. This doesn’t even include costly uniforms, school trips abroad and sports equipment. Do the math of multiple children and years of schooling and the sum is enough to have you asking "Should I have an IVA or Debt management plan?" The less affluent could be looking at an ongoing debt for the next six to seven years.

Many parents live in poverty to fund a child’s private education. The rise in personal loan applications to cover school fees is increasing as families willingly put themselves into debt to cover the costs.

Unless you are a senior director or a Chief Executive earning over £130,000, being able to fund a private education will be an uphill struggle. Those who fall into professions such as architects, journalists and pharmacists will face serious debt problems if they are not able to obtain financial assistance to help cover the costs.